5 Tips to Start Saving During a Pandemic
- November 5, 2020
- By: Greenpath Financial Wellness
Our first installment of #NoSpendNovember lifts up some key ideas about saving – whether setting aside a few dollars each week for an emergency fund, or whether planning for a larger expense like a car or home. Saving during a pandemic introduces a few challenges as well.
For most of us, COVID-19 has changed our day-to-day routines as well as our finances.
Regardless of this uncertainty, there can be some positive things you can do with your money.
In stressful and uncertain times, it can feel like things are out of our control. One of the best ways to get back on track is to create a specific goal. That goal may be to take the step to create a spending plan for November, or perhaps it is to create a grocery list. Setting a goal is the best way to motivate yourself to take action.
Make a Plan
In the last six months, we have learned that change is constant. Take time to create a spending plan for your next paycheck. It is ok if you do not have a plan beyond that. If you need assistance, GreenPath is here to help.
Negotiate Your Auto Insurance
Many of us are driving less than ever. Make sure you are getting the best auto insurance rate by taking the time to compare multiple car insurance quotes. You can also call your current policy provider and ask them what discounts they can provide.
Think about everything you have subscribed to. Make a list of all of these subscriptions. There are many apps currently available to aid in this process, such as TrueBill and Trim. Also, be sure to include any non-virtual subscriptions, such as magazines, newspapers, meal delivery services, etc.
Once you’ve identified the subscriptions you aren’t regularly using, take the step to cancel the subscription today, so it does not auto-renew.
To explore this topic further, check out financial lessons people have learned from the pandemic.
Looking for More #NoSpendNovember?
Be sure to catch other ideas shared in the GreenPath Financial Wellness blog series No Spend November.
Don’t forget to share these tips with your family and friends all month long.
Although we may not know what tomorrow will bring, we can find certainty in taking action on our finances.
GreenPath’s experts can walk you through your options when managing your household finances. 91% of people served by GreenPath feel better prepared to handle their finances. Together let’s make a plan for managing your full financial picture to support your goals.