A Better Cut

A Better Cut


The coronavirus has left many scrambling to rein in their expenses. Cutting back isn’t always easy, but in this climate, it can be helpful. Here’s how to reduce your spending without feeling like you’re being deprived.

Focus on the Positives

Instead of dwelling on the lack of fun spending, focus on the added benefits of cutting back. Sure, you’re not going on that beach vacation this year. You are, however, padding your emergency fund. Another benefit of reducing your spending? It makes your choice clear. Perhaps, before the pandemic, you wanted to cut back and save more, but just couldn’t do it. Now you are all in. The changes in the world have made your choice clear. There can be calm in clarity.

Enjoy The Change

Reducing your spending can have a mind-altering impact. It can be freeing to cut back. You’re no longer buying impulsively and then feeling ashamed of the purchase. Your spending will shift from wants to needs. As Marketwatch notes, reducing your spending essentially gives you your power back. It’s like pressing a reset button on your finances. From this point forward, you have a new focus.

Know the Limits

If reducing your spending is difficult, consider the old adage: This too shall pass. It’s hard to keep the big picture in mind, especially now. However, remember that nothing lasts forever. The pandemic will end. Life will (mostly) go back to how it was before. Keep in mind that cutting your expenses doesn’t have to last either. Reduce your spending for now, then reevaluate your plan in a few months. Nothing has been set in stone.

Articles
Food Smarts
Food Smarts

According to the Department of Agriculture, in 2018, Americans spent an average of 5 percent of their disposable income on grocer...

Read More

Carded
Carded

Stimulus checks aren’t always what they seem. In fact, many Americans are finding that the “check” they were expecting in the mai...

Read More

Upended
Upended

According to the National Association of Realtors (NAR), the pandemic hasn’t hurt home prices. In fact, at least for the first qu...

Read More

Tipping Right
Tipping Right

Tipping during regular times can be complicated. Now, with the coronavirus turning everything upside down, tipping workers can se...

Read More

Social Saver
Social Saver

Social distancing’s major benefit is that it is slowing the spread of the coronavirus. But there’s another upside of this new (ho...

Read More

Work With It
Work With It

The coronavirus is here and people are worried about many things, including money. A recent study from US News found that a major...

Read More

Ch-Ch-Ch-Changes: How Your Budget Has Adjusted To Coronavirus
Ch-Ch-Ch-Changes: How Your Budget Has Adjusted To Coronavirus

It’s common to at least try to start each new year off on the right financial foot. In January, you probably pledged to spend les...

Read More

The Great Pause
The Great Pause

The coronavirus has driven millions of homeowning Americans to ask for a break with mortgage payments. Thankfully, the new CARES ...

Read More

Online Speed Bumps Ahead
Online Speed Bumps Ahead

Now that the coronavirus has forced you to do more online shopping than ever, it’s not a bad idea to keep an eye out for warning ...

Read More

Website Terms of Service

Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

  1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
  2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
  3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
  4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
  5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.