5 Ways to Save Money While Working From Home

5 Ways to Save Money While Working From Home

There is no doubting that this pandemic has created financial difficulties for most of us.

Be it a complete loss of income due to layoffs or being furloughed, or maybe it’s because you’ve checked your online banking history and found a significant increase in food delivery expenditures, the fact is, none of us are impervious to the fallout of COVID-19.

What we do know is that we are survivors with God in our corner. And when life hands you lemons, our hope is that West Angeles can give the best lemonade recipes.

Here are five opportunities to save money in these uncertain times:

  • Open the “right” savings account.

    With your commute more than likely being non-existent, Angelenos and others have at minimum an extra hour or so per day on their hands.  We should use this extra time to research high-interest yielding savings accounts. Banks are constantly jockeying for who is giving the highest interest rate. Pro tip: sometimes online banks give a few points higher in returns because they don’t have to support brick and mortar operations. 

  • Find an affordable tax software.

    We’re home, have less disposable income, and COVID-19 will likely continue to affect us into the 2021 tax season. Take a look at finding tax software that is simple and cost-effective. Use some of that extra time you have on a daily basis to do a bit of digging in those junk drawers and online banking portals for some deductions that may have skipped your mind.

  • Make your online shopping benefit you!

    Although physical stores are slowly reopening, the ease and allure of shopping online is a real thing, and many of us are still shopping from home. As the deliveries arrive in droves, applications like Acorns can help your savings grow at the same time. Acorns is an app that combines a micro-saving and micro-investing strategy to create a powerful portfolio. How does this work you may ask? Basically, the app will automatically round up your purchases to the next dollar and save the change. Next, it invests the money according to your risk tolerance. Over time, your investment portfolio will grow.

  • Seek out free entertainment.

    Just because you’re at home and have blown through all the series on your Netflix docket doesn’t mean you should immediately sign up for another streaming service. You can, as an alternative, check out the database of services your church has available online. Do a deep dive online about your family or cultural history. You could also take it “old school” and challenge yourself to memorize a Bible verse a week!

  • Learn a new skill for free!

    This remains the perfect time to challenge yourself in picking up a healthy hobby. Anything from running to learning a new recipe. There are plenty of YouTube videos that will help you to learn any number of new skills. For a deeper dive, sites like Coursera have plenty of career advancement courses. They are available online at no cost. Udemy also has hundreds of free online courses.