10 Ways To Save Money During The COVID-19 Quarantine

Overnight, COVID-19 has changed everyday life for millions of people around the world, especially here in the US. Chances are you are staying at home in quarantine right now, and you might be stressed and uncertain about the future of the economy. Just this week, over 3 million people in the US filed for unemployment benefits and we passed the largest stimulus package in our nation's history.

We won’t know if we’re in a recession for a number of months, so now is the time to start preparing. If there was ever a perfect time to get better with money, it might be now.

Below are 10 ways to save money during the Corona Virus pandemic:

1. Freeze your Student Loan Debt — As part of the Stimulus Package, you may be eligible to defer your federal student loan payments and waive interest. You can take this time to pay down other higher interest debt like credit cards and personal loans. Learn more
2. Cancel Subscriptions — Your local Gym is likely closed. If you can’t cancel make sure you contact them to see if you can get a refund for the closed months or a credit for future visits. While you’re at it, make a list of any subscriptions you currently pay for monthly and see if you can cut any.
3. Call Your Banks — Many banks and credit card lenders are offering assistance if you have been financially impacted as part of the Corona Virus. Make sure to mention Corona Virus when you contact them as it’s the keyword you need to use to be eligible. American Express, for example, is offering many businesses and individuals two months of lower interest rates and waived late fees if you’ve been impacted.
4. Cook at Home — Now is the time to learn new recipes and spend more time in the kitchen cooking at home. Sure, many restaurants are still open for takeout or delivery, but you’ll never have this much free time to experiment in the kitchen again. Cook something new and save money by not ordering in.
5. Donate & Sell Unused Items — If you’re busy and on the road a lot you might not have realized how much extra stuff and clutter you have sitting around. Take advantage of the work from home time by decluttering and organizing your home. You’ll likely find some items you can sell and make some money, and if not you can donate those items.
6. Create a New Budget — If you’re like me, you have a regular budget with your expected monthly expenses that you stick to. Your work situation has likely changed now that you are staying home and it might be time to create a new budget. See how your spending compares from February to March to April. Chances are you’ll find something you can cut or re-allocate and without all the expenses of traveling to the office, maybe you can invest more while the stock market is down.
7. Re-Finance Your Mortgage — Interest rates are very low right now and it is a great time to look into refinancing your mortgage. This could lead to big savings over the length of your loan. Be sure to calculate any associated fees if you do end up re-financing as it might not be worth the savings.
8. Research Unemployment Benefits & other Government Assistance — Have you been laid off or financially impacted by COVID-19? You may be eligible for unemployment benefits, government loans & grants, and more programs locally. One of my businesses that has been hit hard has already applied for an SBA loan which has low interest rates.
9. Contact your Landlord — If you’ve been financially impacted by COVID-19 you should contact your landlord immediately. Chances are they have also been impacted in some way and see if you can make a deal if you can’t afford upcoming rent payments. The last thing a landlord wants is a vacant property during a potential recession with high unemployment.
10. Get Refunds for Event Cancelations— One of my businesses is in the live event and ticket industry which has faced thousands of event cancelations this month. If you have season ticket renewal payments coming up make sure to contact the team or venue. You may be able to push back payments as some NFL teams and universities have done already. Ticket companies are facing cash flow challenges having to provide a large number of refunds all at once so be patient, read the return/refund policies, and be persistent and make sure you get a refund when possible.

These are just a few ways to save money during the Corona Virus pandemic. Let me know in the comments other ways you’re saving money during this difficult time.

Need help with a budget or any of the above recommendations? I’m offering discounts on Financial Coaching for the entirety of the COVID-19 pandemic. If I can help at all please email me directly at info@organizedbyjosh.com or contact me on my website here.

‍