How can you save money during COVID-19?
- Assess All Your Expenses
- Build an Emergency Fund
- Cancel Unnecessary Subscriptions
- Cook Your Own Meals
The COVID-19 virus has definitely put a stop to major economies. These drastic changes have inevitably affected people’s livelihoods. Some employees have been forced to work shorter hours, while some have been laid off altogether due to cost-cutting measures. With this in mind, knowing how to save money during COVID-19 has become a priority for many people, especially those who are still fortunate enough to keep their jobs.
If you’re one of the lucky ones, then holding onto all your financial assets during this time should be at the top of your list. Here are a few tips to help you do that.
Assess All Your Expenses
COVID-19 has also changed the way you spend your money. Instead of allocating your monthly income to miscellaneous spending, you’re devoting much of these earnings towards buying essential goods. These essentials may range from facemasks, face shields, disinfectants, food, water, and the like.
Knowing this, you have to make sure that you’re assessing all your expenses, as well as, any changes that you see. For example, while you may begin to save up on transportation costs, you may also see an increase in your electricity and utility bills.
Tracking where your money goes is a good way to help you plan your budget for a monthly, or more periodic basis. In this way, you can lower the allocated amount for expenses that you won’t be needing, while subsequently increasing the amount for those that you do need.
Build an Emergency Fund
There’s no better time to build up your emergency fund, than today. Although you may try to anticipate the best outcomes, it’s still important to plan for the worst.
To start allocating money for your emergency fund, you should let your monthly salary serve as the basis. This is because your salary is supposed to be able to cover the expenses that may arise from medical fees, utilities, groceries, and other financial obligations.
As much as possible, you want to meet or exceed your monthly emergency fund deposit targets. Stay consistent with your spending for a period of three (3) to six (6) months so you can get your desired outcome and meet your monthly goals for the fund.
Cancel Unnecessary Subscriptions
Cancelling your subscriptions is a great way of having more money in your pocket during this crisis. That HD-channel bundle or that movie streaming service that you don’t even use? It may be high time to cut off these, and other subscription services that you no longer need.
Many of these subscriptions are paid through an automatic debt scheme from your account. If you’re not in the habit to check your bank accounts frequently, you may not notice just how much money you’re pouring towards these subscriptions.
Through cancellations, you’re able to save up more money and allocate them towards other more necessary expenditure.
Cook Your Own Meals
Ordering your daily meals may be unavoidable during this time, and who can blame you? Working from home can be tiring after all — sometimes, you just don’t have the time and energy to cook your own food. Having it delivered is far less time-consuming and more convenient.
Despite this, you should do your best to shop for your own groceries and cook your own meals instead. For example, a home-cooked roast chicken meal can last you for a week — compare that to a one-time takeout of chicken and rice that’s only going to last you for 30 minutes or even less!
Beyond the savings, cooking your own meals is far healthier because you know what you’re putting in your food. You’re also avoiding unhealthy ingredients that may weaken your immune system.
If you don’t know anything about how to save your money during COVID-19, then this guide has set out to give you simple, yet beneficial tips that you can follow during your own time.
Saving money can be as simply as having a budget that you can follow, identifying all your expenses, cooking your own food, or even building up your emergency fund. The best piece of financial advice is for you to stay consistent with these practices — this helps you achieve longer-term goals on your finances.
There are far more things you can do to increase your savings during a pandemic. There’s no better way to learn about it than from an experienced businessman and investor like Benito Keh. He’ll be able to teach you invaluable money tips and tricks that can help you grow your money during this time. Get in touch with him by clicking here!