4 Ways to Save Money during the Covid-19 Pandemic

With the spread of Covid-19, it has been harder than ever to not worry about finances. Pay cuts, job losses, and companies going bankrupt have not helped the average American feel safe about their money. And it is for that reason that I would like to provide you with 4 simple ways to save money over the next year.

1. Groceries

Cutting cost when grocery shopping is one of the easiest ways to save money. It takes minimal effort and really adds up over time. For example, by switching where you shop you can automatically save anywhere from $30–100 a trip. Over the course of a month, that adds up. When I made the switch from Wal-mart to Aldi my shopping trips went from $120 a week to at most $70. That’s $200 a month or $2,400 a year. For larger the families the savings only go up. Keep in mind, the more expensive the store you shop at now, the higher the potential savings are for your future trip. Even alternating between Aldi and Whole Foods can save you a lot of money and adds up over time. This allows you to get the necessities from Aldi and purchase your favorite products at Whole Foods.

Another way to save money when shopping includes cutting out unnecessary items. You may be thinking, “how can I survive without my weekly ice cream and brownies?!“. Good news for you, you don’t need to lose out on your favorite foods! It’s healthy to buy foods that you enjoy, but buying four boxes of cereal, two gallons of ice cream, and three bottles of wine every week can be easily cut out and really adds up over time. If you don’t feel like cutting out some of the extra items you get, consider shopping in bulk at stores like Costco or Sam’s Club. Both allow you to stock up on your favorite foods and save money at the same time. When it comes to grocery shopping, I like to say to each their own. However, just make sure your own doesn’t include blissfully spending more money than you have to.

2. Utilities

I don’t know about you, but experiencing my first North Carolina summer has been HOT. It has been tempting to crank my AC to 71 degrees every day. But, the thought of spending more on AC then I already am prevents me from doing so. But it is still hard, trust me. Wasteful use of utilities is common in the U.S. and, in a sense, can be seen as a sign wealth. I mean, how rich do I look when I leave my kitchen light on all day? Pretty rich I’m sure. Jokes aside, establishing new habits when it comes to utilities can really save you money in the long run. Instead of talking about what this looks like, I made a comprehensive list that you can pick and choose from. For some, a lot of these are no brainers, but for others this can be really insightful so bare with me.

• Turn your TV, gaming system, and computer off when you are done
• Only leave the water running when you need it (e.g. brushing your teeth, taking a shower, etc.)
• Turn the AC off or up when you are gone for an extended amount of time
• If possible, upgrade to energy efficient light bulbs and appliances
• Only run the dishwasher and washer when you have a full load
• Only flush the toilet when it is absolutely full…just kidding, but wait…
• Turn off lights when you aren’t in the room

Cutting cost with appliances consist of mostly behavioral changes, but if you can establish good habits it can really save you money in the long run.

3. Subscriptions

Monthly subscriptions are one of those sneaky expenses that can be totally worth it or a complete money pit. For example, my wife and I watch/listen to around 200 hours of Hulu and Spotify between the two of us every month. To us, the $20 a month is worth it. However, I haven’t gotten my moneys worth from my Xbox Live subscription that hasn’t been used in over six months. In fact, I think I will cancel it right now.

With subscriptions, it is important to analyze whether or not you still use them as much as you originally attended and/or if it is making your life inherently easier in some way (think Amazon Prime). If you rarely shop on Amazon, maybe you should rethink renewing your Prime subscription. Subscriptions can get even pricier when it comes to services like Hello Fresh, BarkBox, and Stitch Fix. Because of this, it is always important to reevaluate if you need or want the product you are paying for.

4. Substitute expensive hobbies for free ones

My final piece of advice may seem straightforward, but is often overlooked. We all have that friend that complains about not having any money, but then proceeds to spend their time golfing three days a week. If you have friends like me, your friend may even say that they NEED to golf. Well, hate to break it to you, but you don’t NEED golf. People have gone without golf for most of history. If times are tight, maybe it’s a good idea to seek out a second hobby that is free or has minimal cost. Need some ideas? Here’s a short list of free or cheap hobbies to do during quarantine:

• Running
• Fishing
• Study another language
• Cooking and baking
• Sports that you can play at a local field or park(e.g. Tennis, basketball, soccer, etc.)
• Grow a garden

Hobbies are a great way to have fun and pass time, especially when first picking it up. Yet, I get it, we each have our own hobbies that we enjoy and some just cost a little more. If you do have an expensive hobby, perhaps a better option is cutting down on time spent on it. Weekly poker nights can turn into monthly poker nights or bowling twice a week can turn into once a week. It all comes down to making simple adjustments.

When it comes to making changes in your life, in regards to money and other areas, it is important to not be hard on yourself and take baby steps. For some, cancelling two subscriptions is the easiest way to save. For others, cutting out the amount of alcohol you buy every week is best. Figure out what works for you and roll with it!

Have any other money saving tips? Feel free to leave a comment below!