COVID continues to remain a struggle across the world, and it has drastically changed most of our lives. Everything is different – going out to eat, to travel, and even shopping is a completely new experience. However, while the world may look different, this is a good opportunity to slash your expenses and save money. Here are 5 expenses you can decrease during COVID.
1) Fuel Costs
If you, like many other people, are still working from home, then chances are, your fuel costs are much lower. Without the daily commute, you can easily save on the cost of fuel. Instead of paying for gas, budget less for fuel expenses due to COVID and put the difference in savings.
2) Car Insurance
Likewise, if you are driving less, you can ask for a reevaluation of your car insurance premium. Most car insurance companies won’t just lessen your bill. They will assume you are driving your regular commute. But if you’re working from home, it never hurts to ask for a discount. Give your insurance company a call and see what they are able to do.
3) Social Expenses
Depending on where you live, most bars, restaurants, and clubs are not fully open due to restrictions on group gatherings. Ideally, most social interactions should be somewhat limited in order to stop the spread of the virus.
Adjusting your social expenses accordingly is a good idea, however, it can feel limiting to be in quarantine without opportunities to see your friends. Instead of holding up without any social interaction, reframe how you can meet up with your friends. For instance, instead of going out to a bar with a group of friends, you can have a socially distant gathering outside in your yard or in a park. Not only is it healthier, but it’s always going to be cheaper! Just make sure you’re following local guidelines to ensure your gathering is compliant.
4) Clothing and Beauty
As we continue to live under strict quarantine, it’s unlikely you’re dressing up a whole lot. Chances are, you’ve been wearing the most basic items in your wardrobe on repeat. Instead of purchasing new and dressy clothing, decrease your clothing budget. If you do need new clothes, consider this a good opportunity to stock up on basic and simple pieces, such as jeans, plain shirts, and comfy shoes.
Take it a step further and use this opportunity to clean out your closet! Donate items you no longer wear, or, you can try to sell them for some extra cash.
5) Travel Expenses
Obviously, with travel restrictions still in place, it’s unlikely you will be able to take a big trip anytime soon. So, the choice is yours. Even though you can’t travel now, it is still a great time to start saving for your dream trip in the future. Or, instead of saving for travel, you can put that money towards saving for something else, such as building your emergency fund.
Rachel Slifka is a freelance writer and human resources professional. She is passionate about helping fellow millennials find success with their finances and careers. Read more by checking out her website at RachelSlifka.com.