17 Smart Money Tips for Uncertain Times

By | March 29, 2020

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Americans, like people all over the world, are now living in very uncertain times.

Not only is our health at stake, the stock market and the housing market are both also under threat. Many are feeling uncertain about their income and even their job security. 

gold coins and dollars

If there is any time to practice frugality, the time is now.

To look after ourselves and our loved ones, we need to stretch our dollar as much as we can.

Here are the best smart and practical money tips to use right NOW:

#1 Avoid Non-Essential Online Shopping

Stay clear and totally away from all non-essential online shopping sites.

Stop paying for non-essential stuff like fashion items and branded goods.

This is an expensive, purse-busting and wallet breaking way to relieve boredom!

Pro Tip: Use your money to pay for what is absolutely essential – your rent or mortgage and your groceries.

#2 Cancel Memberships

Cancel your gym memberships to save money.

Carlo Dellaverson wrote in CNBC that “the average gym membership costs between $40 and $50 a month”. That’s $480 and $600 a year you’ll save by stopping your gym subscription. 

More important, you protect your health by NOT going to the gym.

You actually risk your health and even your life, when you keep sharing the use of gym equipment. 

Pro Tip: Exercise for free at home. You can do yoga, push ups, sit ups, Zumba, dance to music etc.. You can easily stay healthy for free.  

#3 Cancel Subscriptions

Stop most of your subscriptions, such as Netflix and Hulu.

Hulu plus Live TV sets you back $54.99 each month, or $660 per year!

This is lots of money to save in these uncertain times. Now is not the time for frills.

Yes, it’s not going to be easy but you’ve got to do what’s necessary.

Pro tip: Look, you can watch FREE videos elsewhere online on Youtube and Tik Tok.

Can’t bear to stop watching Hulu?

Why not save heaps by switching to regular Hulu then? You pay only $5.99 each month ($72 a year) by watching on your computer.

Doing this switch saves you $588 a year! ($660 minus $72) That’s a lot of groceries you can buy ☺ 

#4 Go for Healthy Foods

Now is a good time to have a healthier diet that has more vegetables and fruits.

Cut down on buying meat, as it always costs more and is not as healthy. 

Pro Tip: You can save by buying cheaper meat cuts such as shoulder chops rather than loin chops, when you are shopping for meats like beef, lamb or pork.

For example, lamb shoulder chops may cost $6 per lb, while loin chops may cost $11 per lb. So, buying the shoulder chops means you pay only 54 percent, which is about half price. 

You’ll save even more money by buying frozen meats rather than fresh meats. This helps to reduce your grocery bills. 

As you know, food is one of our biggest expenses.

We’ve got to eat every single mealtime!

Think about how much you’ll save every single day, when you cut back on too much meat!

#5 Reduce Fun Foods

Reduce your consumption of ice creams, chocolates and doughnuts.

These foods are not at all healthy for you.

They contribute to health problems like weight gain and obesity. Obesity is linked to nasty issues like cardiovascular diseases and diabetes.

Imagine how these serious illnesses would greatly reduce your quality of life and your lifespan, not to mention the suffering and medical costs involved.

Pro Tip: On the other hand, when you eat healthy and avoid huge portions, you benefit in so many important ways.

Cathleen Crichton-Stuart, wrote in Medical News Today that a healthy diet brings us significant benefits like:

  • Weight loss.
  • Reduced cancer risk.
  • Diabetes management.
  • Heart health and stroke prevention.
  • Strong bones and teeth.
  • Better mood.
  • Improved memory.
  • Improved gut health
  • Getting a good night’s sleep

#6 Go Generic

Go generic when you shop.

You need to really stop paying a premium for branded foods.

If you haven’t tried some generic brands, now is the time to save money and find out how good they are.

“Generally, store brands are about 40 percent less than their name-brand counterparts,” said Teri Gault, author of Shop Smart, Save More.

And she added that most are as good as name-brand products.

 Pro Tip: I’ve personally always found generic brands to be similar and just as good as brand name foods.

Cameron Huddleston suggests that shoppers try out these generic brands:

    • Aldi Simply Nature. 
    • Costco Kirkland Signature. …
    • Kroger Simple Truth. …
    • Safeway Select. …
    • Target Up & Up. …
    • Trader Joe’s. …
    • Walmart Equate.

#7 Choose Your Shopping Times Carefully

Pro Tip: Shop near closing times to get discounts.

If eateries in your area are still open, reduce perks like ordering takeaways and meal deliveries.

17 Money Tips for Uncertain Times

#8 Go for Zero food Waste

Are you wasting your food?

Food wastage costs the average U.S. household $1,866.

“Even the most frugal household still wasted 8.7% of the food it bought”, according to this Forbes article ‘The Shocking Amount Of Food U.S. Households Waste Every Year’ by Lana Bandoim. 

How much money are you and your household wasting?

Do you know what’s undergoing an Ice Age in your freezer right now?

We all have frozen foods that are forgotten in our freezers.

Pro Tip: Check out what you have missed in your freezer now. 

Get 24 simple ways to minimize food wastage and save lots of cash in these uncertain times.

#9 Adopt Healthy Habits

Pro Tip: Reduce liquor consumption, smoking and vaping.

You will not only save a lot of money, but by staying healthy you will avoid the high costs of the doctor’s visits, medication, and medical treatment.

#10 Save on Car-Related Costs

Pro tip: Avoid unnecessary travel to save on gas.

Get my 12 frugal ways to save gas and car-related costs. My #4 tip is totally FREE!

#11 Avoid Lending Money to Others

Don’t lend others money – this may sound selfish, but you need to look after yourself and your family first.

But if you have more than enough money to spare, or have grown a huge emergency fund, you could consider helping out the people you love in an affordable way.

Or you can help people in some other way.

#12 Start or Increase Your Emergency Fund

This is probably one of the most important things you need to attend to ASAP.

Pro Tip: Don’t worry about how many months of emergency fund you need, just start now.

Get my tips on building your emergency fund here.

#13 Examine Your Spending Habits

If you’ve been putting off doing this, now is the best time to examine what you’ve been spending your money on and how frequently you’ve been doing this.

Pro tip: An easy easy is to look at your credit card statements and store receipts.

#14 Increase Your Savings Now

You can look to increase your savings by adopting my everyday frugal ways. Get my hundreds of practical frugal tips below:

 400 Best Frugal Ways to Save Every Day of the Year

20 Creative Ways to save Even More Money

100 Frugal ideas to Live Life to the Fullest Without Spending a Ton

Pro Tip: With the money you save by applying the tips above, you can channel them towards increasing your savings or improve your emergency fund.

#15 Smart Grocery Shopping

Most of us don’t realize the supermarket traps that make us spend more than we should.

Get my tips to avoid the shocking traps supermarkets don’t want you to know.

Learn these 69 Grocery Saving Hacks to Slash Your Grocery Bills in Half to save more money.

Pro Tip: Reduce your food costs as much as you can.

#16 Whip up Cheap and Healthy Meals

Pro Tip: Learning to cook meals yourself goes a long way towards increasing your savings.

These cheap and healthy recipes are perfect for you to get started. 

Here are 42 frugal, tasty and nutritious recipes to inspire you.

# Start a Budget 

Starting a budget can help you manage your money better and gain control of your finances, especially in these uncertain times. 

Pro Tip: Starting a budget is wise if you can’t control your spending. If  you haven’t done so, you need to do it.

Learn how you can start a budget here.

#17 Utility Savings

Saving on your utilities can go a long way towards adding more money to your savings fund. These saving measures have stood our family in good stead over many years.

You’ve got everything to gain by applying them in your daily lives. Don’t forget to use these tips to get 22 Useful Things for Free.

Pro Tip: Apply these saving measures below to skyrocket your savings.

How to save Power and Slash Your Power Bills (Part 1)

How to save Power and Slash Your Power Bills (Part 2)

How to save Power and Slash Your Power Bills (Part 3)

Simple Ways to Save on Water Bills Every day (Part1)

Simple Ways to Save on Water Bills Every day (Part2)

Wrap Up

These smart money tips will help you keep more money in your pocket in these uncertain times.

My hope is for you to apply these highly practical tips. They work because my family have been using them for more than 20 years, helping us save thousands of dollars, even though our family income is by no means high.

I’m confident that they’ll help you too.

Thanks for sharing this!

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17 Smart Money Tips for Uncertain Times

 

 

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