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11 May 2020

Ways to Save Money If You’ve Lost Your Job: Part One

Have you lost income due to the coronavirus shutdowns? This blog and tomorrow’s will cover ways to save money. Some ideas are original and others are borrowed (with credit given!).

  • Call your loan companies and request a deferment. This includes mortgages, auto loans, and lines of credit. It’s worth a call to all creditors to ask for a deferment. You lose nothing by asking.
  • Call the companies with whom you have service contracts. Ask if you can defer payments or temporarily pause them. If you can’t, consider canceling the contract for the time being. (2)
  • Get refunds for memberships you can’t use. The gym is locked down and you can’t go, but you’re still paying that monthly fee? “Know your rights and stick up for them,” says Iona Bain. You’re “fully entitled to cash refunds. . . . Be patient but persistent.” (3) Or cancel the gym membership altogether and take up walking.
  • Stop putting money into savings. This might seem like a “no, duh” suggestion to some of you. To the rest of you who have religiously set aside X percent since you were 12, it’s something to consider. Make sure the important bills are paid—especially shelter, utilities, and food—before you put money aside. (1)
  • Stop extra debt payments. This is similar to #4. Again, a “no, duh,” for many, but for others, especially those who have extra payments set on autopay or who are trying to pay off that 30-year mortgage in 15, it’s an option to look at seriously. Better to save that money for things that are important right now, like food. (2)
ways to save money
  • Skip the fast food and eat at home. I bought three burritos plus drinks at a Mexican chain this week and paid $24. What? That’s a quarter of a Ben Franklin. Fast food isn’t always cheap. Plan ahead and take sandwiches that you’ve made at home.

Check back tomorrow for seven more ways to save money if you’ve recently lost your job (or even if you haven’t).

Thanks for reading!

–Kim

Sources:

(1) Casey Bond, Huffpost, April 22, 2020;
(2) Nicole Dow, The PennyHoarder, March 26, 2020;
(3) Kevin Peachey, BBC News, May 8, 2020

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