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Reading that lots of people are saving more in the midst of COVID. If that's true for you, what's working?
Cool to see this new community, so wanted to contribute here. I read the other day that more people are saving during the pandemic, which is good news. If that's the case with you, what have you done differently? How are you saving more? What's working and what's not? I'm definitely watching my spending more than I had before. That in combination with cooking more, definitely spending less on clothes and other personal expenses (including for my kid) has helped. I hadn't realized before how much I was spending on personal expenses actually. We cut the cord on cable too! What about you?
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R
Good thinking to cut your cable. I hear you, all the uncertainty has gotten me to save more for sure. I think my job is stable, but nothing is a sure thing these days so it makes me a lot more focused to squirrel away more. A big savings exercise for me was to list out all my subscriptions and marking them by must have, nice to have and don't need. I negotiated down my must haves and more often than not I got them down. For example, my cell phone bill was a good one, and some online news subscriptions too. On nice to haves, if I didn't use the service at least daily, I cut it out.
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@Robin723, awesome that's a great way of thinking about subscriptions!
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If you have insurance on your car or a home, check those rates if you haven't. I got an automatic 15% off of my car insurance policy because of covid-19, and I got more savings on my premium by changing some of the coverage options and how many miles I actually drive (like almost none now). I also moved my home insurance to Hippo (a new insurance tech company) from Liberty Mutual because the annual premium cost was about 15% lower with better coverage options. What prompted me was that Liberty Mutual jacked up my premiums by 10%+ the last 2 years ?!
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@Jen365, love it! Checking out Hippo as we speak.
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Hippo customer here! They were great. The only issue I'd say I had with them was they had a third party company come out to take pictures of my place, which is fine. But the pictures weren't high quality or the guy just didn't take all the pictures he was supposed to, so Hippo emailed asking that I take a few additional pictures (underneath sink, water heater and other areas) which I did. Sent them in and all was set after that.
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I second the subscriptions expense bucket! I'm still trying to sort it out. If you are trying to save by cutting out some of your streaming services (Netflix, Disney Plus, HBO, etc), check out the perks and offers that phone carriers are giving out with specific subscriptions - just in case you have both and had no idea (like me until recently). If you have the Magenta plan with T-Mobile you can get a Netflix standard subscription. AT&T's Unlimited Elite comes with HBO max; Verizon offers Disney+, ESPN+, Hulu, Apple music (for 6 months) with an unlimited plan, etc.
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Cooking at home has been a blessing for my health and my wallet!
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J
I wrote about this in another post, but don't be afraid to negotiate. It doesn't hurt to ask if prices are negotiable. I was able to cut $300 off my rent this past summer and got $200 off a new laptop at Best Buy. I never negotiated before until this year and I'll keep doing it.
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This is a great question. I posted this in another discussion thread and sharing it here too: We had heard about some people doing a spending freeze for like a month. The goal here is to literally spend as little as you can for a month straight to see how much less you can spend. Our and other's feedback is that it's pretty invigorating, and now is a great time to do it. Like you said, it's a habit you need to build. We've tried it in August after months of buying a ton of stuff for our new apartment, and it did feel pretty good to get through it. We'll be doing it again in January.
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V
Upping my charitable donations because so many more people are in need and it may help with my tax refund too.
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M
I've completely stopped buying clothes because there is nowhere special to go, nobody to dress up for. Oh and make up too. What's the point when most of my face is covered by a mask? It's actually great.
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