The collateral damage caused by the COVID-19 pandemic has created an uncertain world, whereby we are living through an economic crisis. During such an unprecedented phase, money management is an essential skill and in this article, we shall discuss how you can save money to weather the storm we hope will clear in the next couple of months. In the meantime, however, it is important to keep a financial cushion as a priority.
A lot of people have decided to opt for take-out during these troubling times, to avoid crowds and still enjoy an outside cuisine experience. Although this does spare you the hassle of having to cook food and is an enjoyable treat, the expenses of regular take-outs can get out of hand.
Perhaps it may be wise to cut down on the gym memberships till the storm calms. Not only would you increase your chances of exposure to the virus, but you may also impact your wallet negatively. During these less ideal times, you may consider an outside jog, or following some videos on YouTube with your favourite exercises.
Going out is definitely an invitation for further expenses. If your priority is to cut down on your expenses, it may be wise to plan on staying in as much as possible and avoid going out unless necessary. Apart from the entertainment expenses, you would also be saving on fuel.
It would be wise to review all the subscriptions you are registered for. You may have a number which you are no longer interested in and cancelling these will save you some money at the end of each month.
Several employers now allow their employees to work from home. If you have the opportunity to work from home, you might be better off taking it to spare both time and also money which can be used more productively.
Although you may be visiting physical stores less, online shopping is still an easy and available option. Although the inclination may steer towards a quick impulse purchase, discipline is key in ensuring you maintain your required savings.
The importance of cleanliness has never been as paramount. In a time where we are fighting a virus, one of its main enemies being soap, it is important to maintain high levels of hygiene throughout your home. With that said, if you are currently spending money on additional support to maintain your house, you may need to take on certain house chores for your own, to spare expenses.