It goes without saying that most people in the United States are facing tough times. The economy is now in a downward spiral thanks to the current pandemic. Many small business owners are now out of business. People across the country are losing their jobs on a daily basis. Money is tight for many of us. That doesn’t mean you need to go into panic mode. However, it does mean that you need to start going into planning mode. The following information will help. So without further ado, here are five (5) tips for saving money during tough times.
Use Coupons When Grocery Shopping
The vast majority of grocery stores publish coupons in the local newspapers. Manufacturers also publish coupons that can be used in any grocery store. In addition, grocery stores typically provide customer loyalty cards or rewards cards to their shoppers. You probably have a few in your wallet, pocketbook or key chain. The bottom line is that you should be using them along with coupons when shopping for groceries. The discounts tend to add up quickly, especially if you are making a large order. You’ll be surprised with how much money you’ll save by using coupons and rewards cards.
Eat Out And Take Out Less Frequently
Another great food related way to save money is to eat out at restaurants less frequently. That also includes taking out food from restaurants and fast food joints. You can easily accomplish this by bringing a bagged lunch to work, making a picnic instead of going out to lunch with family and friends during the weekends, and cooking your meals at home at night. Speaking of cooking, even if you don’t love to cook, you may find that making a meal together is a fun family related activity.
Resist The Temptation Of Buying Things You Don’t Need
When tough times hit and money is getting tight, you should start asking yourself if you need to buy a particular product or service as opposed to wanting to buy that particular product or service. For example, you may want a professional massage, but you don’t need it. On the other hand, if the vacuum cleaner breaks, replacing it becomes a need not a want. That being stated, you should shop around for the best deal on a model that you can afford. Spending a few minutes searching online can save you ten or even twenty percent or more.
Refinance Your Automobile Loan
If you purchased your car, truck, or SUV with an auto loan, you may very well be able to save money by refinancing that loan. First and foremost, you may be able to qualify for a lower interest rate, which means that your monthly payments will also be lower. Even if your monthly payment drops by $50 per month, it will save you $600 per year. That adds up over 3-4 years. The money that you save can be applied to other bills and expenses, or be put into a savings account. Just make sure that your credit scores are in good shape before applying for a loan.
Refinance Your Mortgage
If you have a mortgage, now may be the best time to refinance. Mortgage interest rates continue to be historically low. That means if you can lower your interest rate, you will significantly lower your monthly payment as well. Even dropping the interest rate on your mortgage by 1 percentage point can save you hundreds of dollars on a monthly basis. That certainly adds up over the year, and multiple years. Just like refinancing an automobile loan, you need to make sure that your credit scores are in good shape before applying for a refinance mortgage.
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