Ways to Save During Covid-19

With people across the country practicing safe social distancing and doing their part by staying home, now is a great time to save some money. For many, it is necessary due to lost wages. If you’re looking for ways to save, we have five great places to start.

Some ideas to cut expenses:

1. Many credit card and mortgage companies are offering suspended payments of up to 60 days. If you are struggling to pay these bills, call your lender and see if they can help you. This also holds true for student loans. While federal loans were automatically suspended, it is a good idea to review your account and make sure it is in good standing. If you have private loans like those through Sallie Mae, call them to see if they will work with you. Many will.

2. Speaking of mortgages, now may be a great time to refinance. Rates are at historic lows. Adjustable rates are always lower than fixed rates, but may or may not be the best option for you. Call us to discuss your individual needs to determine which option is best.

3. Utility companies are doing the same. Eversource, for example, is suspending late payment fees, suspending disconnections for nonpayment, and offering flexible payment plans. Reach out to your utility providers to see what they can do for you.

4. It’s a great time to review your budget. See which services you are paying for that you don’t need right now. Gym memberships and computer programs like spotify are great examples.  After combing through services, examine products. You might be bored at home, but do you really need that magazine subscription? You may also be subscribed to home clothing delivery services. See which ones you don’t need. Reduce take out orders and improve your home cooking skills.

5. Your auto insurance premium is often linked to how far you drive on average. Many are staying at home right now, and if they are driving, it is extremely limited. Call your auto insurance provider and see if they will temporarily lower your monthly premium to reflect this. Many companies like Allstate, Statefarm, Geico, and Liberty Mutual have stated they expect to refund portions of premiums to those they insure.