The world has changed since the global pandemic known as COVID-19 began. In fact, the world has not seen such a pandemic in over a century. Given these unprecedented and precarious times, many people have had to deal with severe financial problems. The economy has been devastated by the virus, which has already infected over 25 million people.
Millions have lost their jobs, and thousands of businesses have closed due to the virus. Freelance workers have also felt the virus’s brunt, as many have seen their paychecks take a significant hit.
Here, we will discuss some ways to make and save money during the pandemic to make ends meet. With a vaccine possibly years away, people will need to be proactive to endure the second wave.
Ideas to Save and Make Money During COVID-19
Everyone is trying to make ends meet during these challenging times. People need to save money asap, as the second wave may require another nationwide lockdown.
Fortunately, there are some easy ways to help stretch out each dollar during the pandemic. Below are some useful financial hacks that you and your loved ones can make use of.
Save Money on Your Electric Bill
During the pandemic, many families have been forced to stay indoors. Children and adults who would usually be at school or work may have had to stay home for months. Due to this, electric bills may be much higher than usual.
In order to save money, you should turn off your lights whenever they are not in use. Given that winter is just around the corner, you should also carefully monitor your heating bill. Devices that are commonly used should be unplugged or fully powered down when they are not in use. Examples include modems, routers, computers, televisions, phones, and other appliances.
You should also turn down the temperature of your water heater, if possible. Your oven requires quite a bit of energy, so why not use smaller kitchen appliances, such as a toaster oven, microwave, stovetop, or grill if you can?
Save Money on Groceries
It is important to check your list and look for items that may be on sale whenever possible. Cut out coupons or use digital coupons and codes to enjoy the latest rebates. Avoid impulse buying items whenever possible, though.
It is also wise to plan ahead. Consider what you plan on cooking for the upcoming week and then only buy the ingredients you need to prepare your upcoming meals. Avoid spending more on extra items, and online shopping can save you quite a bit.
Amazon offers free next-day shipping on many items, including groceries. You can stay safe and purchase groceries conveniently from the comfort of your home. You will also save money on gas by staying home. Many grocery stores also offer convenient pick-up, and some offer contactless delivery as well. It is also recommended that you stock up on essential items, such as water, sanitation, and hygiene products during these trying times.
If you have a big family, an easy way to save money is to buy in bulk, which will also cut back on your travel expenses.
Talk to Your Landlord
If you have trouble paying your rent during the pandemic, you should speak to your landlord as soon as possible. Do not wait until the last minute, as they may not be flexible, and you may end up being evicted. Let them know if your hours have been cut or you have lost your job because of COVID-19.
Many provinces and states have introduced preventive measures that protect tenants from being evicted by their landlords. You may be provided with a rent extension or freeze, depending on where you live, so look into the matter asap.
You can save money by staying with friends or family until your financial situation improves. Or course, this may not be a possibility, but it doesn’t hurt to ask.
Refinance Your Mortgage
By refinancing your mortgage, you may obtain a lower interest rate, which can save you thousands of dollars over the long run.
However, it may take you years to recoup the refinancing costs that were incurred initially. If in doubt, speak to a financial advisor to determine if refinancing is a good option for you.
Donate Your Junk
You can also save money via a junk removal service. Donate your old household items or have a garage sale to make some money. If you have boxes of old clothes and electronics, then a local junk removal company can donate them to GoodWill.
Most junk removal companies have access to recycling centres. They can collect your junk and then salvage materials for recycling or resale purposes. You can also avoid social contact by selling your items online.
Amazon and eBay provide online marketplaces where you can sell virtually anything to make some extra money. They are free to join, and seller fees are low. You can also skip the fees altogether by using local classified sites like Craigslist. However, if you decide to sell your items in person, please remember to wear exam gloves and masks when dealing with strangers and their money.
Regardless of where you are residing at present, it is important to stay safe and vigilant. We will get through this pandemic together. We hope that the ideas that have been provided will not only help you save money but also keep you safe.