Nobody is immune from the economic fallout. That said, there are plenty of smart money moves you can make while at home. Here are the 8 best we’ve found:
I’m a sucker for a monthly streaming or entertainment service. I’m also someone who will pay the monthly fee for an ad-free experience on music and other services. My thought is “it’s only $7 a month” or whatnot. But in hard times, those “only $7 a month” can add up.
I saved more than $30 a month just by dropping down to the free ad-supported model of a music service, and cut out the two “lesser watched” of the four movie/tv streaming services I used to subscribe to. And you know what? I barely noticed the difference.
Or do you not even have life insurance, but are now worried about your family’s future?
Either way, you should head on over to Sproutt. Get $500,000 of Term Life Insurance Coverage for as low as $18 a month!
Sproutt has an easy to use website and there's no medical exam if you are healthy. You can get term coverage from $50k - $3M. It is free to check out and it takes all of two minutes to get a free quote. So if life insurance is on your mind, check it out.
If you have a budget, it’s time to review it. Because that’s how I found one of those two streaming services I cut (I had forgotten about it.) Reviewing your budget will let you see exactly what you are willing to live without.
It also goes without saying that if you have not yet set a budget, right now is the perfect time. You need to track every dollar..
Ok, first, you should be comparing your rates online now that you drive less. It’s easy, free, and it can save you more than $600 a year. Most people overpay for car insurance, especially if they continue to use their old daily mileage, so do yourself a favor, and stop overpaying!
It also might be a good time for “two car families” to reconsider their coverages right now, due to possible quarantine and perhaps prolonged unemployment. If you can keep one car “driveway’d” for awhile, why not drop the liability to the minimum until you start driving it again? It could save you a few bucks right now.
My grandmother lived through the depression, and never threw away any food – everything was reused later for leftovers, soup, etc. I have to admit that I was always too lazy to save/reuse food, and I know I’m not the only one. But now I’ve seen the wisdom in it. I typically would throw away the part of a grilled steak I didn’t finish (I never liked leftover steak), but just the other day, I made an Asian pepper steak out of the leftovers. Know what? It was great, and saved me money.
I learned about saving food. You should too.
Unemployment insurance got a nice boost from the federal government, and if you lost your job, it goes without saying you should apply. Even if you think you aren’t eligible, the rules have been relaxed, so apply anyway.
Further, if you own a business, you should DEFINITELY investigate the government’s SBA loan program for payroll that doesn’t have to be paid back if you use it to pay employees. This could be the difference between your doors staying open or closing.
Truth be told, if you are a homeowner, you’ve probably had your same homeowner’s insurance since the day you closed on your house. It’s just not something we check. But you should, because homeowner’s insurance has evolved (for example, HOA discounts, discounts for having fire extinguishers, etc.)
Everquote, is a publicly traded insurance company that specializes in homeowner’s insurance, and can save you, on average, 25% on your homeowner’s policy. That’s a lot of money, and it costs you nothing to check and see if you can save. In fact, it takes 60 seconds to get a free quote. Check it out today!
Interest rates have dropped to historic lows. It might be a good time for a home equity loan, or to refinance your home. Refinancing can be especially fruitful if you have a higher interest mortgage right now – you might lower your payment, term, or both, and still come away with money in your pocket. It’s worth investigating.