The COVID-19 pandemic is upon us and has created financial hardships for millions of people across the globe.
Nearly every industry has been negatively impacted and as a result a large percentage of the population is now without work.
With no end in sight to the pandemic, people need to get creative and find ways to save money around the house.
Here are some tips to help you save and make it through these tough times.
1. Shop in Bulk
Purchase long shelf life products from stores like Costco or Sam’s Club.
These stores offer great deals on a per unit basis and can really help stretch your dollar for items such as cleaning supplies or long lasting canned foods.
2. Buy Second Hand
Buying new items is oftentimes a waste when there is a huge marketplace for second hand goods on sites like eBay and Craigslist.
By connecting you with people looking to offload products at usually significantly reduced prices from retail stores, these are a great option for individuals looking to save on big ticket items like televisions or refrigerators.
3. Need Over Want
In tough times it is important to make purchases based on your needs and not your wants.
While you might want a new surfboard, it is not a necessity like food and shelter. Be smart and make the right decisions and don’t make impulse buys.
4. Sell Unwanted Stuff
Sites like eBay and Craigslist make it easier than ever to sell your unused items.
Search around the house and evaluate which items you have little to no use for, this is an easy and efficient way to generate money.
5. No More Subscriptions
From TV to music subscriptions, the average person can easily reduce their monthly costs by cancelling these unnecessary plans.
Instead of TV, switch over to Netflix as a cheaper option and instead of Spotify, you can listen to your favorite music on YouTube for free.
6. Forget the Gym Membership
While physical fitness is important, most gyms are closed due to the COVID-19 pandemic.
As an alternative, look for free public outdoor workout facilities.
7. Cook at Home
Avoid costly restaurants by cooking at home, there are many videos on YouTube showing you how to make great tasty cheap meals.
Save old beer cans and any plastic bottles, especially if you have a large family, this can add up to some nice extra income at the end of the month while also helping save the environment.
9. DIY Handyman Videos
If something small breaks in your home, search online for videos on how to fix small things like leaky sinks or broken door handles, these small skills can save you lots of money over time.
10. Pay your Credit Card
Make sure you pay your credit card, as these cards are notoriously associated with late fees and high interest rates.
About the Author
Russ is head of marketing at CrescentLenders.com and writes the Hard Money Blog where he discusses all aspects of real estate investing and gives advice on how to manage money and financing for real estate projects. Russ enjoys traveling, reading, and surfing in his hometown of Pacific Palisades, California.