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Last updated Aug. 15, 2020
2020 has been a very challenging year for all. The novel coronavirus (SARS CoV-2), which is responsible for COVID-19, was identified as a major health concern as 2019 drew to an end.
Most of us couldn't understand how serious it was until the World Health Organization declared it a global pandemic.
Businesses were forced to close down, and governments shut borders to contain the virus.
Several months after it was declared a pandemic, there is neither a cure nor a fully certified vaccine for the virus. Basically, we are still facing a global pandemic, and the disruption of economic activities has affected us all.
Many families have seen their means of livelihood dwindle continuously. The need to be prudent with finances cannot be overemphasized.
It is possible to save money during this trying time. In fact, it is exigent that you save more during this period as the future is still a little too uncertain to take risks. Do you know how to achieve that? We have a few tips that can help and will share them right away:
In a time like this, the temptation to buy some things you don't need or to buy in quantities you don't really need will be high. People panic in situations like these, and you shouldn't let it get to you.
Buy only the things you need and always buy in moderation. Do not let the fear of escalating prizes drive you to buy too much for the future. There are good chances that price will not escalate as much as people have predicted.
You can put off buying certain things now that no one is certain how events will unfold. There are big purchases that can wait until the economic outlook is clear. Unless you have a lot of money, buying a car or other such expenses should wait.
There is also a good chance that you can find a better deal when you wait a little while longer. Learn to wait a little while before making huge purchases.
This is a good time to try buying used items if you are not used to the idea. You may find high-quality home appliances in the secondary market.
Some sell not because the items are faulty but because they have new ones and need to get rid of the old ones. Some also sell because they need cash urgently. Check online to see if you will get some of the items you want in the second-hand market.
It is time to eat more of home-made food. Besides the fact that they are healthier, they can help you save more. Most people realized just during the pandemic that they had been spending too much in restaurants and bars.
Quit ordering takeout and delivery. Try to cook more. You can also learn to bake some of your favorite snacks. You will find that you will save a lot of money when you make your own meals at home.
There are probably some subscriptions and paid memberships you have that you don't need. This is the time to let go. It may be cable television subscription, online streaming service, or a gym membership you can actually live without. It is time to do away with them and save some money.
It may be tempting to get into a new subscription if you have more free hours due to the pandemic. Do not yield to the temptation. You will gain more reading than watching some premium entertainment television programs.
The way you shop for groceries also affects how much you spend on a monthly basis. To save more on food, buy most of the things you need at once.
If you can create and stick to a meal plan, it can even get better for your saving habit. You can buy everything you need for a week. This will reduce how often you go to the grocery store and the amount of money you spend on food.
This is also a good time to look at your expenses closely and identify things that are actually non-essential. If you can live a quality life without them, you are better off without them.
It could be a daily coffee purchase or regular beer consumption. Cut down on such expenses and put the money into something more productive.
You can also save a significant amount of money if you can cut down on the amount of electricity you use in your home. The odds are against you if the pandemic has forced you to stay more hours at home. You will likely spend more hours watching television and engaging in other activities that consume electricity.
But you can take charge and use less energy in your home. There are several decisive changes that can help you achieve it. Investing in energy-efficient/green home appliances is one of the most important ones.
To save something meaningful, you need a savings account.
You can leave some money in your current account, but there is no guarantee that you won’t make a withdrawal or purchase at random with the fund. If you have a separate savings account that is not easily accessible, you will be able to save more.
This may sound unconventional and too different from the others, but it works just fine. If you are occupied with learning something new, you will have less time to seek pleasure and entertainment.
Invariably, this can help you save some money. It is true that learning new skills normally requires monetary investments, but there are free courses you can find online.
Again, the knowledge you will get from most paid courses is much more valuable than the time and money you will spend acquiring them.
The COVID-19 pandemic has been tough on the economy of most households. You will have to save more to survive this period and the uncertain future we are facing.
The tips here can help you, but you need to be very disciplined to make them work.
If you have any further questions, contact us and we would be happy to help you.