We can speak for all Americans when we say that we hope that the economic perils the country is currently facing are short-lived and we can go back a bustling economy soon. But in the meantime, we’re all likely to feel the pinch of the pandemic in some way.
The good news is that the majority of Americans should be receiving stimulus checks within the next few weeks (up to $1,200 per qualifying individual or $2,400 per qualifying couple, plus $500 per dependent child under the age of 17) – and these checks will serve a purpose similar to a tax credit. In other words, you won’t have to pay taxes against the amount that you receive.
But even with a little monetary boost, there are still some things that you can do amid the pandemic to further curb your expenses to help you navigate the uncertain waters.
Here’s a closer look at some practical cost-cutting measures you can enact right now:
Take Insurance off a Car
Chances are you’re working from home until the local health authorities and your state government give the “all-clear” to return to the office. And chances are, this likely won’t be until May. While you may still need a car for checking in on an elderly relative, making grocery store runs and taking care of other essential needs, if you have more than one vehicle in your household, we suggest taking car insurance off the automobile. While we recommend keeping comprehensive coverage on it just in case, taking insurance off just one vehicle can potentially save more than $100 per month. Since you’re likely driving less, you may also be able to receive a discount for this too on the vehicles that are still fully insured.
Remove Sports Programming
In times of tragedy, we usually at least have sports to distract us. Not this time. Check your cable package or your streaming TV package and see if you’re paying for sports channels that you’re not watching right now. If these channels are separate and not rolled into your bill, cancel them until sports return. The bigger your sports fandom, the more you’ll likely save.
Ask for Refunds
Are you expecting to cancel flights? Don’t accept a credit for a future flight purchase — ask for a refund instead. The same goes for other things you’ll have to cancel or will likely be canceled, like your kids’ youth sports leagues, summer camps and more. If there’s something that you’re unable to go to or attend because of the pandemic, you should settle for a credit only after you’ve contacted the party to see if you’re eligible for a refund.
Get Practical
Instead of grabbing carry-out, cook at hom and prepare simple, healthy meals. Don’t buy bottled water – chances are you have quality water right out of your tap. If they’re still being held in your area, hit up your local outdoor farmer’s market rather than the more expensive grocery store.
