5 Tips to Save Money During this Confinement Period

5 Tips to Save Money During this Confinement Period

Many of us have had to tighten our budgets during these unprecedented times. But this isn’t a reason to panic! There may be several ways to cut back certain non-essential expenses. Here are some ideas.  

Request a Deferral of Your Mortgage Payments

Many banking institutions are open to suspending mortgage payments for their customers who have lost a portion of their income. You may be entitled to having several weeks in capital reimbursements deferred. This means that the owner must continue to pay the monthly interest on the loan as well as the administration fees. However, it’s always to your advantage if you can afford to continue your regular payments considering that by delaying the repayment of a debt you will incur additional interest. Contact your financial advisor!

Modify Your Cellphone Plan

By being at home almost 24 hours a day, seven days a week, you may no longer need all the cellphone services you pay for every month, especially if you are using your computer a lot more. There is, therefore, no point in paying for unlimited data or increased download capacity. You may also be making more long-distance calls or spending your evenings texting. In these cases, you should opt for a plan that is adapted to these needs so that you don’t end up with a hefty bill.

Cancel (or Suspend) Your Gym Membership 

Just because the fitness centres are closed doesn’t mean your gym will automatically put an end to your contract. It is important to call Customer Service or contact them online to come to an agreement (cancel or suspend your membership). You should also know that this type of business is prohibited by law from requiring that customers sign a contract that locks them in for several months. This means you can cancel at any time (some basic fees may be charged, though). So, pandemic or no, end your membership if you are no longer sufficiently motivated to use your gym’s services. Instead, work out at home!

Cook More

Encouraging local restaurants and caterers that offer home delivery is laudable; nonetheless, this is rarely economical! If you have time to cook, it’s a great way to cut expenses. Some products are much more expensive to buy than if they are homemade, such as granola bars, muffins, frozen pizzas or bread. This time at home is also ideal for trying out new recipes.

Take Advantage of Free Entertainment

Renting movies or buying video games to download can really blow a budget. But entertaining ourselves is important! The solution is to turn to free online options. For example, the artist Véronique Cloutier has made the digital format of the latest edition of her magazine, Véro, available at no cost. The magenligne.com platform is offering all new members at 30-day free trial to view all their digital magazines and books. Comedians and singers are performing live on their Facebook pages. Authors are reading bedtime stories live to help children fall asleep. You can find free podcasts on websites such as La Fabrique Culturelle. There is lots to choose from!

Effortless Savings

And don’t forget that, without realizing it, you are slightly reducing your expenses during this pandemic by simply staying home. There’s a cost to having friends over, treating yourself to a restaurant meal or going to the movies! The gas you don’t put in your car or the transit card you don’t buy anymore are indeed additional substantial savings that will impact your budget.

We hope these money-saving tips will help you get through this financial crisis. Hang in there!

RE/MAX Québec

By RE/MAX Québec

By RE/MAX Québec

A leader in the real estate industry since 1982, the RE/MAX network brings together the most efficient brokers.