Countries all around the world are reeling under the COVID-19 pandemic. A huge number of people are going through job losses and financial crisis as companies temporarily shut its production, in hopes to prevent the further spread of the contagious disease. Global investors have also experienced a huge fluctuation in their market shares as a result of this ongoing crisis.
As we face these uncertainties, people are mostly concerned and focused on their finances–how to save them and how to reduce spending. Here are five (5) helpful financial tips to encourage you to save some bucks as you stay indoors or as you work from home amid the COVID-19 pandemic.
Make some auto insurance adjustments
Auto insurance companies calculate premiums based on how frequent you drive your car. It is considered as one of the essential factor that determine the amount that you’ll be needing to pay. The longer the time you spend driving, the greater the risk of an accident to occur. Thus, resulting to a higher premium.
However, in crisis like this where people are ought to comply with the strict government and health institution protocols, there is barely any risk for car accidents to happen. As the risk goes down, so does the amount payable. It is advisable to contact your auto insurance company, or proceed to their website to know how you can make some adjustments or lower your auto insurance premium.
Compare loans and financial support institutions
In uncertain times like this, it is important to compare loans and assess their customer support. Here are some listings for UK’s top banks that provides financial help during this trying times.
- Barclays – this bank provides a specialist team who can talk with their customers and offer a variety of support measures that will aid them in repaying their existing loans.
- Lloyds – this bank has waived all its fees for loan miss payments. They also offer payment holidays as an additional support for their customers.
- HSBC – this bank offers a breathing space or a reduced payment for customers who are suffering from financial crisis. They provide support based on the customer’s individual needs.
- NatWest – this bank offers payment deferrals to support the financial needs of those affected with the COVID-19 pandemic.
Cancel unused memberships and subscriptions
It is important to figure out which among your monthly membership or subscriptions are barely used. For instance, gym memberships are not usable due to the social distancing and self isolation protocols imposed by the government.
Though some gyms are putting their customers’ account on hold, it is best to be sure that your account is not getting charged with unused fees.
Check the coverage of your insurance benefits
Do check your health insurance coverage and the benefits it provides in case of critical illness. Especially in this COVID-19 pandemic, being covered with a proper health insurance coverage will greatly help you and your family.
Do the cooking
Rattle those pans and pots, and try to do make your own meals instead of ordering food from your local restaurants. This will help you save more bucks and keep you safe at the same time. It is important to be strategic in your meal preparations, and make sure that you use fresh products and prioritize your stock of perishable goods first.