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Ways to save during the coronavirus pandemic
ir. Whether you are underemployed or wondering if you will keep your job, it’s time to squirrel away money.
ATLANTA - During a global pandemic, you can still save money.
Personally, when the quarantine got going I realized I wasn’t spending as much money. For me, it was by not eating out, no out-of-town kid’s sports, and not meeting up with friends.
But then spending crept up again because I started to shop online. I had to put a quick stop to that.
Like you, I feel the financial uncertainty in the air. Whether you are under-employed or wondering if you will keep your job, it’s time to squirrel away money.
THREE WAYS TO SAVE RIGHT NOW
- Get $1,000 in savings
- Snowball bill pay
- Talk to your creditors
Let’s start with number one. Jim Adamcyzk of Fairwinds Credit Union breaks it down.
“Our first milestone to financial freedom is to save $1,000. That’s as simple as $2.84 a day, or $84 a month. You can do it. I know it sounds big, but you can do it.
"Now, go over your monthly bills – utilities, cable, all of it. Your budget today is different than it was back in March.
"That money you used to spend eating out, save it now. That commuting money you are saving put it away. Now when you get that going, start slicing off that credit card debt.
“What we like to use is the snowball effect. It’s a widely used strategy. You take all of your debt and line it up in sequence, your biggest balance to your lowest balance. You make your minimum payments on everything all the way down the row except that lowest balance. You put all your extra income to that lowest store card, credit card. You pay that card then you cut it up,” Adamczyk said.
Go through your credit cards in this order until you’ve eliminated that debt.
Finally, if you are in financial trouble, reach out to your creditors. They are listening today in a way they haven’t in the past.