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5 Actions to Take Now to Save Money During Quarantine

How to save money each month

Since the outbreak of COVID-19, 26 million Americans have filed for unemployment. Even if you’re able to work from home, many firms are restructuring their compensation, bonuses are likely to be lower if not eliminated and many corporations have placed their employees on furlough. In this time of uncertainty, we spoke to an Asset Manager to obtain ways you can tighten up your budget. In our conversation, we uncovered 5 immediate actions you can take now to save money each month during quarantine. 

1. Review Your Monthly Subscriptions

Have you realized that while under lockdown there are some subscriptions that you aren’t getting as much use out of? Are there any subscriptions that you’re paying a premium for when there are otherwise an acceptable substitute for? The first and easiest way to save during quarantine is to make a list of all subscriptions you’re currently paying for. Ask yourself which subscriptions you absolutely need and see which ones make sense to pause. 

2. Get Creative at the Grocery Store

If you eat out often, cooking at home now likely has your pockets feeling more full. But with disrupted supply chains, it’s likely that you’ll have some trouble finding all of your favorite products (not to mention toilet paper). This is the perfect opportunity to expand your culinary repertoire. Those dried beans you stocked up on can be turned into a rich soup with some chicken bouillon, an onion and some bacon or smoked sausage. They can also be turned into a delicious pasta with pasta, broccoli and parmesan cheese. Simple, easy and filling. If you're missing your favorite restaurant dish, now is the time to learn how to recreate it on a budget. As you are shopping, just stock up on staples and you should quickly become more confident and creative with cooking on a budget. 

3. Take Advantage of Home Fitness Tools 

With gyms closed and many urban parks still packed or closed, it can be a challenge to stay fit. Hopefully you're saving on your gym membership right now and there is no need to run to splurge on pricey fitness equipment. Our team members have been taking numerous free online workout classes - and we recently recommended these three classes as the best free online workout classes on Instagram live to take right now. If those classes aren’t for you, there are so many incredible fitness apps available that can help keep you physically and mentally fit on a budget. 

4. Binge New Shows With Streaming Service Trials

It can be a challenge to stay entertained with so many additional hours to fill at home. And while now might not be the best time to sign up for new subscriptions, many streaming providers are offering their best free trial offers ever. You may have seen the near-ubiquitous sling TV ads on TV, or that HBO is offering a number of shows on the HBO now app for free. Just remember to add the date you need to cancel or renew, as soon as you sign up for the free trial to ensure you’re not charged at the end of the trial period if you do not plan to continue. 

5. Break That Bad Habit

It might be a morning trip to Starbucks or Dunkin Donuts for iced coffee (to go now), it might be midnight snacks. Most of us know there’s one small thing we could cut from our diets to be healthier or save, but never had the jump start we needed until now. It’s always easier to break a bad habit when you’re forced into a new routine. Is there a habit you have been thinking about trying to cut out of your life? There is no time like the present to make a clean break. Set a goal of cutting the habit for one week as a trial period and then re-evaluate. 

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