Coronavirus is not only having a detrimental impact on the public health of our communities, but the global economy as well. Another recession is certainly upon us, as Forbes reported that unemployment claims rose by 3 million this week alone (from 3.5% of the population to 5.3%). This means that for small businesses, it’s more important than ever to introduce cost-saving measures to help you and your employees ride out this self-isolation wave without taking too big of a hit on your business. Here are 8 ways to save money during the Covid-19 pandemic.
1. See Where You’re Spending Money: To save money, log in to your online banking and search for your reoccurring payments. If there is a monthly payment you can live without, cancel it or put it on pause until the economy heals.
2. Get Your Taxes in Order: The new tax filing date has been pushed back to July 15, 2020. You have three more months to get your taxes in order. Think about all the possible deductions you qualify for that you might not have last year.
3. Use Credit: When paying for something, use your credit card rather than cash to reduce the risk of transmission.
4. Check If You Qualify for Unemployment: Whether you are a W2 or 1099 worker, you may qualify for unemployment. To see if you are eligible, visit the U.S. Department of Labor’s website here: dol.gov.
5. Free WiFi: Comcast is offering free Xfinity WiFi hot spots for everyone for another 45 days. There are also a slew of other free services to advantage of during this time, whether you want to workout at home or get creative; you can find more ideas here: thewirecutter.com.
6. Cook More! There are incredible delivery apps like DoorDash, Postmates, Uber Eats and more that will deliver food to your door. These services become pricey, especially if used frequently. To cut back on costs, try making more food at home. If you are not comfortable with going to the store, these apps can deliver groceries to your door. Just be sure to disinfect your groceries before placing them in your pantry (more tips on that to come!).
7. Delay Your Mortgage Payments: If you are a homeowner, you may qualify for delaying your mortgage payments. Contact your mortgage provider today.
8. Try Trim! We found an awesome website that assess your finances and bill and helps you cut down on your overall spending. The best part is that you can sign up for free! For more information, go to asktrim.com.
We hope you’re staying safe and well during these uncertain times! If you’ve come across any cost-saving tips, please feel free to share them in the comments below. Also, stay tuned to more DIY beauty tips, crafts and recipes to stay occupied and sane during the coming month. #imaneditour