Tips for Saving Money During Lockdown

Looking for ways to save some money during this pandemic? Eastpoint Recovery Group, Inc. has got you  covered! Take a look at a few things that you can do to pad your savings account.

  • Evaluate your subscriptions – Do you have multiple subscriptions for similar services? This happens more often than not and is a very easy way to lower your monthly bills. For example, do you pay for Spotify and Apple Music? How about Hulu and Netflix? There are many more examples, but you get the idea. There are quite a few subscription management apps out there that can help you monitor this!
  • Auto-Pay – Having recurring transactions in this day and age is a must. With everyone having busy hours, long days, it is easy to forget to make a payment when juggling multiple payments each month. By putting your bills on auto-pay, you ensure all payments are made on time and avoid late fees.
  • Eat-In – There is no doubt about, it is much easier to go to a restaurant and be served food than shopping, prepping, cooking and cleaning up. However, it is much more cost effective to do the latter. Keep this in mind as it is easy to spend hundreds of unnecessary dollars monthly for the convenience if eating out.
  • Route money to savings – One of the easiest ways to save is having money direct deposited into a separate account. Typically, your payroll dept. will have a form or online resource where you can make this change. Opening a separate savings or checking account, and having money direct deposited into it, makes it very difficult to “miss” that money. You may want to opt out of a debit card for this account as well.