Cut Unnecessary Expenses and Save Money
With authorities doing their best to curb the spread of the novel coronavirus, many people are experiencing job losses and reduced hours as businesses have no choice but to close, either permanently or temporarily. According to St. Louis Federal Reserve President James Bullard, unemployment could reach 30%, exceeding the numbers during the Great Depression and three times higher than the 2007-09 recession.
Considering the huge number of people at risk of being fired or earning less money, it’s never been more important to focus on saving and reduce spending like it is now. “Everyone should be thinking about their budget during a pandemic,” says Leslie H. Tayne, a financial attorney and author of Life and Debt: A Financial Approach Toward Achieving Financial Wellness. “Regardless of your employment status, your expenses have likely changed in some way during this time.”
“People who have already lost income are scrambling to get through this crisis, while people who haven’t yet lost income are justifiably worried that they might in the future, says Kimberly Palmer, personal finance expert at NerdWallet. “Which means it’s a good time to cut back on any unnecessary expenses and go into recession-prepping mode.”
That being said, here’s what you can start with and cut out to help you save money and get through the coronavirus pandemic.