How to Save Money in a Pandemic

The Coronavirus has turned our world upside down in more ways than we can count. Given the economic uncertainty surrounding COVID-19, it may be prudent to begin cutting down on spending, and more closely adhering to a budget.

Did you know that 4 out of every 10 Americans don’t have $400 in savings to cover an unexpected expense? With this in mind we want to make sure you minimize the impact of the pandemic as much as possible with these money-saving tips.

Save money on your utilities

• Electric bill — Most homes during this time will experience a surge in electric use since we are quarantined and likely using more electricity than usual. However, there are a couple of things you can do to lower the impact of this surge. Start by turning off lights when you aren’t in the room and disconnecting devices that aren’t being used. You can also save money using smaller appliances to cook with rather than your oven, washing clothes in cold water and air drying them, and using power strips to more efficiently distribute electricity to your devices.
• Water bill — Believe it or not, the biggest direct water usage in homes comes from flushing toilets. One way to cut down on water costs is to limit the amount of times we flush a toilet… therefore try to avoid tossing tissues, or trash in the toilet. Some other ways to save on water usage are: shower more quickly, only run the dishwasher when it is full, and turn off taps while brushing your teeth or shaving.

Save money on groceries

• The first step to save money on groceries is to budget how much you can afford to spend. On average, Americans spend 10% of their take-home income on food. One way to limit your spending is to plan your meals in advance and make a list that will keep you from wasting money on food you may not eat. Also using cash vs a credit card may help to keep you more grounded with your purchases.
• Another way to save money and shop more safely right now is by trying curbside pick up of groceries. Many stores are offering this service right now! This will keep you from making impulse purchases, keeps you safe from coming into contact with someone that might be sick, and keep you better organized by being able to pick up on your own schedule.
• Lastly, you can save money by buying in-season or local produce instead of more expensive produce that as been shipped in from far away. Also consider buying in bulk or shopping at discount stores, which can save a lot of money in the long run.

There are also other ways in which you have more than likely already started saving money, perhaps without even realizing it. From limiting eating out, saving on gas by traveling less, and freezing gym memberships, we encourage you to look for ways small and large to curb your spending during this challenging time.