While we are currently in the middle of a health crisis with the novel coronavirus, we’re also experiencing an economic downturn of historic proportions.
Many are wondering what kind of financial changes they should make, and what steps to take to manage their money wisely, considering the economic uncertainty. We’ve put together a few tips to help guide you financially through this pandemic.
If you’re feeling the need to stock up on groceries, you’re not alone. You’ve probably seen some empty shelves at the grocery store. But it also can be costly to stock up. The key to reducing food waste and saving money is to buy shelf-stable, canned, and frozen goods. Beans, rice, pasta, and canned fruit are all healthy, money-saving options.
Frozen vegetables are typically processed at the peak of ripeness and are considered just as nutritious as fresh vegetables, plus, overall, they are inexpensive. Ground beef and chicken are also good options to buy fresh and store in your freezer.
If you’re feeling bored while staying at home, before you start your online shopping, check the closets and cabinets for forgotten options. Half-finished craft projects, unread books, and forgotten about puzzles are great finds that you can pull back out and either finish or do again.
Another good idea is to trade with your neighbors—trade puzzles, magazines, books, etc. Just make sure you’re doing porch drop-offs and maintaining social distancing!
It is also an excellent time to review your monthly bills, especially in the entertainment department. Many people find that cutting cable and using streaming services like Netflix and Hulu give them plenty of options and can significantly reduce their monthly entertainment budget. If you’re an Amazon Prime customer, make sure to take advantage of Amazon Prime Video.
Don’t forget to review your monthly cell phone package and internet for possible reductions as well.
Look through find any subscriptions that you may have forgotten about. You can do this manually by looking through emails or financial transactions, or you can find an app to help. When this task is taken seriously, many people find two or more subscriptions they forgot about or don’t need anymore. Those sneaky charges can really add up!
Many of us find it hard to resist an online sale, especially now when we are stuck at home. One of the best ways to curb online spending is to unsubscribe from any retail emails that you currently receive. Not only do they bombard your inbox, but many are offering big sales right now, trying to entice people to buy. When you remove these emails from continuing to hit your inbox, you’re removing a lot of temptation to buy things you don’t need.
The same goes for social media. Remove bloggers and brands from your feed, even if temporarily, to remove the temptation to buy. You can always resubscribe or refollow when money isn’t as tight anymore.
These are challenging times, but First Independent Bank will continue to offer the personal care our customers and communities deserve. If you find yourself in need during this time, we encourage you to reach out to us to discuss options available. We value the opportunity to be a dedicated partner in the communities we serve.