If you are looking to save more money in 2020, you are not alone. We are in the middle of a pandemic and so many people have lost their jobs and their incomes. Now more than ever, taking a hyper-focused approach to your finances is essential to coming out on the other end of this financially intact.
Below are five ways you can start to save more money during this uncertain time
1. Clip those coupons
Coupon clipping may seem like something housewives used to sit and do while they went through the Sunday circular but clipping coupons is still a very useful thing. Billions of coupon savings go to waste every year. Furthermore, coupons have become more accessible than ever. They are not only in newspapers but also on coupon websites as well as coupon apps.
2. Try cash back apps and sites
If you are a frequent shopper, using cash back sites are a great way to save money. Cash-back sites are numerous and a great way to save you money from stores you frequent. For example, Rakuten helps you earn up to 40% cash back on purchases with a $10 sign up bonus if you spend $25 in your first month. There are tons of these cash back sites to choose from so you can see what fits best for you.
3. Avoid expensive entertainment for your kids
It has been said time and again that children want their parent’s attention more than expensive gifts or outings. Although there is nothing wrong with spending money on amazing experiences with your kids, most people don’t fall into that category. So, get creative and find inexpensive ways to entertain your kids. Don’t worry, they can’t miss what they don’t know.
4. Buy in bulk
Groceries are expensive, so buying in bulk is a smart option for many families. In order to make sure you are actually saving money, be sure to look at the unit price that they typically print on the price label. You then compare that to how much you would pay for a single unit of that same product elsewhere. For those items that work out to be less money, you are saving yourself not only money but less trips to the grocery store.
5. Call your credit card company
If you normally are responsible with making on time payments for your credit cards, give the credit card companies a ring. Pretty much all creditors are offering some type of relief to their cardholders. Anything from waiving late fees to lowering your interest rate. You also might have the option of doing a balance transfer to a 0% interest card if have good credit. That can always be used as a bargaining chip too if you are not getting anywhere with your credit card company.
If you find you are racking up some quarantine credit card debt, now is the time to take a pause and really focus on your finances. With so many Americans suffering from credit card debt, this quarantine is really pushing people further down a path of financial ruin. If you find yourself suffering from bad credit, seeking credit repair services can help get you back on the right track.