The COVID-19 pandemic is causing a lot of concern. Americans get about 1 billion colds every year. Unfortunately, the cold can look a lot like the coronavirus — so make sure you’re always monitoring your family’s health and are communicating with medical professionals as needed.
Things are scary right now and money is tight for everyone. Whether you have lost your job, are working from home, or have a significant amount of money saved up for an emergency like this — you still need to be careful with your spending and focus on savings. Spending too much right now is a terrible idea because we don’t know when things will return to anywhere close to normal. It could take weeks, it could take months, it could even be a few years before you start earning what you once did.
Luckily, there are things you can do during this nationwide quarantine that can help secure your financial future.
Here are some things that you and your family can do that will help you save a significant amount of money during the COVID-19 pandemic:
Only work on what needs fixing
Owning a home comes with hundreds of responsibilities. Things are always going to go wrong, but it’s up to you to do everything you can to prevent them and fix them in a timely, efficient, and affordable manner. One mistake that homeowners often make is fixing things that simply do not need fixing. Instead, carefully inspect every inch of your home and determine what needs your attention right now and what doesn’t.
Metal corrosion, for instance, costs the U.S. economy nearly $300 billion every year. If you notice any metal corrosion around your home, that’s something you should address right away. Certain projects, however, like replacing the backyard swingset, are better off being pushed back — at least for right now.
Don’t drive as much
If you’re not going to work every morning, not going out to eat, and not visiting friends and family members, this should be fairly easy to accomplish. Though you’re probably sick of staying inside all the time, it’s important to avoid going out too much, for a number of reasons. First, the last thing you want to do is come in contact with someone who has the coronavirus. But there are plenty of financial incentives for staying home, as well.
The total economic toll auto accidents take on the U.S. economy is approximately $250 billion. Even a fender-bender would be devastating right now. You’d have to deal with insurance companies, other drivers, police — no one needs that extra stress. Plus, staying in will save you a significant amount of money on gas expenses!
Develop a detailed financial plan
You have nothing but time on your hands right now. It’s best to use that time constructively, rather than wasting it by watching countless hours of Netflix. This weekend, set aside an hour or two to really dive deep into your budget. Take a look at all the money coming in, all your necessary expenses, and start crafting a thorough and realistic plan. Budgeting is one thing, but you need to start an emergency account if you don’t have one already and even create a financial backup plan.
Again, things are scary right now. But if you’re taking your health and your financial security seriously, you should be prepared to get through this global pandemic and hit the ground running once things are back to normal. Good luck and stay safe!