5 Financial Benefits of Social Distancing
It seems like whenever you turn on the news these days, there’s something negative that can get you down. With COVID-19 forcing many of us to stay at home and remain socially isolated, the last thing we need right now is bad news. So let’s take a look at the bright side of things, shall we?
Social distancing has several advantages, from limiting the spread of disease to encouraging more people to read. It even has some financial benefits. Let’s take a look at five of them:
- Lower Vehicle Costs
Gas prices have plunged over the past several weeks. Why? People aren’t using their vehicles as much, so there is less of a demand for fuel. Since people are driving less, there are also fewer accidents. Because of this, many insurance companies are giving people refunds on a portion of their insurance premiums. Add in less wear and tear on the vehicle and it’s easy to see how vehicle costs are lower with social distancing.
- Better Budgeting
It’s no secret that many of us have been laid off or are getting our hours cut. While this means reduced income, it can also force us into developing better money habits and budgets. When all of this passes, you can use these budgeting skills moving forward and will be in a good place to manage your money wisely.
- Improved Shopping Habits
Just as our budgeting skills are improving, so are our money-saving shopping habits. You might start using the off-brand for an essential household item. Or, you might start using coupons more. Or, you might take advantage of promotions. Either way, your shopping mindset is changing for the better.
- Less-Expensive Meals
According to a 2015 report from the Bureau of Labor Statistics, Americans spend an average of $3,008 on eating out each year. Going out for lunch at work instead of bringing lunch is a big reason for this. With more people working from home, it means they’re consuming more homemade or grocery-bought meals. While it’s important to support local businesses and restaurants during this time, you’ll hopefully see the benefits of less-expensive meals.
- Mobile Banking
You’ve probably increased your mobile banking skills lately. Or, you’re using it for the first time. Either way, social distancing can help you improve your technology skills and help you see the benefits of mobile banking. With Spentra, for example, you can manage your pay remotely and access much-needed funds before payday.
To learn more about the benefits of using Spentra during these uncertain times of social distancing, check out this article.