For various reasons, many people are in need of extra money at this time. Workplaces have long-term closures. People are getting sick and need care. Essential items have become scarce, making prices of what’s available skyrocket. I personally had to spend a lot of extra money to come home from Europe early, and then spend two weeks without pay in quarantine.
This is a budget travel blog, but since “travel” is a concept that isn’t really available in the world right now, I’d like to take some time to focus on the money-saving aspects that can be applied to other areas of our lives.
Many governments are taking measures to help prevent this economic crisis from becoming worse than it needs to be. As an American, I will be getting a $1200 check. But don’t spend that entire check on toilet paper! Let’s go over some ways to use money wisely, grow money, and prevent further financial burdens.
Use Money Wisely
- Have you made any cancellations recently? Make sure you’re getting a refund. Even with non-refundable deposits, many companies are being more lenient and offering a full refund or at least vouchers for a future date.
- If you don’t have one yet, open a savings account. Unless you are secure in the fact that you currently have enough money to live on for an extended time, you probably won’t want to take advantage of long-term savings such as IRAs and CDs at this time. But a savings account will at least provide you with a little monthly interest, plus prevent you from spending your cash at hand.
- If you do have money tied up in long-term savings, don’t try to cash out now unless you’re absolutely desperate. You’ll have to pay an early withdrawal fee, and you will likely get better earnings off of it once the economy starts to improve.
- Determine what is essential. Look at your last billing statement or write down each item or service you buy. What can you stop buying, at least temporarily? Can you make cheaper substitutions for your essentials? With so many stores closed, many people are finding it easier to spend less on the non-essentials.
- Enjoy life with a few freebies and super-discounts. I’m frequently running specials on my books during this time, and many other authors on Amazon are doing the same. When you do have to go to the grocery store, check the clearance shelf for some great deals on great items. Keep an eye out when you browse the web, as there are a lot of freebies out there, like in my G4C newsletter.
- I say this a lot, but it seems even more important now: do some money-making activities on Swagbucks. Since it can be done from the safety of my own home, I’ve been doing my online shopping through the Swagbucks portal so I can get cash back on each purchase. Some of the shopping in the “Discover” section actually pays more than it costs, meaning you get free merchandise PLUS cash! Of course, if you are putting a total freeze on shopping right now, that’s great. You can still earn on Swagbucks through taking surveys, watching videos, and more.
One easy way to make immediate money on Swagbucks as well as earn more cash in the future is to add the free Swagbutton to your computer.
- Many people are using this time when they’re unable to work to invest in growing their own business. You can’t expect a lot of return at the moment, but it will likely provide a few extra dollars to help make ends meet. Plus, this could set up the framework for even more success in the future. Personally, I am using this time to work on publishing books.
- How many times a day have you been unlocking your phone? Might as well make some money when you do so! When you download the free S’more app, it will install a new lock screen on your phone that occasionally shows ads. You’ll earn points every day that can easily be redeemed to places like Amazon, Target, Starbucks, and more! Use code GWG1XE for 25 bonus sign-up points.
- You’ll probably have some expenses, and if you can handle the responsibility of a credit card, it makes sense to get some cash back when you do have to spend. Check out the cash back card that I’m currently using.
Prevent Further Financial Burdens
- Keep yourself and others healthy. The most important thing you can do right now is to stay home as much as possible. While at home, eat healthy foods, get your vitamins, drink plenty of water, and exercise.
- Take inventory of what you have. Are you making use of all your belongings and resources? Some people have canned and packaged food in the back of the pantry that they forgot about, but it’s still good to eat. In case shutdowns or economic crises last longer than expected, also consider items that you only purchase occasionally, such as clothing or transportation equipment.
- Learn a few skills that will help you save money. Learn to mend. Learn to cook (bonus points if you learn to cook without electricity). Learn home maintenance. YouTube and Wikihow are great for learning a variety of subjects.
- Physical health is critical at this time, but mental health is at risk, too. Staying inside, being away from people you care about, and not knowing what the future will bring can take a toll on our emotions and well-being. Practice some breathing exercises, open the windows (or go outside if possible), read some helpful books, or do whatever it is that you know will be beneficial to you. Avoid turning to quick fixes like drugs, alcohol, or even junk food, as these can cause further health problems as well as create more of a financial burden. Be sure to check in on others regarding mental health, too.
- Even before the stock market crashed, I was watching financial videos on YouTube from people who had a proven track record of knowing what they’re doing when it comes to money. If you watch these videos and read financial articles you find on Pinterest, you’ll gain a lot of insight for what to do in your own situation. If you can make it through during these tough times, you’ll be set to have a fantastic financial future.
Check out these other money-saving blog posts:
- 20 Ways I’m Saving Money in 2020
- Saving Money and Getting Cash Back with a Credit Card
- Getting Free Gift Cards with Swagbucks
- How to Get Discounted (or FREE) Gasoline
- Save Money on Glasses
- 15 Ways to Save
- Free Substitutions for Everyday Expenses
What ways are you earning and saving money at this time? Share in the comments, and don’t forget to pin the image below!