The coronavirus pandemic has spurred a financial crisis on an unprecedented scale, and unemployment rates continue to rise. As millions of Americans are dealing with economic uncertainty, now is the time to consider your emergency plan. If your savings are running low or you didn’t have much to begin with, there are a few ways you can cut costs to reserve your funds for the necessities. Here are a few budgeting tips to help sustain you through the pandemic.

How to Cut Costs During the Pandemic

1. Cancel Subscriptions & Memberships

When money is tight and you’re tapping into your emergency plan funds, the first cuts you should make are subscriptions and memberships. Many families have streaming service accounts that are frequently forgotten, or monthly box subscriptions with items they don’t always use. Consider canceling one or two services to reduce monthly spending.

2. Shop Around for Better Policies

Now is the best time to see if you can get a better deal from different insurance providers. Shop around, get as many quotes as you can, and read policies closely to understand what you’re paying for. Many auto insurers are also offering discounts on premiums since fewer people are driving, so see if your provider can offer you a cheaper policy.

3. Avoid Stockpiling Groceries

Public uncertainty about the pandemic has resulted in many shoppers panic-buying at the grocery store. Instead of overspending on a month’s worth of food in one trip, buy enough for one or two weeks at a time. This way you can save money in your emergency plan fund and weekly budget for other essentials.

4. Call Utility Companies

If you’re worried about falling behind on any of your bills, utility companies might be understanding. Call your water, electric and gas, telephone, and internet service providers to see if they’ll cut you a break. Some are offering payment extensions and waiving late-payment fees, and others are temporarily agreeing not to disconnect customers.

5. Look for Lower-Priced Foods

While many savvy shoppers normally rely on coupons and sales to budget their groceries, there aren’t many deals going on right now. Health risks have caused many companies to reduce food production, sometimes leading to an increase in prices at the store. If you’re looking for bargains, your choices are currently limited, so instead aim to buy lower-priced foods. For example, you can purchase store-brand items rather than name-brand and chicken instead of beef.

If you’re having trouble budgeting during the coronavirus crisis, you need a dependable credit union to help you design a realistic emergency plan. With hundreds of millions of dollars in assets and over 60,000 members across Hawaii, Hawaiian Financial Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about our broad array of services online, follow us on Facebook, Twitter, and Instagram for news and updates, or call (808) 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions