8 ways to cut your spending during the coronavirus crisis – Get a quote online

Just a few weeks ago, most Americans were optimistic about their job and financial future. Today, according to a recent MoneyGeek survey, most people no longer take these things for granted and are concerned about their short-term economic future.

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8 ways to reduce spending between COVID-19

Although we cannot control the economy or our employers, we can react positively to the uncertainty we experience. Taking actionable measures and controlling what we can, according to the National Institutes of Health, helps us ease the symptoms of anxiety and depression. Finding ways to cut costs during these trial periods can solve your racing mind and help you stretch your budget.

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Everyone knows that you need a budget to spend intelligently, save money and plan the future, but only about 40% to 70% of us actually have a written and planned budget, depending on the survey you control. If you can commit to creating a written budget today, you will feel more in control of your situation. Rather than a dreaded job, budgeting can be an activity that will improve your mental and financial health. You will feel great when you run out of your budget and include these ideas to save money because you will get some control over your future. At night you might even sleep a little better.

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Reduce your higher costs Review your budget and list your expenses in the order of monthly or higher spending. Saving 10% on an expense of $ 500 per month can save you more over time than cutting a one-time expense. According to the latest consumer spending survey from the United States Bureau of Labor Statistics, the average family spent $ 61,224 per year in 2018. The main expenses included 93% of the expense and included: Expenses Amount spent on year Percentage of average annual expenses Accommodation $ 20.09133% Transport $ 9.76116% Health and health insurance $ 8.37314% Personal insurance $ 7.29612% Entertainment / Miscellaneous $ 5.269% Food at Home $ 4.4646% Eating out $ 3.4595% The first step to cutting your budget is to take a look at these higher costs and see where you might be able to eliminate them.1. rent

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Housing is the biggest budget item that most families face. If you are having trouble paying rent, ask the landlord to get a rent tolerance. Tolerance is a reduction in rent or a period in which there is no need to pay. Several cities and states have issued inhibitory measures on evictions for non-payment of rent while solving pandemic problems and trying to stabilize their cities, which does not mean that you will not have to recover the missed rent in the future. You will likely have to repay at least a portion and the owner may still be able to evict you for non-rental violations. If you can afford to pay a portion of your rent, it would be good to do so. Communicate with your landlord to create a plan to stay in your home. Mutual

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The CARES law requires mortgage lenders to stop foreclosure and offer tolerance (skipped or reduced payments) to eligible homeowners. Indeed, many lenders turn to all their borrowers and offer to waive mortgage payments for several months (usually three) and add the unpaid amount to the mortgage balance. This is actually a good deal for mortgage lenders – not only do they get their payments eventually, but homeowners pay interest on interest. If the mortgage principal and interest payments are $ 1,000 per month and you receive a three-month tolerance, this gives you some breathing space if you need it. But $ 3,000 of monthly payments are added to your current balance and you pay interest on the entire balance. Once the tolerance ends, the monthly payment will go up to pay the loan on time or the repayment period may be extended. Mortgage refinancing

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If your financial position is good enough not to require a mortgage tolerance but still want to save money on housing, consider refinancing your mortgage. When the economy is as volatile as it has been recently, refinancing opportunities are sometimes created that could save you more per month than your entire food budget. If you used your credit cards to avoid running out of your liquidity reserves, you might want to consider a home equity loan or a credit line. Interest on credit cards is typically higher than the interest you will pay for a home equity loan, so using a home equity credit line could save you money for future interest payments. If you are still earning an income and have a budget, stabilize your finances now, create your budget and leave your credit cards alone, if possible. Transportation

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If you are repairing on site, the transportation costs have probably decreased. But if you own one or more cars, you can probably save more than gas money. Many auto insurers proactively contact their customers and offer COVID-19 discounts. This is because they understand: most of us don't go anywhere. Some customers may use the spare time gained during the quarantine to purchase auto insurance policies to see how much they can save if they don't drive or switch to another insurance company. Check your auto insurance policy to see if there is something you can cut, including the removal of drivers who do not drive from the policy and extra services such as roadside assistance or rental car coverage. You may also want to consider getting the cars off the road altogether if no one is driving them and insuring them accordingly. You could also try to refinance your auto loan if the rates warrant it. Health care and insurance

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You don't want to skimp on health or health insurance coverage during coronavirus. But preventive care could reduce health risks. In fact, you may find opportunities to improve your health. Do you have an expensive or unhealthy fast food or restaurant? This is the perfect time to kick it and if you never go to the gym because you are self-conscious, don't want to spend money or don't have time, now is your time. There are many online home programs. From yoga to Zumba, from HIIT to family fitness, there is truly something for everyone. And nobody can see you sweat. It may be time to investigate the delivery of drugs by post for chronic conditions. If you are not insured, it may be cheaper (and safer) than picking up your medicine yourself, and if you are insured, you may still get a discount. Plus, you typically get a three-month supply, so it's cheaper. If you buy your health insurance, today is a good day to evaluate it. Check if you can improve your health insurance coverage or find a cheaper option. Personal insurance

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Another great cost for many of us is personal insurance. This includes life, home and the car. It can also include umbrella policies if you have a lot of resources to protect and some very specific policies for those with less conventional hobbies or lifestyles. This is the perfect time to buy those policies because insurers know that savings are a lot on our mind right now and many of us have time to shop around. It makes sense to get two quotes for each type of personal insurance you have and get them from different lenders: the cost of the specific policy – your auto insurance, for example. a package of all personal insurance policies, such as cars, homes, motorcyclists for art and jewelry and term life. Compare the cheapest package with the purchase cost of a combination of the individual cheapest policies. The cheapest option wins. 7. Fun

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Nobody wants to reduce the amount of entertainment available during a pandemic blockade, but that doesn't mean you can't cut costs while you're still having fun. Take a look at your phone and other devices. There are likely to be at least some apps you forgot to have or not to use. Canceling these payments can save you money over time. Take a good look at the costs of TV, telephone and the Internet. Just because they're grouped doesn't mean they're cheap. Consumer Reports interviewed its members and found that most were dissatisfied with the value they received from grouping services. "Packages that combine TV, the Internet and telephone services are sometimes described as the glue that binds people to traditional television companies, because these packages promise to offer convenience and above all savings," says the report. However, "All the companies we rated received less than value ratings for their packages, regardless of the average price paid by customers." In many cases it was because prices jumped sharply at the end of the promotional period. Consumer reports recommend bargaining. Over three quarters of those who pushed their suppliers on the price got better deals.8. Food

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Food is needed.But your budget for eating out probably looks pretty good since most of us are in some sort of block and can't enjoy restaurants and cocktail lounges like we used to. This may put upward pressure on your food budget to eat at home, but it is not necessary. One of the biggest culprits in food budgets is waste. Up to a third of the food is thrown away, so when planning your menu, don't consider a single meal. Save time and money by cooking in bulk and decide what you will do the next day. Meatloaf of turkey, roasted vegetables and mashed potatoes on Monday makes an excellent turkey sandwich, salad and potato vegetable soup on Tuesday. Make sure you have the ingredients for broth, bread and salad. Avoid impulsive shopping. A big advantage of shopping for online shopping is that you know exactly how much it will cost. You can stick to your budget and you can't throw treats in your cart at the last minute. Plan your menu, choosing the food that will do double duty. Make your list and keep your budget. So, pay online and collect your order. Try new cheaper versions of old favorites. Extra points if your version is less elaborate. Frozen pasta with sauce is expensive and probably not as tasty as preparing a dish with fresh ingredients. There are millions of "quick and easy" and "cheap and easy" recipes online. Turn it into a family project so that everyone learns something and gets involved. Accept the challenge and take control

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If your budget looks like the typical one presented by the Bureau of Labor Statistics, reducing it by just 10% can save you about $ 6,000 a year or $ 500 a month. These are the savings you can benefit from even after the end of the current challenge we are experiencing. Challenge yourself and your family to get together to get the family through the coronavirus crisis and reap the benefits of a budget for the rest of the year and beyond. * Gina Pogol writes for MoneyGeek.