How To Save Money During Stressful Times

10 Top Ideas To Reduce Your Expenses
When You Really Need To Do It

Do you feel great about the amount of money you save each month for vacations or retirement? If not, perhaps you should consider using your personal quarantine as an opportunity to take charge of your personal finances. Reportedly, Shakespeare wrote King Lear while self-isolating himself from the plague. If he wrote that masterpiece, why can't we can use the time alone to shave a little off our monthly bills? Here's our list of good savings ideas to pursue to pass your time in lockdown.

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  • 1

    Refinance your house.

    Mortgage rates remain at historic lows. If you haven't recently refinanced your home, see if it makes sense today.

  • 2

    Consolidate all your credit card debt.

    Do you have more than one card with debt? Use this time to shop for cards with low APRs and make balance transfers that reduces your interest charges..

  • 3

    Call your cable company and threaten to cancel.

    These companies don't want to lose your business. See what better offers they can provide you.

  • 4

    Ask for discounts from your mobile phone provider.

    Just like cable companies, they run retention specials as well. Call your carrier on a break and see what savings they may offer.

  • 5

    Learn to meal prep for lunch.

    Treat your quarantine schedule like you work at the office. Cook meals at night on certain days of the week that will serve as lunch for several days. This habit could cut your food bill substantially when we all go back to work.

  • 6

    Finally, program (or reset) your thermostat, or buy a new modern one.

    Setting your temperature back by just 7-10 degrees for 8 hours a day can save you as much as 10% on your heating bill.

  • 7

    Test grocery delivery services.

    Yes, delivery may take longer than usual during this time. However, ordering online saves a trip to the store. More importantly, online ordering avoids many of the impulse purchases the contribute to higher food bills.

  • 8

    Cancel unused/unnecessary online subscriptions.

    Remember when you subscribed to the streaming service that you never use? The service hasn't forgotten to charge your credit card. Go back at least 6 months to find and cancel subscriptions with recurring charges that you don't need.

  • 9

    Plan out major expenditures.

    Create a budget for major purchases, like computers, televisions, or kitchen appliances. By spreading out the purchases, you will avoid building up expensive credit card debt.

  • 10

    Set automatic savings transfers.

    Most banks offer automatic, scheduled transfers between accounts. Once you make the changes to your lifestyle we describe above, set your bank to transfer the new found savings each month into a separate account.

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