Whether you’re a business owner, or working a 9-5, chances are you’re being affected financially by Covid-19. The Coronavirus has struck our economy like a relentless storm; leaving many without jobs, without childcare, and without their health. You name it, and people all over the world are likely experiencing it right along with you.
For many, the financial impact from Covid-19 has left us feeling fearful for the future. Today, I’m sharing three easy ways to help reduce expenses during Covid-19 that could start helping you save money this week. And quite frankly, these are also tactics that you should use all the time in your small business and your life. So, here we go…
Make a List of Non-Negotiables
Call me old-fashioned, but I love making lists. Not on my computer. Not on my phone. I love making hard copy lists with a pen and paper. But whatever way you prefer, start making a list of your non-negotiables.
What are non-negotiables? Start by first making a list of ALL of your monthly expenses related to your business (or to your household if you’re not a business owner). Then, one-by-one, go down that list and check off only the items that you absolutely cannot budge on. For example, internet, bookkeeping programs, and email capture programs, like Mailchimp, for your website are just a few that I would mark as a non-negotiable.
After evaluating your non-negotiables, ask yourself how you can either cut out, or reduce the cost of, the remaining items on your list. For instance, if I pay for a program that automatically schedules my Instagram posts, I would consider cancelling that service now that I might be finding that I have more time on my hands thanks to our “shelter in place” orders.
Annual vs Monthly Subscriptions
Many services like Adobe, bookkeeping programs like 17Hats, or other monthly subscription based services offer discounts for annual subscriptions vs monthly ones. For a household, I would look into your cable service, your garbage removal, or your internet service to see if there would be the ability to switch to an annual payment plan.
Many times, you can save at least one months payment worth when switching to an annual payment.
What Can You Do Yourself?
Another easy way to reduce expenses during Covid-19 is by asking yourself what YOU can do vs what you’ve been paying someone else to do. If you’re finding that you have some extra time on your hands during your quarantine, begin taking a look at the tasks that you often pay someone else to do. Website work? Blogging? Editing? Social media management?
Now, I wouldn’t necessarily tell you to completely stop subbing out your work. Remember, there is a business owner on the other side who is also finding it hard to make ends meet during this global pandemic. I would suggest having an open and honest conversation with those who you sub your work out to and discuss a new arrangement. Maybe you’ll agree to send them a portion of your normal work, and then you’ll do the rest yourself.
For a household, this might look like garbage removal. You can choose to take the garbage and recycling to the dump yourself. Do you really NEED cable tv or will your cheaper subscriptions to Netflix and Hulu suffice? I’m sure, if you really sat down and thought about it, you could come up with a list of a handful of items that you could probably start doing yourself in order to save your household some money.
And there you have it. Three easy steps to reduce expenses during Covid-19. Whether you’re a business owner or not, these three steps will help get you on the right track to saving you money this week.
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