5 Money Saving Tips for Tough Times
By Alex Greenwood
We are living in one of the most dangerous health crises in modern history. Its effect on our health cannot be overemphasized, yet there is another aspect that compounds our worry and deepens potential misery: economics. While there is little we can do to make the virus go away and get everyone back to work, there are some money-saving strategies that you can employ to get a better handle on your finances.
1. Fix Your Stuff
I’m a big fan of recycling and repurposing items. In fact, appliance repair is one thing I think most people don’t consider enough. A good repair shop can save your ailing refrigerator, oven, dishwasher, dryer, and more, saving you potentially thousands of dollars.
Repair pros can also diagnose what you may think is a fatal problem as no big deal. For example, I recently thought I had a malfunctioning clothes dryer—it took forever to get clothes to dry. A repair technician visited and found the rear exhaust vent was blocked with lint. I was very happy to pay him a house call fee instead of ordering a brand new dryer!
2. Coupons
I know—coupons are a pain—but bear with me here. Done right, you can save hundreds of dollars per year clipping and using coupons. My rule for use of coupons is simple—I only use coupons for items I normally buy. If the coupon is for something I get regularly, I use the coupon. Even if I have plenty of, say, angel hair pasta, I use the coupon to stock up. Of course, this works best for foods that store well and do not perish right away.
Another good tip is from Constance Brinkley-Badgett on PolicyGenius.com. She recommends holding out for discounts: “People who save the most using coupons simply don’t buy products they can’t get at a discount. They hold out until they can get a lower price and then buy big.” She adds you should always be on the lookout for coupon-tripling days, also.
3. Money-Saving Apps
The folks at Nerdwallet have some great suggestions for apps that can help you save some moolah, including Acorn, which sweeps your spare change into an investment account, and Digit, which calculates what you can save and sets it aside—it includes a 1% savings bonus every three months.
4. Iron Your Clothes
I used to take my “work clothes” to the cleaners, but now that I am working from home, it’s rare that I need perfectly pressed clothes—especially since my interactive activities are Zoom calls and occasional TV interviews. So, I started ironing my “Zoom shirts” myself. You know what? I have the time, and it has saved me about $75 a month. Besides, I get a little “zen” time when I’m ironing. Some of my best ideas come to me while working over a shirt on the ironing board!
5. Look for Lockdown Savings — Then Invest in Yourself
Take a look at your household budget and see if, like us, you found some money you never knew you had—and I don’t just mean coins in the couch. One thing our household has noticed from staying home virtually all the time is that the money we used to spend on fuel, entertainment, eating out, travel, etc., is mostly not being spent. So, we are investing in our future by paying down credit card debt.
These are just a few ways you can save money during tough times. What about you? What are you doing to save some cash?
