Written By: Maria Lopez, FLP Spanish Conversation Mentor and Social Media Consultant
Edited By: Shatoyia Jones, FLP Personal and Professional Development Mentor
COVID-19 has changed our world. Parents have gotten used to homeschooling their kids, students are now experts in zoom and we officially entered an era where everything is digital. One of the biggest consequences of this pandemic has been the financial hardships for families and individual across the world. This time is the perfect opportunity to cut down expenses, save money and buckle down on your financial health. Here are some helpful tips to help save money during this time:
1. Open a Savings Account
As part of the saving process during these times, you might want to consider
opening a savings account. Somewhere where you can store cash in case of an emergency or simply for the
future. If you are still working full time or part time from home, try to put a certain percentage of your
salary each month on your savings account.
2. Set a Budget
Use this time to re-evaluate your what you spend each month and create a budget. This will
guarantee that you are not spending more money on things that are not essential. Having a budget is key to
take control of your finances. This will allow you to have more control of your life.
First Ladies of Poverty Foundation (FLP Foundation) offers free resources that you can easily access regarding financial planning. In addition, we offer 1:1 financial planning mentor-ship and assistance from our financial experts and mentors, Danielle Tucker, all things financial planning agent, Frances Frazier, alternative cash flow strategist and passive income mentor, Shatoyia Jaones.
3. Get a Side Gig
There are a lot of websites where you can get a remote job online (remote.co, letsworkremotely, angelist, dynamite jobs), but they are also ways to make passive income while you sleep. First Ladies of Poverty Foundation is currently offering various entrepreneurial opportunities (part-time and full-time), as well as a beginners guide and comprehensive guide to investing and passive income streams. You can check out the multiple events offered by First Ladies of Poverty Foundation regarding investing your money and learning new ways of earning money.
4. Cancel Memberships and Subscriptions
One easy way to cut down expenses is to cancel any membership and subscriptions that are not essential.
For example, any gym membership that you are not using (There are a lot of ways you can exercise at home without having to go to the gym.), magazine membership, etc.-- is extra money you can be saving.
Be Aware of Emotional Shopping
Quarantine online shopping might be our worse enemy. From the moment we get up, we get emails from our favorite stores with promotions and discounts. To avoid impulsive and emotional spending:
Make a List Before Going to the Supermarket
Make sure you go to the supermarket with your list in hand and that you stick to it. It easy to write down it, but it might be that easy to buy exactly what is on the list. In addition, try to buy generic brands. Most of the time, generic brands are almost the same as known brands, the difference is in the price.
Take Advantage of Coupons
A way of saving money in your purchase is to take advantage of coupons that are generated by the stores
you go too. There are certainly a lot of websites you can go to for coupons including the following:
Negotiate Your Contracts
Revise your phone plan, your internet service, your insurance providers so that you can get the best plan. Every once in a while revise new offers in the market and if there are other cheaper plans, don’t be afraid to change your service plans. Also, you can try calling your service providers and ask if you can get better offers. A lot of times if you tell them you are going to cancel, they offer you discounts. If you are looking to save money on your gas, electric, and other essential bills in this time, book your free consultation with First Ladies of Poverty Foundation today or attend one of their upcoming "How to Save Money on Your Utility Bills" events.