As we work together as a community to navigate through these tough times, it is important to be conscientious about your spending and saving habits. Now more than ever, it is crucial to save your money with the increase in businesses that are shut down, layoffs, and furloughs. To help, we have five tips that can help you save during this extraordinary time.
1. Stick to a List and Only Purchase Essentials
Before you go to the grocery store, take the time to create a list of the items you need. Make sure you think it through and determine whether the items on the list are truly essential. With a condensed list, it not only keeps you on track with your spending, but it decreases the time that you have to be in the store.
2. Cancel Automatic Subscriptions You Don’t Need
What subscriptions are you not using anymore? Although you may be pushing canceling services to the side, every month it is just unnecessary spending that you could instead be saving. No matter what the service is, it is important to act now because there are many services that charge you in advance for the next month before it is officially canceled.
3. Review Your Bills and Negotiate
The next time you get your bills and statements, take the time to look them over. As you review them, you may notice charges that you didn’t notice before or realize that your bills are higher than usual. You can then take action and find ways to reduce the spending by using less water, not putting on the air conditioning as much, etc. In addition to taking more preventative measures, you can also contact your service providers to see if they have any discounts or waived late payments due to the pandemic situation.
4. Build an Emergency Fund
You know what they say, “it’s better to be safe than sorry” which is why an emergency fund is so important. Now that most of us are stuck at home, we have reduced our spending drastically on entertainment, socializing, gas, and more. Take the money you have saved and start adding it to this fund. You never know if you’ll need help paying bills in the future or if you’ll need it for medical expenses.
Don’t buy it, make it. Make food at home, make your own gifts, and make your own essentials (face masks, clothes, decorations). During these times, it has caused many to have to get resourceful. This is a great opportunity to enhance your skills and create something for you and others to enjoy.
Let us know if you have any other savings tips that would help the community! Otherwise, if you need help with your finances feel free to speak with one of our Member Advisors, visit us online at caminofcu.org, or give us a call at 800-835-3400.