The economy is definitely in tatters, the World Bank has confirmed that. Economic activities in different countries have received a blow. Each country’s economy could shrink to as much as 5.2% this year. ; What this all boils down to is bills, bills, bills. People in America are simply finding it increasingly hard to pay their bills. And in a pandemic, who wouldn’t, right?
Let’s face it. Considering the fact that your current income is not as stable as it used to be, it’s all coming downhill pretty fast. Thus, you need to make adjustments quickly. You simply can’t let your existence go down with the virus. Luckily, there are remedies to all the madness. For starters, you can take a look at major areas that consume a lot of money in your home. Yup, you got that right. It’s high time you take a cold hard look at your cash flow. Then, bite the bullet. A little adjustment should go a long way.
Try solar
You may have heard of it. You may not like it. But solar has the potential to lower your monthly overhead just like that.
Think about it. Your power bill costs you hundreds of dollars a month. In 2017, the U.S. Energy Information Administration report show the average bill for most American households is around $111.67 every month. Quite simply, that’s a lot.
Now, solar may not be your cup of tea. But it could lower your costs drastically.
The good thing with solar energy is that it is affordable and at the same time accessible. And there may be no better time to buy than now. For one, the price of solar panels has dropped by about 50%.
Know that this is a long-term plan. Once you’ve installed a solar panel, your monthly savings are just unbelievable. Even better, many solar companies now offer reduced solar installation services to homes.
The advantages of solar energy simply can’t be ignored. Not only do you get to reduce your monthly bill drastically, but you’re also helping the environment. That’s because using solar means you use less fossil fuel and at the same time reduce pollution.
Minimize food takeouts
Yup, you heard that right. Takeouts, be in from KFC or McDonalds, is simply tempting. You enjoy a well-cooked meal in a jiffy. But the thing is takeouts hurt your wallet, by a lot.
Instead, now is the time to bring out the chef in you. Why not do some cooking. With the coronavirus still raging, learning how to cook should be top of your agenda. You got all the time in the world, right?
Another instant advantage is you won’t have to go out. You don’t risk being exposed to the virus. And remember, food deliveries aren’t safe too. Outside hands can get you the virus. Though, as the New York Times says, it’s not by much.
Even better, try out new recipes. Cooking certainly gives you that freedom. It’s cheaper than takeouts and you’re learning. In the process, you’re hitting two birds with one stone.
Moreover, you have to be careful about is your grocery shopping. Make sure you have a list before you do it. Have a budget and stick to it. Avoid buying things on impulse. Unless you’re in the middle of the Sahara Desert, there will always be a cheaper alternative.
Reduce subscriptions
And here’s another drastic step. Do away with Netflix and all your app subscriptions. Hard right? Well, if you want to save all the dollars you can, then you need to make the hard decisions.
You need to look yourself in the eye. Which would appeal better to you? Choose. On one end you save money for the rainy days. On the other, you enjoy things today. Of course, if you think Netflix helps you survive the pandemic, then cutting it might be counterintuitive. Still, you’ve got to make a decision.
Once you’ve made your decision, the rest is easy. Check your credit card transaction for the past month to know which apps you are subscribed to. Then list them as to how important they are. Once you’ve done with your priorities, crush out the not so important apps on that list.
And then follow through. Unsubscribe from the unimportant ones. Those apps you can’t live without, keep them.
Saving money is easy if you’re willing to make the hard decisions. It’s true. It would mean depriving yourself of certain things. But then again you would be happy you made the right choice, seeing your money grow in the long run.