Meet Justin and Kaisorn McCurry, a married couple who live in North Carolina with their three kids. The duo managed to save over $1 million in 10 years by consistently banking 70% of their income. Today, they’re here to provide 3 of their money-saving strategies to help you free up some extra cash during the coronavirus pandemic.
Call up your cell phone and insurance providers: With fewer people driving, many auto insurers are already cutting premiums on car insurance. If you haven’t been offered a discount yet, call up your provider, explain that you’re driving less or no longer commuting and ask for a cheaper policy. While you’re at it, review all of your insurance policies, from home to life, and understand what you’re paying for. Insurance policies are largely personal. To get the best coverage for your specific situation, educate yourself by shopping around, getting multiple quotes and reading your policy closely before signing on. It may not sound fun to do, but it could save you a lot of money in the long-run.
Skip takeout and keep it simple when grocery shopping: Your wallet won’t be happy if you keep ordering takeout while you’re stuck at home instead. Instead, plan out what you’re going to cook for the week, make a list of the ingredients you’ll need, and make sure to stick to the list. Don’t do any impulse buys. You may find that complex meals with a lot of spices or sauces can get pricey. Stick with simple recipes for now, and when it comes to buying flavor enhancers, pick out condiments that are versatile — like salt, soy sauce, or olive oil — and can be used on multiple foods.
Cancel subscriptions: An easy way to get more money back in your wallet is to cancel monthly subscriptions, such as streaming services, meal subscription boxes or iCloud storage. You don’t have to scratch them all, but if you’re paying for three different video streaming platforms, keep the one you use the most and cut the other two. Eliminating these expenses doesn’t have to be permanent, but could free up some much-needed cash in the meantime.