NORFOLK, Va. — Even as people are worried about the slowing economy, for many, the pandemic is presenting opportunities to save money.
Experts advise consumers to think about the money they aren't spending, such as in gas prices or entertainment expenses, and hold on to the savings.
But if you need a little extra help, here are five tips to save on regular expenses.
Pay only for the cell phone data that you use
If you're under a contract, don't let that stop you from trying to negotiate with your carrier to see if they can ease up on the unlimited data expense.
Andrew Moore-Crispin is the Director of Content at Ting, a MVNO mobile service provider. He says Ting is offering a $15 unlimited talk and text plus pay-per-use data plan.
"You're not using mobile data which tends to be the most expensive thing on your cell phone plan. Instead, you're most likely using your wifi in your home," says Moore-Crispin.
Now is not a good time to sign a new contract. Look for flexible pricing models when choosing a carrier.
Check if your cell phone provider will waive late fees
Some carriers might be willing to waive late fees if you have trouble paying your bill on time, but don't expect the generosity to call you. For instance, Verizon asks that you first notify them of your financial hardship and fill out a form. T-Mobile and AT&T are also waiving late fees for 60 days.
Renegotiate your credit card rate
Ameriprise Financial Advisor Vice President, Keith Berenguer says don't hesitate to contact your credit card company to see what they're willing to offer and be prepared to negotiate. Interest rates are low.
Seek rent and mortgage deferments
Berenguer says many mortgage companies are being very generous in helping out their customers during the pandemic. While you have more time, he suggests, pick up the phone.
"To see if they will enable you to miss a payment, either add on to your existing rent in the future or add to your mortgage, to the end of your term."
Take advantage of credit card cashback options at restaurants
Clearly, the best way to save money on food is by doing more cooking but according to TopCashback.com, 35 percent of Americans are ordering more food for takeout and delivery than they were a month ago.
The website recommends using credit cards that that will earn you cash. For example, the Capital One Savor Cash rewards card earns you 4% cashback.