4 Ways to Save Money During the Coronavirus Pandemic

A devastating number of American households are being financially affected by the Coronavirus pandemic. Whether you’re facing changes in your employment status, are finding yourself with new expenses, or are simply looking to take advantage of this time to prioritize saving, there are a few simple ways to save more money now.

1. Call your cell phone and insurance providers

It’s always a good idea to shop around providers, but that’s even more so the case now. With fewer people driving, many auto insurers are cutting premiums on car insurance. If you haven’t been offered a discount, call your provider, explain that you’re driving less or no longer commuting and ask for a cheaper policy. Take a look at your other insurance plans and understand what you’re currently paying for. Also, with more time at home, you’re likely not using as much data. Call your cell phone provider and look into cheaper data plans or compare them with other providers. If your child has a phone simply so you can keep track of them, you may want to consider canceling their plan for now, since they can access most apps and messaging though other wifi-enabled devices. Just don’t tell them we suggested this!

2. Plan your meals (and skip the takeout)

While you don’t have the option of overspending at bars and restaurants right now, it’s easy to fall into the pattern of ordering takeout. For the sake of your wallet, try cutting back and cooking more meals at home. Be intentional about your meals. Always go to the grocery store with a plan, a list, and a mask! Once you’re there, stick to the list and avoid impulse buys.

3. Cancel subscriptions & memberships you don’t need right now

Now is a great time to figure out which subscriptions you use and which you don’t. There are some subscriptions or services that you essentially can’t use right now - like your gym membership. Be sure to reach out to these businesses directly to ensure that your account is frozen and you’re not incurring any fees.

4. Limit your purchases to essentials

We know it might be tempting to splurge on a big-screen TV or 5 new pairs of sweatpants, but try and limit your purchases to essential items right now. If you can’t resist the urge to shop or are facing a necessary expense (like a desk or appliance), try using Perpay! Breaking up a large purchase into small payments can help make buying a big-ticket item much less stressful right now. Plus, we recently added bulk household basics to our marketplace - so you can enjoy small, easy payments for more urgent needs, too!