To navigate these difficult times, it is prudent to save money, reduce your expenses and identify ways to increase or sustain the cash inflow.
Here are some expert tips to protect your finances.
Plan your visits to the grocery store
With work from home being a new normal, the chances are that you’re at home much more and food may be your biggest monthly expense. Since you don’t have the option of overspending at restaurants right now, a considerable burden is off your wallet already.
But if you still find yourself ordering takeout frequently, it’s time to try cutting back and cooking meals at home. Keeping it simple with grocery shopping coupled with savings on tips and delivery fees adds up quickly, making you save a great deal of money every month.
Cancel unnecessary subscriptions
One of the easiest ways to save money right now is to cancel unnecessary monthly subscriptions, such as meal subscription boxes, streaming services, Spotify or iCloud storage.
While you don’t have to remove them all, but in case you’re paying for four different video streaming platforms, the best strategy is to keep the one you use the most and cancel the others. Getting rid of these expenses, for the time being, could free up some much-needed cash to help you get a better grip of your finances.
Ask refunds for services you can’t use
Whether it is the idle gym membership during a lockdown or the subscriptions to your favourite restaurant or clubs, there are multiple services that you can’t use right now but still pay for.
Claim refunds for all such unused services as you are fully entitled to a cash refund for any product or service that you can no longer use due to lockdown restrictions.
Stock up but be wary of splurging
The lockdown and restriction on movement have made it critical to stock up on essentials. But there is a huge difference between stocking up and hoarding on groceries leading to overspending.
While it is definitely wise to avoid supermarkets/crowded places, make sure only to buy enough supplies for a month. Governments all across the world are ensuring that there is enough supply of critical items, and hence their availability will always be there.
Manage your mortgage
If you have a mortgage, refinance at a lower rate. It will not only help you reduce your payments now, but also make sure that you spend less on interest in the long term.