5 Ways to reduce costs during the COVID-19 Pandemic

The impact of this crisis is worldwide. While some are still adapting to remote work, others are less lucky and were made redundant. In any case, it's imperative to reduce costs.

Undoubtedly, this is a hard time for everybody. The Coronavirus has impacted in different ways in people’s everyday lives. It's time to review your financial situation and take action in order to protect your home economics. This is a passing crisis, but nobody knows how long it’ll take to overcome it. Look at these saving strategies!

1. Cut back your expenses

Your life has changed and you should adapt your bills to the new situation. This said, you can cancel your gym membership and suspend your monthly beauty treatments. Seek for free entertainment, like free streaming services or free E-books

2. Revise your insurances

You can lower your life insurance plan by using Gabi. This platform will help you get better deals for all your insurance plans. Take a look at your life, auto, and home insurance policies and find out if you're overpaying for them.

3. Make the most of your savings 

If you already have some savings, don't let them unattended. You should put them to work and earn money through interest. Therefore, you should look for a high yield savings account, and let the interest rate do the rest. You can even start a new savings account with your stimulus check

4. Find the right tax software

Now that tax day was postponed, you’ve got more time to prepare your taxes. If you want to do it easily and as quickly as possible, you should go for the property tax software to do this task. For example, you can try with Credit Karma Tax and Tax Slayer.

5. Adjust your car expenses

Now that your car is laying around most of the time, you can reduce its expenses. Not only will you spend less on gas, but you can also ask for a discount on your insurance policy. Some companies adjust it to the average miles that you drive monthly.

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