2020 hasn’t been a particularly outstanding year for most due to the unfortunate arrival of the coronavirus. Wages have been cut with economic growth expected to contract by 3.5% in the June quarter, and unemployment predicted to reach 11%. These are scary times to live in, and many are finding their futures to be uncertain. That’s why you need some ways to save money right now.
While some will emerge relatively unscathed, scores of others won’t be so lucky. With finances being stretched by the effects of the coronavirus outbreak, it’s integral to keeping your savings in check.
If you’re looking for some of the best ways to find, save, or free up some additional cash during these tumultuous times, here are some tips to get you started.
Make Some Switches
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You can free up some cash by switching your car insurance and even energy bill company to something cheaper. To do so, you’ll just need to compare prices via search engines to make sure that you’re getting the most bang for your buck.
Just a quick search on Google and you’ll have access to plenty of websites that will help with tracking and comparing prices. They also come with reviews which is incredibly helpful when you’re deciding between two options.
With a number of clicks, you’ll be able to find the cheapest price and save a considerable amount of money. You can also apply this method to normal household items from televisions to washing machines.
Refund Services You’re Not Using
Prior to the lockdown, you probably had multiple memberships going from the gym to a massage subscription. With the lockdown, however, you’re no longer able to utilize these products or services, and they’re just idly sitting there.
Instead of maintaining your membership, speak to these businesses to see if you’re able to get a cash refund. If you’re unsuccessful, consider escalating this to someone that’ll be able to help. For other services like utility companies, mobile network companies, and more, speak with them if you’re struggling with your finances as you may be able to defer your payments.
Claim Your Benefits
If you’re able to apply for financial support from the government, make sure that you’re claiming them. These benefits can range from employment and support allowance to jobseeker’s’ allowance and more.
Families with children may also be able to claim additional benefits from receiving complimentary school meals to having payment plans for school fees.
Craft A Savings Plan
While you may be given a payment break for a range of services from rent to mortgages, it will come to an end once the situation starts to recover. Minimize the impacts by creating your own savings plan. Start out by reducing your spending and simplifying your finances by lowering utility bills, tracking unwanted direct debits, and having a fund in case of emergencies.
If you’re still struggling and not sure where to start, speaking with a debt advisor will get you on the right track. They’ll help understand what your financial goal is, what your issues are, and provide you with unbiased advice and information.
Earn A Side Income
In addition to saving money from various means, you can also find a way to diversify your income. With the number of jobs dwindling, finding some part-time work during this stressful period can make a whole lot of difference.
Some possible income streams that you can look into include driving Uber, providing food delivery services, renting out a spare room that you may have, or even selling crafts that you’ve made yourself. If you’re a writer or someone that has design experience, freelance platforms are also a great way to rake in some cash.
Consider Making Investments
While you might earn a little bit of interest from placing your savings in a bank, investments can help with earning a sizable portion of the money. Even though investing may seem like a daunting venture, there are plenty of resources online that will provide you with everything you need to get started.
For those new to investments, Active ETF (Exchange-Traded Funds) are a good option as they’re quick, flexible and aren’t expensive. In comparison to other investments, they’re also much less volatile and minimize the risk of you losing them.
With the situation looking up as countries race to find a vaccine and restrictions start to ease, complacency can creep in. The reality, however, is that it will take some time for the economy to recover from the impact of the coronavirus.
In the meantime, don’t lose hope during this period and stay ahead of the pack by managing your finances early. While protecting your financial position is key, also remember that there’s a better future that lies beyond the horizon. You are not alone, and improving your monetary position will help you stay afloat during this otherwise tiresome period.