Have you lost income due to the coronavirus shutdowns? This blog and yesterday’s cover ways to save money. (Some ideas are borrowed, with credit given.)
Tomorrow’s blog will cover ways to generate income. Thursday’s blog will talk about ways to sell stuff you have around the house. Friday’s blog will cover everything I forgot to put in the blogs from Monday to Thursday :D.
So now, seven more ways to save money:
- Refinance your auto loan. Interest rates on auto refinance loans have dropped, and you might be able to shrink your payment with a phone call and a bit of paperwork. Because of the current situation, some lenders are making special offers, even for furloughed employees. (1)
- Go through your subscriptions and cut back on as many as possible. Look closely at those digital entertainment plans. You can probably ditch at least a few of them. Learn about free movies and services available. Visit your local library, where you can check out movies and audiobooks for free. Some libraries will even send them to you.
- Slash the nonessentials. It’s time to look closely at where your money goes and make temporary, ruthless cuts. Remember, it’s not forever. As businesses start to open back up, you’ll be tempted to go back to your regular habits. But for a time, ditch the bi-weekly pedicures, go longer between hair colorings, and stop the daily Starbucks fix. Put off your six-month dentist appointment for eight weeks. Wait another month for that oil change.
- Ask your financial institutions for help. Your bank or credit union might be offering hardship assistance in the form of waived or decreased fees, increased credit limits, or payment schedule adjustments. (2)
- Ask your landlord for a hardship payment reduction or a payment plan. Some landlords might give you a straight-up discount. (I did for my renters.) Other landlords might defer payments or work with you to split payments up over the month. (I did this also for my renters.)
- Apply for Medicaid. Jen Smith of Modern Frugality says to apply for Medicaid if you’ve been laid off and can’t make COBRA payments. Medicaid is a government-sponsored program that makes health care coverage possible for people who can’t afford health insurance. (1)
- Shop around online for better prices on the services and products you’re already using. You may be able to find a different provider that charges less. Or you can take the competition’s price to your existing provider and get them to match it or beat it. (3)
Come back tomorrow for ways to generate income temporarily while you’re waiting for your job to fire up again.
Thanks for reading,