So many are already laid off, lost their jobs, if you’re working from home, you’re probably thinking, what expenses can I cut/freeze to ensure my dollars will stretch in case of an emergency. Learning how to deliver basic first aid, saving up on minor splurges that we usually tend to do, or even curbing the luxuries we mistake for necessities could prove to be vital at times like this. That’s why I’m here today to share the 10 expenses you should cut during the outbreak.
That is not a signal that I don’t trust the income we currently have. We’ve worked from home and our clients are utilizing our digital services more than ever. We’ve even been looking to find vouchers and coupon codes in magazines, as well as online resources (for example, take a look at this website) to save on expenses for any purchases that we intend to make.
It is, though, a wise move to cut/freeze expenses and experiences we are not using during the outbreak and social distancing time.
10 Expenses You Should Cut During The Outbreak
Freezing up memberships gives the employer the security that I’m coming back when they reopen, avoiding laid offs. So I chose to freeze some of the unnecessary expenses.
I’ve frozen my gym membership. Cancelling it would incur in fees when it opened, so I went online and froze it, to avoid new payments while the gym is closed and I’m not taking advantage of the service.
My gym is a large chain, auto payment on a fixed amount, no way to pro-rate.
If you are on a monthly payment with a small studio, I recommend talking with the owner, asking about the impact of your action, if you continue, with your monthly commitment, how will they pro-rate?
Hair, Blow Dry Bar Membership
My blow dry bar is closed, they only pay their hairdressers when they come to work.
I’m not using the services and have 3 blow dry services on my file to be used, so I froze it, instead of cancelling it.
NBA League/Sports Passes
We cancelled that. We’re a basketball family, but there’s no use for the monthly membership when all games were cancelled.
We froze this one. I’ve sponsored the local zoo for many years without going, just to support them.
Swimming Club Membership
We don’t currently have that, but when we did, we made monthly payments. It’s worth checking into to see, if you can freeze your monthly payments.
My son has a private trainer. He has seen his privately and modified the rates to reflect meeting outdoors in a park.
I’m considering canceling the trainer as well.
We have our anniversary booked. April 17th-19th. I’m considering cancelling and using the stay at a later date in the fall.
Most hotels are giving refunds/vouchers for later dates for reservations during this period.
Same as the hotels, most airlines are giving you cancelation options or vouchers for future use.
Trips in General
You know how much I love traveling, but right now is not the time.
You have the option to cancel pre-existing trips or simply ask for the reservation to be moved to a later date, but please don’t book any trips or travel during this time!
You don’t need to add unnecessary stress for you, your family or others by traveling right now!
Non-Essential Online Purchases
It’s not by chance that Amazon stopped all non-essential online purchases, because you should calm down, not shop by impulse and by default, not put their employees in jeopardy. But that does not mean that you do not buy the things you need. For example, if you are constantly sitting in one position for prolonged hours, you might need to get a few long couch pillows that you can use to help your back from prolonged aching. These are the non-essentials you need to cut out to keep a tight grip on your budget.
I want to end the post by saying that I will be supporting local small businesses with some of my savings, because after all, it’s all about using the money in ways that make you happy and others happy and letting it continue to flow.
Just think about the cuts as putting a pause button.
If you are facing being laid off or fired, you should consider making even more budget cuts now.
Save for later:
Can’t wait to hear what you think!
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