AIEP BULLETIN - SIMPLE WAYS TO SAVE MONEY DURING COVID-19
People are spending a lot of their time at home to help prevent the spread of the coronavirus. Some of you may know that this could be a good time to save money. Many people are concerned about basic expenses and bigger payments, such as car loans and mortgages. To help, we will provide quick and easy ways on how to cut costs during this tough time. We will also share important information from the Internal Revenue Services (IRS) regarding the stimulus checks. 

Are you ready to save money?
SPEND LESS, SAVE MORE
At this difficult time, making changes at home can save you money. When you follow social distancing rules, you spend less money on gas, eating out, and entertainment. Here are some additional recommendations from Huffpost for cutting expenses:

  • Stop contributing to savings - If you’re out of work and falling behind on important bills, it’s okay to put savings goals on the back burner
  • Defer loans payments, if possible - If you are out of work, you should make a list of any monthly payments you have or debt, and contact your creditor to find out what options are available for you in this situation
  • Workout a payment plan with your landlord - If you recently lost your job, rent payment is a big expense to cover. You can talk to your landlord and come up with a payment plan on how to pay your rent
  • Adjust your auto insurance - If you are spending most of your time at home, and driving less, it's possible that your car insurance is more expensive than necessary. Call your provider to find out
  • Cut the digital cord - It's easy to overspend on subscription services and movie rentals, but you can try Hulu, CBS All Access, Sundance Now, Netflix, Amazon Prime Video, Showtime and YouTube Premium that offer month-long free trials
  • Freeze your memberships - If you have memberships such as a gym membership, you can freeze the membership and not get penalized depending on which gym you go to and what their policies are. If you cannot freeze a membership, maybe they can lower the cost for the months you are not using it
  • Take stock of your pantry - Take your time to make a good inventory list on what you need to purchase, rather then what you think you need
IRS STIMULUS CHECK
IRS is now sending stimulus payments through direct deposit and the mail, which is authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The stimulus payment is up to $1,200 for the Americans who qualify for it.

As part of the 2020 stimulus check, you may be eligible for a payment from the federal government. Here's some information provided by IRS on who can be eligible :

  • You have to be a U.S. citizen, permanent resident or qualifying resident alien
  • Cannot be claimed as dependent on someone else's tax return
  • Have a social security number (SSN) that is valid for employment
  • Have adjusted gross income below an amount based on your filing status and the number of your qualifying children

There is an IRS online status tracker, which is called Get My Payment . Once you click on the link, you can check on the status of your Economic Impact Payment.
THE MCCURRY FAMILY - SAVING MONEY
CNB  has shared a great story of the McCurry family. A family of five, who live in North Carolina and managed to save $1 million in 10 years, by consistently banking 70% of their income. Here are three simple ways they recommend to save money: 

  • Call up your cell phone and insurance providers - By staying home you may not need the unlimited data plan for your cellphones, you can call your provider and find out how you can save. Also, if you are not driving a lot, you can call your insurance agent and ask if you can find a cheaper insurance policy 
  • Skip takeout and keep it simple when grocery shopping - Try cutting back from take out and cook more meals at home
  • Cancel Subscriptions you don't need - Eliminate expenses that don't have to be permanent, take advantage of free monthly trials
By saving every dollar you can, it will be a little easier to manage your money. Hopefully these ideas will not only help you save money, but also keep you safe and happy.
Bulletins produced bi-weekly by Ferdiana Dede - Marketing Department