(FinancialHealth.net) – Most of us want to save money under ordinary circumstances, but during a global pandemic, saving may be necessary. Businesses across the country have closed down during this coronavirus pandemic. The closures are leaving millions of people without jobs. Fortunately, there are ways to save some money during this rocky time.
Here are a few ideas to get you started:
- Cook at home. Not only is this going to reduce your risk of contracting the coronavirus, it’ll cost you less money. You don’t have to tip yourself when you cook your own meal.
- Get rid of unused subscriptions. Go through your bank statement and see what you’re paying for every month. If you aren’t using that Netflix account, cancel it. Watch a free selection of HBO programs instead.
- Avoid retail therapy. Though isolation and social distancing can be a bit boring, try to avoid using this time to shop online. I caught myself doing it recently, but fortunately, I stopped myself before buying 37 new squeaker toys for the dog.
- Watch your investments’ balance sheets. The Motley Fool suggests looking at companies’ total equivalents and cash on hand as well as their debt-to-equity ratio. You want the companies to have lower debt-to-equity ratios and a larger cash and equivalents ratio. That data will show you the likelihood a business can weather the storm. Speak to your financial adviser if you’re concerned about your investments.
QuickTake by Bloomberg recently posted a YouTube video with tips for Americans in different financial situations.
Watching where your money is going and saving where you can is the best way to put yourself on firm financial ground. You may have to tighten things up a bit, but that’s better than dipping into your 401(k). If you make smart decisions, you should make it through the COVID-19 just fine.
~Here’s to Your Financial Health!
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