Finding ways to save money in 2020 is a popular subject in the current financial climate. In this guest post written by Linda Richardson you will find 5 tips to save money in 2020 amidst the pandemic crisis.
Corona Virus has engraved 2020 in our hearts with bitter memories. Unemployment, financial instability, recession, health hazards, and painful deaths – these are all things we will remember about this year down memory lane.
Indeed, lost lives can’t be brought back. That’s a permanent loss. However, much can be done to save our financial life during this pandemic.
Remember, if there is no money, it would be even more difficult to survive in 2020.
So, here we are with some effective tips to save money in 2020 amidst so many financial obstacles.
#1 Get Back To Cooking Simple Meals At Home
With millions of people struggling to put food over the table, it’s high time you stop ordering pizzas and other foods from outside. Tips, taxes, and delivery fees consume a lot of money on takeout orders. Moreover, takeout foods cost more than home-cooked meals.
Plan simple meals with a few ingredients a week. Complex meals need more ingredients and cost more money than simple ones. Make a list of the ingredients and order them online. Don’t buy processed foods and drinks as they are quite pricey. And, when you’re ordering online, try to buy in bulk so that you don’t have to shop frequently. This will help you save on the delivery fees.
#2 Manage Your Credit Card Debts Smartly To Save $
If you’re facing financial difficulties due to the COVID-19 outbreak, then call the credit card companies to explore your debt relief options. Inform credit card companies that it’s impossible to manage your credit card debt with the small amount of money you have.
Many credit card companies and financial institutions are offering debt relief options to consumers who desperately need them. Some of the debt relief options are given below:
- Deferring credit card payments by a few months
- Waiving off late fees, fines, and penalties
- Not charging additional interest rates for the time being
#3 Save Money On Both Federal And Private Student Loans
There aren’t too many financial relief options for private student loans. However, you can call your lenders and ask if there are any debt relief options.
Some lenders may offer alternative repayment plans, keeping the current situation in mind.
#4 Ask Your Insurer For A Cheap Auto Insurance Policy
What will you do with an expensive auto insurance policy when your car is parked in the garage for several days?
Call to advise your insurer that you’re working from home and are driving less. Since your car is safely parked in the garage most days, the chances of meeting an accident are minimal. As such, you deserve to qualify for a lower premium. Ask your insurer to give you a cheap insurance policy.
Once everything gets back to normal (which will take time), consider modifying your insurance policy again.
Look at your other insurance policies as well and find out if you can lower your premiums there also.
#5 Cancel All Unnecessary Subscriptions
At a time when all of us are following the government’s ‘stay-at-home policy’, gym memberships are completely useless. So, you have 2 options.
(i) Ask the gym club owner to not charge you any fee.
(ii) If the gym club owner doesn’t agree to suspend the fee temporarily, then cancel your subscription entirely.
Cancel subscriptions for multiple video streaming platforms. If you love to watch web series and movies, then stick to one platform and cancel the other ones.
Some More Tips To Save Money In 2020
- Have a budget-friendly Christmas celebration this year. Cook simple meals and spend quality time with family. Check out the ways to save money during Christmas.
- Don’t make any vacation plans for 2020. Stay at home or plan weekend trips at the end of the year to save money.
As mentioned before, 2020 is an extraordinary year. And an extraordinary year needs desperate measures to save money.
If you’re out of work or received a pay cut, then it’s important to modify your household budget and follow the aforementioned tips to save money amidst the economic downturn.
It’s time to make money from home and save it.
A difficult time lies ahead for all of us.
Author Bio – Linda Richardson is a financial content writer based in New Jersey and a perennial student with an ongoing interest in learning new things. She uses her curiosity, connected with knowledge as a financial writer, to write about a valuable lesson for small businesses. You can find her on Twitter at @ LindaRossie9 and Facebook at @LindaRich008 She is currently a financial writer for http://www.CreditCardConsolidationDebt.com/
Thanks to Linda for kindly providing this interesting and informative article. If you would like to write a guest post for this blog please fill in the Contact Form.
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