2 ways to cut back on spending during COVID-19

HOUSTON, Texas (KTRK) -- Here are two specific places you can look to save cash during the COVID-19 pandemic.

It may take a little work, but it could be well worth the time.

The first place to look at is car, home and renter's insurance.

SEE RELATED STORY: Car insurance companies to reduce costs during COVID-19 pandemic

Most people do not shop around for lower rates. It is something an expert advised you should do every year.

The savings could be considerable, potentially cutting the insurance bill in half.

The second place to look at is the power bill.

If you signed up for a low rate a couple years ago, but did not take the time to enroll in a new plan, you are probably spending too much per kilowatt hour. You are advised to call your power provider, find out what plan you are on and inquire if there is a less expensive one.

"Being very frank with your lenders, 'Look, I lost my job, I had a cut back on my hours,'" Professor John Lopez at the University of Houston Bauer College of Business said. "They will want to work with you, so do not hide from that. Contact them directly and explain the situation. They want to keep you as a customer."

There are also apps to help track your expenses. Mint and Quicken are recommended apps. They help users track where their money is spent to help cut expenses.

SEE RELATED STORY: COVID-19 Financial Relief: Where to Get Help in SE Texas

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