Save Money Live Better: Tips for Saving Money During Covid

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It’s no secret that the world has changed a lot in the past year.

After all, COVID has changed the way that most people live their lives. In fact, many people have lost their jobs or at least drastically reduced their ability to make money. This has made it more important to learn how to save your money when times are tight. Fortunately, you’ve come to the right place for help.

This article takes a look at tips to help you save money and live better during the pandemic. Keep reading to get the inside scoop.

Get Rid of Cable

If you enjoy watching TV and movies, the first thing you need to do is cut the cord and get rid of your cable subscription.

After all, streaming services such as Netflix and Hulu are far less expensive and provide much more entertainment value for the money. The key is to determine which streaming services offer the content you like best, and then just subscribe to one or two at a time.

You should also consider installing a digital antenna. Believe it or not, the picture quality is actually superior to cable, and all broadcast content is totally free.

Sell Items You No Longer Want or Need

This is also a great time to clear out the clutter in your home. Take the time to clean out your closets, attic, and garage, and sort through everything to determine what items you’d like to keep, the things you no longer want, and the stuff that needs to go in the trash.

Once you’ve sorted everything, you can then sell the stuff you no longer want and need. This will enable you to organize your home a little better while making some extra cash in the process.

Make a Budget

The COVID pandemic has taken a toll on nearly everyone, both emotionally and financially. That’s why this is a good time to get your finances in order and make a budget that you can stick to.

Having a budget is important regardless of what’s happening in the world. And yet it’s even more important now so that you can make every dollar stretch as far as possible.

Save Your Tax Refund

Do you expect to receive a tax refund next year? If so, you’d be wise to save or invest that money rather than spending it.

Many people use their refund to splurge on major purchases, take a vacation, or pay for daily expenses. And yet socking this extra money away for a rainy day can provide an energy fund or make a nice addition to your retirement account.

Stop Eating Out

During the pandemic, many people have reduced the amount of time they spend eating out. This is actually a great way to reduce spending. After all, eating out is expensive and not particularly safe in most places during the pandemic.

You’re better off eating at home and saving the extra cash you would have spent at your favorite restaurants. 

Bring Lunch From Home

Another good way to reduce the amount of money you spend on food purchases is to bring your lunch from home. After all, many people spend a small fortune each year ordering out at work. Packing your lunch will keep costs down, and you’ll also be more likely to make healthier food choices.

Resist Making Impulse Purchases

One of the best habits you can develop is to avoid impulse purchases. This can include almost anything, both big and small. 

If you want to save money, you need to hold onto every penny possible. You’d probably be shocked at the amount of money you spend on impulse purchases over the course of a single year. The key is to be smart about how you shop. Make a list of the specific items you need, and then buy only the items on that list during a trip to the store. In other words, if it’s not on your list, don’t buy it.

Refinance Your Car

Do you have an auto loan for your car? If so, you might be able to take advantage of refinancing options. This will enable you to take out an additional loan based on the value of your car.

The same is true for your home. Refinancing can provide the cash you need to get through the tough times until the pandemic is over. Just make sure that you’ll be in a position to pay back your additional loans without putting yourself in deeper financial troubles.

Reduce Unnecessary Expenses

When money is tight for any reason, you need to focus on reducing every expense possible. This isn’t always easy. And yet there are always areas where you can make cuts. You might even be pleasantly surprised at how much you can save without sacrificing anything important.

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Automate Your Savings

Did you know that you can automate your savings? This simply means setting up your paycheck so that a specific amount of money when automatically placed in your savings account. You’ll never miss it, and it will be there continually gathering interest for retirement. 

Plan Your Weekly Meals

Another great way to reduce food costs is to plan your meals in advance. After all, it’s never a good idea to try to plan dinner when you’re already hungry. 

The key is to create your menus for at least two weeks at a time, and then buy your groceries all at once. This will help reduce impulse purchases throughout the week, reduce trips to the grocery store, and cut down on the amount of time you have to spend thinking about meals.

Turn Off Auto-Renew On Subscriptions

Many people subscribe to various streaming services or apps using their smartphones or smart TVs. Keep in mind that these typically auto-renew, meaning you’ll be charged on a specific day each month. Take the time to turn off the auto-renew feature so that you can decide whether or not to keep the service before paying for it.

Important Tips for How to Save Money and Live Better During COVID

Cutting costs isn’t easy. Fortunately, these tips for how to save money and live better will help make this challenging period of time a little less stressful.

Keep scrolling to see more helpful lifestyle tips and advice on this blog.

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