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Tips on How to Stretch Your Dollar During the COVID-19 Pandemic

May 29, 2020

You may need to stretch your dollar during the COVID-19 pandemic if you have lost your job. Here are a few money-saving tips.

More than 1 million Georgians have lost their jobs due to the COVID-19 pandemic and subsequent stay-at-home orders, leaving many families worried about the future. Unemployment benefits may help to a certain point, but families may only receive these benefits for a limited time. That means it’s important to stretch your dollar during the coronavirus pandemic in order to reduce expenses.

If you are still employed but have been forced to work from home, that may mean you are already saving on gasoline expenses. The cost of eating out may have declined as well, as many families are opting to cook at home.

Following are a number of additional ways you may be able to save money during the COVID-19 pandemic.

1. Shop wisely.

Download coupon apps and use them when ordering groceries online. Along these lines, remember that generic brands may be just fine and probably less expensive.

2. Minimize delivery costs.

If you don’t need something right away, opt for free shipping. It may take longer for you to receive it, but it’s better than spending more money to get it sooner.

Don’t fall for the notices that say that if you spend an “x” number of additional dollars, you can get free shipping. Just order what you need and close out of the app.

3. Limit purchases to necessities.

Only buy what you need. If you find something you really like but that you don’t need, wait a few days before buying it. During those few days, you may be able to convince yourself of the truth: you don’t need it and therefore don’t need to waste money on it.

If you don’t need something right away, opt for free shipping. It may take longer for you to receive it, but it’s better than spending more money to get it sooner. It's one way to stretch your dollar during the coronavirus pandemic.

4. Do pay your bills.

Many government agencies and businesses are allowing you to delay monthly payments until the pandemic is over. However, if you can pay the bills on time, pay them on time anyway.

Just because they’re allowing you to delay payment, it doesn’t mean they’re forgiving you of the debt. Most likely, you may still have to pay each postponed bill when this is all over. If you’re struggling financially, delaying the payment may result in even greater challenges because you could find yourself overwhelmed in debt.

5. Consider new options.

Use your abundance of free time to shop around for better deals on auto insurance, health insurance, credit cards, cellphone service, utilities if possible, cable providers, and so on. You may be able to do so online or by phone. Customer service agents still answer; they just might do it from the comfort of their own homes.

For more information about our products and services, message us through our website or call us at (912) 236-4400.

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