For the last few years, the economy has been doing much better and unemployment is falling.
However, Covid-19 devastated the lives of many and left the economy in shambles. In this article, I will show you 49 Ways to Save More Money after a pandemic like COVID-19 or coronavirus.
In good times, the temptation is to cease trying to be frugal. If you do not have to, why try to save?
Saving money in the good times and the poor is still a good idea if you want to get ahead, though.
We could all use some extra cash in our bank accounts, so how do we offer a boost to our checks and savings?
By cutting back, getting by with less, and reducing your intake, giving yourself a leg up. Re-use stuff, and when you can, recycle.
It is nice to get by with less, but you do not have to totally do away with anything.
Every month, there are a lot of quick (and crazy!) ways to reduce your spending and save money.
I have put together a nice long list of simple ways to save money on recurring expenses, on money leaks, and on just about everything else every month in this post. So let us start off.
NOTE: Do not forget to look at our 50 Ways To Make Money post
Every month, there are a lot of simple ways to reduce your expenses and save money.
Here are 10 simple and fast ways to reduce your recurring costs, cut cash leaks, and improve your bottom line.
Volume Ninety percent
• Save on recurring expenses
Save on cash leaks
Creative Ways of Investing
• General means of saving
Save On Recurring Expenses.
The major recurring expenditures that we all have each month are one of the first ways people can look to save money. Let us look at a couple of areas that can be saved.
Cell phone bills:
JD Powers estimates that $1,152, or around $96 a month, is the average annual cellular phone bill. Why spend so much when you can get a fantastic smartphone every year for hundreds less from a pre-paid wireless provider.
For 100 minutes of chat, unlimited text and 1 GB of data per month, my wife pays $8 a month or $96 a year. That is $1,056 more than the average savings! Knowing what you need and what you can do without, and then finding a cheap mobile phone contract that fits your needs, is the secret to saving.
For us, that meant forgoing all the minutes of conversation because we barely spoke at all on the phone, and then making sure we had enough text and info.
My wife and I jointly spend about $20 / month on Tello for two individuals. A better deal with another provider could be found by others. In our post explaining how to save on your cell phone bill, find out how to do it.
Certain individuals would fully cancel their home phone service in favor of either mobile phone service alone, resulting in annual savings of hundreds. Of course, you should go for an internet telephone service if you do need a home phone instead, which also costs much less. We have moved to a service called Ooma. Ooma was easy to set up, and taxes in our region just cost around $5.00 / month. That is a big savings for a landline over the $43 / month we spent before. If you need a landline or something along those lines for a home protection device, consider canceling additional options on your phone, such as voicemail, call waiting, and caller I d, to save on items you do not need or use.
In order to take advantage of new subscriber offers or discounts, consider switching your internet service to another company. Move to cable or fiber-optic internet from one form of internet to another-DSL.
Switching will also get you great initial offers, and when the sale expires, you can then hop providers to get another great deal. Consider even bundling the mobile, internet and TV services to save.
TV and entertainment:
There are a range of ways to save on the quality of your television and entertainment. Next, to get in on a discount deal, you should switch cable providers from one to the other.
You can always cut the cord entirely if that does not work, and save a lot by setting up a home entertainment system using streaming services such as Netflix, Hulu and other providers of free or low-cost content.
There are also not a lot of places to save on the local utilities, be it power, waste, gas or other facilities. Very often, you only have to operate with one utility option.
What you can do is reduce how much you use the facilities to reduce expenses. To save on energy prices, turn the temp up in the summer, and down in the winter.
Using a thermostat that is programmable. Turn it off or unplug it when you are not using anything.
Switch down the water heater to 112 degrees and any time you have got a small load, do not run the dishwasher or laundry.
By getting a home energy audit, check for energy leakage in your home, and find ways to maintain your home to save costs, such as cleaning your AC condenser coils or periodically changing furnace filters.
Look around to find the best insurance rates on your car , house, life or other forms of insurance.
I was horrified the last time I exchanged car insurance to find that I was overpaying for the same policy to the tune of around $1000 / year.
That is a lot of money lost! Switching insurance for homeowners saved us a lot as well.
There are quite a few ways you can make gas savings. Do stuff like carpool, buy (use an app like GasBuddy or GetUpside to find it) at the cheapest local gas station, fuel up at a local warehouse club, take advantage of gas discounts from local grocery stores and use cash back credit or debit cards that will help you save 1-5 percent of gas anywhere.
You can also, of course, just drive smart and restrict your fast starts and stops and keep accelerating smoothly.
One of the easiest ways to save on your prescriptions is only to make sure you purchase your daily prescriptions in the generic edition.
Other items to do include looking at cheaper prices at various pharmacies, getting your doctor's samples or purchasing your prescriptions in greater quantities to save.
Occasionally, if you think the assessment they gave your home is wrong, you can appeal your property taxes.
By applying our property taxes for one year, we saved several hundred dollars.
Refinance your mortgage:
While lending regulations have tightened, you can get some great rates right now and save hundreds every month on your mortgage if you are able.
Remove mortgage insurance:
If they did not put down at least 20 percent when they purchased their house, many people pay hundreds of dollars a year for mortgage insurance.
Ask your mortgage lender if they are going to withdraw the insurance from your monthly payment if you are one of those people, and you have recently hit the magical 80/20 loan to value ratio.
Online bill pay:
Instead of sending in a receipt, consider paying your bills online. Depending upon how many monthly bills you have, it will save you $50-60 / year.
By taking advantage of health plan offers, or by building your own home gym, you can save on a gym membership.
Save on cash leaks
There are times when money simply seems to leak away because, without thinking about it, we have always spent money elsewhere or because there are hidden costs that we did not even know were there.
Here are a few in your own house to be careful of, or to look for.
On your way to work, buy coffee:
I am deeply guilty of this one. On my way to work most days a week, I prefer to only spend cash on coffee.
I started cutting back on this recently and now buying fantastic micro-roasted coffee to make instead at home, and it saves a lot of cash.
Do you collect comic books, volumes of great literary works leather-bound, or play a lot of video games? You can also spend a lot of cash every month on buying the new and best associated with your hobby, whatever your hobby is.
You may not have to cut it out entirely, but you can save by cutting back on how much you will spend, and you will have more cash for other things.
It should not be too difficult to stop overdraft fees, other network ATM fees and other various bank fees, but it is an issue for a lot of people.
To make sure that you periodically reconcile your accounts and make sure that by using a personal finance tool such as Mint.com or Personal Capital, you really know how much money you have.
Buying stuff for others:
If you are naturally a giver like my mom, you may be inclined to overspend on other people's presents. Giving gifts to people feels wonderful, but we can easily over-do it.
Instead, consider offering more imaginative and frugal gifts or offering your friend or family member the gift of time or an experience.
Paying full price:
When there are places like RetailMeNot.com, Rakuten and Honey to offer you coupons, discounts, rebates and more, there is no reason to pay full price for things.
Just last night, when we used a coupon we found online, my family and I received one of our pizzas for free. Be sure to do your homework and check quickly and discover deals on the stuff you purchase.
Unused credit card rewards:
Many people have stored up credit card rewards that are never used. Things like travel points, cash back savings and gift card points, and more. Make sure that you really use the incentives if you are going to use one of these cards.
Unused gift cards:
For birthdays and holidays, people can get gift cards, but then they remain without being used in a box, in a pocket or in a wallet.
Do not forget to use or at least sell those gift cards online through a website like Raise and get some money out of it! Otherwise, you waste money that you do not need!
Missed tax deductions:
Many people miss out on savings when it comes to tax time because they did not take the deductions they were entitled to.
They do not take deductions for charitable contributions, for instance. Instead, using a calculator such as It is Deductible, be sure to keep track of your deductions and save on your taxes!
Eating out too much:
Our dining out budget at our house is one of our largest problem areas. It can only save us hundreds by cutting the amount of times we eat out in half! Do not hesitate to use coupons and deals while you are dining out!
Your bar tab will easily get out of control when you eat out or go out with friends. Keep in charge instead of drinking the entire night, and just get one or two drinks. Or just have water!
Not taking advantage of discounts available:
Often people fail to take advantage of discounts that are accessible via their employer or other channels for goods and services.
For example, if you go to the gym a certain amount of times per month, many workplace insurance programs have discounts available on gym memberships. Only take advantage!
While being overcharged, paying a bill:
Make sure you keep track of your monthly expenses and consider what you are paying for. If you are not paying attention, sometimes unknown charges will creep into your sentence.
On my satellite TV bill, I recently discovered an erroneous rise of $5 / month. They reversed the charges after complaining repeatedly about their assistance.
Using a bill arbitration service if you do not feel comfortable negotiating on your own.
Getting too much coverage and high premiums:
When it comes to insurance of one sort or another, certain people have too much coverage when they could actually get away with a cheaper plan with higher deductibles.
By having less coverage, and accepting larger deductibles, slash the premiums.
Buying brand names:
People can purchase brand names very frequently only because they have always done so. The generic brand is often just as good or even better than the brand name product, in fact.
Buy less things that spoil:
Think about what kinds of things appear to go bad in your house while buying groceries, or that end up spoiling before you eat them. Purchase less of that object, or cut it all out together.
Candy from the vending machine:
There are moments when you get hungry during the workday and you just have to go and purchase something from the vending machine.
It can add up and take a toll on your health if you do this every day, however. Instead, buy some of your own delicious and nutritious snacks at work to stock up on.
If you are one of those people who tend to buy stuff on impulse, rein in yourself and make a rule that after a waiting period of at least 24 hours, if not longer than 30 days, you can only buy anything.
Allowing too much money to sit idle in your checking:
I have often been guilty of allowing too much money to build up in my checking, rather than investing it or placing it in a savings account with higher yields. Put to work your money!
Buying DVDs, video games or books:
One thing I used to do was purchase DVDs of movies I have never watched before, or buy a bunch of books I have never read more than once.
Instead of purchasing, renting or downloading the movies you want to watch, borrow video games from your local library and get books or ebooks!
Not finding out why a bill has gone up:
A bill can increase sometimes, but you just accept it. Find out why the utility bill has gone up, instead.
Are there any problems with your water heater? Does the filter need replacement? Or in the unused space upstairs, did you leave a window open? Only question why.
Cancel unwanted memberships or subscriptions:
Cancel it if you are subscribed to a magazine but do not read it very much. If you have a wholesale club membership, but you have not been there in two years, cut the card.
Have you been watching a Netflix movie for weeks? Placed on hold your membership. Destroy the subscriptions for a zombie!
Creative Ways of Investing:
To save money, another thing you should do is be creative and do stuff that others would not have thought about doing to save money.
Here are a couple of things I have come up with.
Making your own laundry or dish detergent:
My friend Matt has compiled a tutorial on how to making your own laundry detergent or dish soap at DIYNatural.
Re-use recycled clothes:
Instead of throwing them, find ways to re-use recycled garments. Use old t-shirts to wash your car, make a new purse or bag using old jeans.
Create your own gifts:
Create something from the heart instead of giving Mom the expensive present. Think of stuff like a collage of images of good times shared, a cheap gift box.
Create a DIY backyard garden and grow your own vegetables, growing your grocery bill. Grow your own vegetables.
Buy used or re-purpose:
Buy it cheap or get it free online through a platform like Craigslist instead of purchasing items like new furniture. Or re-purpose furniture that you have already.
Ask for a discount:
Ask for a discount even if you do not have a coupon or listed savings, even at locations you might not expect. We saved 10% on our hospital bill a while ago by only asking and paying in cash.
Buy groceries directly from the farmer: Are you near any local farms, or are you close to a farmer's market? Straight from the source, try buying fresh vegetables.
Negotiate your rent: By signing a longer contract, pre-paying rent or agreeing to cut the lawn in exchange for lower rents, consider negotiating your rent to save money.
Buy stuff for value, rather than purchasing the cheapest. You can save money in the long run, so you do not have to purchase a new item as much as you do.
Borrow or share items you need: borrow from a neighbor instead of buying anything you need, or everybody joins in and shares the object.
Hang out your clothes to dry: Save by putting your clothes on a clothesline instead of using a dryer.
Cut your own hair:
Cut your own hair and per family you will save a few hundred a year!
General Means of Saving
Here are a few more ways to save that you may not have noticed.
Start a budget, stick to it:
This might sound like an obvious tip about how to save, but it is not a lot of individuals doing anything.
It helps to help you know a lot of ways that you can save by just keeping track of where your money is going.
Clean your own car:
Clean your own car instead of going to the car wash and paying about $15-30 every time you go!
Do your own maintenance:
Change your own oil to save on a ride to the service station if you are handy with all things automotive. With assistance from the internet, manage your own home appliances!
Stop a bad habit:
You are a smoker? Quit! Quit! It is safer for your wellbeing, and a lot of money will be saved. Drinking plenty of soda? Oh, stop! Instead, drink more water.
Do not pay for extras:
Rent a car? When your own policy covers it, do not pay for the additional insurance.
Going aboard a flight? Do not pay for first class, but instead try to get an exit row with extra leg space.
Take advantage of deductions, make deductible contributions to retirement plans or raise the sum sent to flexible spending or health savings accounts. Save by minimizing your taxable income.
This list is just the start. When you want it to be, saving money will really become a way of life. All you need to do is be imaginative, have a purpose and a mission for why you are trying to save, and actively think about the choices you are making.
When you look at them, the alterations listed on this page may seem small. However, the reality is that your financial protection may be dependent on the minor adjustments mentioned here.