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3 Tips on How to Save Money During Corona Virus

| April 28, 2020
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Covid 19 has been a massive hit to a lot of people financially. Millions losing their income and many more depending on the stimulus check. This is a time to cut costs at every possible point for many people. One thing during this time that confuses me is how Netflix and other unnecessary streaming services and entertainment services are doing extremely well. This should be a time to cut these services for many households but instead, it is the exact opposite. Here are some ways to cut costs out of your budget.

1.) Start a budget. 

Im going to guess that about half the people I work with keep a budget and many less keep to that budget. Many Americans have all the time in the world to get their lives organized and this is going to be the only way you can figure out where you are spending your hard-earned money. Get all your bank statements and accounts and figure it out. How are you going to be able to save a sinking ship if you don't know the difference between port and starboard? I don't know the difference in that example but I do have a budget. There are some great budgeting apps in the app store and some will even do it for you automatically if you don't use any cash. 

2.) Cut the vices.

Vices such as tobacco and alcohol do very well during economic hard times because it is used as an escape. If your back is against the wall that $20 spent on these activities could be a make or break point depending on your situation. 

3.) Cut the cable and streaming services. 

Cable is extremely unnecessary at this point. The reason many Americans still have it is for live sports and we all know those might not come back for some time. I paid for cable for probably 3 months in college and no one used it and we ended up watching the game on some streaming services anyway and we were spending like 80 bucks each when we were all broke. Now for streaming services, there are so many that it is almost the same as having a cable bill. Time to cut them back. You don't need to have every single one up during this time. Those shows will be back waiting for you. If you have to have one get the cheapest one and stick to it. Or cut them all and start a free month trial for one. You could just order a book. Books offer entertainment for days and weeks so you don't need to be constantly trying to decided whats next. Unfortunately the library is closed at this moment but you can still purcahse a used one of Ebay, Amazon and other book sites for cheap.

Stephen Poll
Financial Advisor at Clay Financial

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