Welcome to Saving Money with Andrew! If you’re new, you might want to check out my top 9 money-saving tips.
COVID-19 is no joke. Cases are escalating rapidly, with most schools and non-essential businesses closed. The US has over 33,000 reported cases (higher when you read this), with cases in every state. Yes, even you, Wyoming!
In our city, hospitals are already straining, with local authorities expecting worsening conditions through the month of April at least. As mentioned last week, my family is staying inside, except for getting mail and packages and taking walks outside daily walks outside.
One step we have taken to minimize interaction is to exclusively buy our groceries online. If your supermarket of choice does not have available delivery slots, check other supermarket websites, as well as Amazon Fresh, Prime Now, and regional players like Peapod and Freshdirect. Finding a delivery slot takes some luck/effort/persistence but can be done, though you will need to plan well in advance for most sites. We generally book our delivery slot 6-7 days ahead.[1] Make sure to tip very generously.
Broadly, COVID is taking a considerable economic toll, with a significant stock market decline (~30% year-to-date) and the likelihood of economic contraction and significant unemployment in most industries. Millions of people are losing their jobs or being furloughed at a fraction of their pay. These economic stresses compound existing anxieties, and it is more important than ever to minimize unnecessary expenses and maximize savings.
There are plenty of issues in the archives with suggestions for cutting costs. A few additional ways to cut expenses include:
Evaluate your recurring expenses, and make sure you have cancelled or suspended unnecessary items like gym and other club memberships, daycare, and adult/kids classes. If you take public transportation, consider suspending recurring commuter passes. It should be very easy to turn these back on once the virus passes.
Think about your car insurance. Contact your insurance company to ask if you can legally suspend or reduce coverage on a car you aren’t using. At least, collision coverage is probably not necessary on a car sitting in your driveway! Set a reminder so that you don’t forget to resume coverage once you’re driving that car again.
Check your upcoming travel plans and consider cancelling. Realistically, you are unlikely to take a trip in the next couple of months, if not longer. Make sure not to miss your window to cancel or reschedule without penalty.
I hope this has been helpful. If you liked it, please share it with a friend! Also, please send me your feedback, requests, and success stories.
[1] One exception is Prime Now, which only offers delivery slots for the current or next day, but you can often get lucky and grab an available slot (slots are constantly opening up throughout the day). You can keep an order in your cart and go to checkout periodically to see if any slots are open - if so, you can immediately place your order.