How To Reduce Your Expenses During Lockdown

By: Joshua Campbell

How To Reduce Your Expenses During Lockdown

Tags: Real Estate, renting, buying, selling, real estate tips, residential, rent, Ontario, tenant, moving, expenses, lockdown, coronavirus,

Everyone has a lot on their minds right now. At the start of the pandemic, there was mass hysteria with people worrying about the health of themselves and their families. Now we are worrying about our finances both short-term and long-term. Depending on how long lockdown continues money seems to be at the forefront of many people’s thoughts.
If you find yourself in this position, just remember that you’re not alone. A record number of Canadians have filed for unemployment. Governments suspended work across the nation and advised people to remain at home, which threatened the job security of millions. Right now, we need to adjust to our new normal to keep our families afloat. Here are some tips to help you survive the lockdown.
Essential Items
The main thing to remember is: Spend only on the essential things that you need. This encompasses a wide range of things like groceries for your family, monthly rent or mortgage payments, utility payments, loan payments, and childcare payments if applicable. For now, if you are splurging on things that aren’t on this list, evaluate your budget, see if you can afford them, and see if they are truly essential for survival right now.
Couponing is back. Since people were told to remain indoors, many grocery stores (and other essential stores) are promoting their online ordering services. A lot of necessities are being offered at discounted prices and there a lot of coupons being offered. When it comes to grocery shopping though, be sure to stick to the bare necessities. Food, water, toiletries, hygienic items, etc. Don’t start spending money on unnecessary items just because you can get them for less.
Call Your Car Insurance Company
Call your insurance company and see if you qualify for a lower premium. If you’re currently not working or you’re working from home, you aren’t using your car to commute. This will lower your risk exposure and temporarily your insurance. The Insurance Bureau of Canada (IBC) estimated that this option could save Canadian consumers $600 million.
Financial Assistance
Ask for financial assistance. If you know that you will not be able to afford certain things like your mortgage or credit card payments, make sure you contact the companies and explain your financial situation. Depending on the company, you might be able to access a freeze on the interest of your loan payments. Don’t wait until it’s too late and you start receiving notices and letters. Companies are more forgiving if you reach out early.
These are only a few ideas to help you get started. Be conscious and consistent with your spending and you can find yourself in a good position.

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