Reduce Your Spending

Now is a good time to cut back on expenses

If the coronavirus has impacted your ability to work — perhaps you work in the entertainment industry, or own a small business that has had to temporarily shut its doors — now is the time to cut expenses. Here are some ideas on how to do that.

Cut your cable

According to a study from DecisionData, the average cable bill for Americans households is $217.42 per month. That’s what makes cutting cable a good place to start. Consider what programming you do want, then cancel your cable and sign up for whatever streaming service offers you the most bang for your buck. Just be careful not to overdo it with subscriptions. Those add up quickly, too.

Look for new auto insurance

As USA Today notes, one easy way to save some cash is to shop around for new insurance. You can compare quotes for auto insurance using a site like insurify.com. You can also shop around for the best insurance rate for other things as well — particularly your homeowners policy. Auto insurance is a bit easier to navigate, which is why it’s high on our list.

Compare cell phone plans

Speaking of finding better deals, you should use a cell phone plan comparison site like wirefly.com to make sure your phone isn’t busting your budget more than it has to be.

Cancel the gym

There’s a good chance your local gym is closed right now. If not, make sure you cancel the membership for the time being. Experts say you shouldn’t be going to a gym during this crisis anyway (too much exposure to others), and it’s a good way to save some cash. Use the change in weather to get outside for some much-needed fresh air.

Eat at home

One small silver lining to all the restaurants being closed: Now you have no choice but to eat at home. Cooking for yourself (rather than ordering the take out you may now be able to get curbside) is a great way to cut expenses. According to the Bureau of Labor Statistics, Americans spend about $288 a month on dining out.

Chris O'Shea

Chris O'Shea