COVID-19 is more than a health crisis — it’s also hammered household finances. Millions of people are finding it hard to cover everyday expenses.
About one-third of Americans have tapped into their savings or retirement funds to meet bills during the coronavirus outbreak, according to a recent Pew Research Center study. Only about a third of workers who were laid off because of COVID have regained employment, and roughly half of those let go because of the virus remain jobless.
If paying your bills has become a struggle, you’re far from the only one. Here are four fast, practical strategies to help you stretch your budget:
1. Reevaluate Your Car Insurance
Most drivers are likely paying more than necessary for auto coverage. But you don’t need to waste time visiting multiple insurers to find a better rate.
Try a comparison platform like EverQuote to review your choices in one place.
EverQuote is the country’s largest online insurance marketplace, presenting top options from over 175 carriers so you can compare quickly. Spend a few minutes answering questions about your driving history and personal details, and EverQuote will surface the best car insurance suggestions for you. In a short time, you might shave up to $610 off your annual premiums.
2. Move to an Affordable Wireless Provider
We all know the major wireless brands: Verizon, AT&T and T-Mobile/Sprint — and the steep monthly costs that often come with them.
Fortunately, discount mobile carriers have become increasingly competitive. Many of these budget-friendly providers operate on the same major networks, so you can keep dependable coverage at a fraction of the price.
Consider switching to a value carrier such as Twigby, Tello, Mint Mobile or Cricket Wireless. Most switches can be completed online, and you’ll often be able to retain your current phone number and device.
3. Unplug Energy Vampires
Small “energy vampire” devices — electronics that continue drawing power when idle — can account for up to 20% of a household’s monthly electricity bill.
They’re everywhere: your coffee maker, cable/satellite box, chargers, and more. Once you identify these energy drains, unplug them when they’re not in use.
Pro tip: Buy a few power strips. Instead of unplugging individual items around the house, plug devices into the strip and shut everything off with a single switch.
This easy change can add up to meaningful savings over the year.
4. Shop at Lower-Cost Grocery Stores
Upscale supermarkets can be pleasant to shop in — stores like Whole Foods and The Fresh Market offer attractive prepared foods and organic selections. Regional favorites such as Publix, Harris Teeter, Giant Eagle and A&P also have devoted followings.
But those nicer touches come with higher prices. You’re often paying extra for the shopping experience.
Try buying essentials at budget-focused grocers like Aldi, Costco or Trader Joe’s and compare what you save.
It may mean adjusting your usual routine, but few things about 2020 remain normal.
Give these suggestions a try and track how much you can trim from your monthly expenses. Right now, many of us need every dollar we can hold onto.
