Restructuring Your COVID-19 Spending Habits

There’s no denying that the current pandemic has disrupted lives around the globe. Even if you haven’t felt the effects of the virus physically, you’ve likely felt it financially. Whether it is from extended time away from the job, losing your job , or the business, itself, folding, the monetary uncertainty is something you are likely worried about. While it’s hard to predict when things will begin to let up, or when your particular line of work might return to a semblance of normal, you’ll want to adjust your finances in order to make ends meet. Here are a few tips and suggestions on restructuring your finances and saving extra money.

Adjust Your Auto Insurance

You’ve probably spent most of your time at home, or at the very least, haven’t driven much. Considering the reduction in how often you drive, do you need to pay unnecessary money for your car insurance? Give your insurance provider a call and talk to your agent about ways to bring the cost down. It may also be a good time to shop around for better deals.

Cut Your Television Spending

Remember when “cord cutting” was originally designed to help you save money? Things sure have changed, haven’t they? Now with all the streaming services out there, you might be spending the same, if not more on content. Well, now is the time to cut out as much as possible. Plus, there isn’t a ton of new content out there right now.

Eat At Home

Yes, everyone is telling you to support your local restaurants. But, you need to focus on supporting yourself and your family before you try to support local businesses. So, eat at home and go simple. Skip the pre-packaged meals and make your own spaghetti or grilled chicken. It will really help you stretch your budget.

Sell on eBay and Facebook

Some of your fall-back options of selling used books to local bookstores or other outlets probably isn’t an option, so earning a few quick bucks will take a bit longer. But you can still list on eBay, Facebook, Craigslist, and others. Just make sure to follow CDC guidelines when you do.

Do The Best You Can

Hopefully things turn around sooner than later. In the meantime, the best thing you can do is adjust your spending habits and save as much money as you can. If you don’t already have a savings account, opening one should be your top priority. If you already have one, you may decide that it’s best to open a second savings account, to be used specifically for money you have set aside during the pandemic. To learn more about Providence Bank’s savings account options, click here.

Just remember, you’re not in this alone. There are millions of people in this country who are experiencing exactly what you are, at this very minute. Things will get better. It will just take time.

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