As the number of COVID-19 cases continue to climb, and with record high unemployment rates, many are predicting a recession is on the horizon. With that being said, it’s time to start saving and cutting expenses to put yourself in a good financial position.
- Buy food in bulk to cook at home and skip takeout.
- Cancel subscriptions you don’t need.
- Reduce spend on non-essential items like jewelry, electronics and clothes (if it’s not necessary)
- Contact your cable, phone and internet providers and ask if you can get a reduction on your bill or if there is a cheaper package you can switch to (or turn off your cable if you do not use it enough)
- Take advantage of low interest rates and refinance your home which could reduce your monthly payments and save you more money over the life of the loan.
- Automate your savings (have the money deducted from your paycheck and deposited into your savings account).
We are living during uncharted times, and we have no idea what the future may bring. But if you try out these tips and start saving more money then you will be more prepared to weather the storm.