Simple Ways to Save Money During and After the COVID-19 Crisis

Maybe you lost your job. Or your spouse did. Perhaps you are single and working but realize how important it is to save for situations like this one. Being quarantined has taught us how to survive without many of our lifestyle experiences and conveniences. We all look forward to getting back to normal, but here are a few ways to save money while helping curb the boredom.

Save money on clothes:

With many stores closed and finances top of mind, try vintage shopping in your closet! Maybe a jacket from on old suit will work great with jeans or pull out the craft supplies and decorate those t-shirts you never wear. If you haven’t worn it in a while consider selling it online through sources such as The RealRealThredUP, or Depop.

Save money on personal grooming:

Personal grooming is expensive, and since many beauty and nail salons have been closed, we have learned to DIY! Adults who have working from home alongside their very bored children, parents can host a “pedicure” party or mini “spa day” with family members. Alternatively consider going bare! Give your nails a breather and save the polish for when we are all back on the beach.

Save money on alcoholic beverages:

Designate one night a week as “clean out your wine cellar tasting.” Many people have wine on hand, and a great way to unwind without spending additional funds is to host home tastings. Set up a blind tasting by placing paper bags or tinfoil around the bottles, and invite a family member to join you or bring in your friends on Zoom. If wine isn’t your thing, try “Crafting your own cocktail”. What is in your refrigerator? Got limes, soda water, cranberry juice and a bottle of gin? Sounds like a Quarantine cocktail in the making.

Start a new savings plan:

Are you maxing out your 401k plans? Have you checked your accounts carefully to ensure you are in the right investments for your situation? If you have a financial advisor, reach out to them to help you assess your portfolio. If you don’t have one, now is the perfect time.

The future of the economy is still unclear, but saving money is always a smart move. Now that we have all learned what we can live without, we can use this to our financial advantage as we navigate the new normal.

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