With the lack of work and closure of establishments due to the COVID-19 lock down, folks from all over the world have spent the last couple of months struggling financially. That’s why most people – if not everyone – are on the hunt for the different ways to save money during a pandemic. If you’ve been lucky enough that your financials are still in good status despite these hard times then good for you, but if you’re one of those people who are looking for some help in money management then you’ve come to the right place.
Written below are some of the different ways to save money during a pandemic. These tips are simple to follow but can be a great help with your goal.
1. SET A BUDGET
Whether you’ve already been doing this pre-covid or not, establishing a budget while living in the middle of a pandemic is a great way to save some money. Creating a budget for a specific term is a must as it gives you the chance to limit your expenses.
It will also allow you to have savings that you can use for emergencies and other future scenarios.
2. DISCONTINUE UNNECESSARY MEMBERSHIPS AND SUBSCRIPTIONS
Most gyms, theme parks, spas, and other establishments that offer membership programs have been closed since the start of lockdown. So, if there’s a perfect time to cancel memberships that you don’t currently use but are still paying for, it would be now.
In addition to that, you can also save money by stopping your subscription on things that aren’t always necessary such as magazines, pre-planned meals, streaming services, and so much more.
To make this easier, you can list down all of your paid monthly subscriptions and memberships then cross out those that you can live without at the moment.
And remember, once the pandemic is over and you can return to your normal daily job, then you can apply for those paid services once more.
3. MAKE SMARTER DECISIONS WHEN SHOPPING
Doing lesser shopping sprees can save you a lot of money. However, if buying things online or in-store is something that you can’t just drop yet then you just have to learn to make wiser decisions with your purchases.
Whenever you go out or online and you see something that you want to buy, ask yourself first if the item is of great importance and if you need it right away. If you answered yes on both then go ahead.
But if not, then leave it alone. Also, learn how to compare product prices on different platforms so you can get the best deals possible.
4. USE COUPONS
Next on this list of different ways to save money during a pandemic is turning to coupons. Don’t be afraid to use your coupons when making offline and online purchases because they can help lower your total bill.
Coupons can be acquired from groceries and other stores or restaurants that you often go to. You can also search online or in magazines for the cut-out versions that you can redeem at the store they are made for.
5. COOK/BUY IN BULK
Another example of being a wise buyer is by purchasing products in bulk. Why? It’s because groceries and department stores often set a ‘wholesale price’ for their products. You will get a discount once you’ve hit the required number of items that they have set.
Buying in bulk will also allow you to stock up on necessities so you don’t often have to go outside and potentially expose yourself to the virus.
You can also save money by bulk cooking. How? Well, you will be able to save on gas, water, and dishwashing liquid for starters. Just make sure you know how to store and reheat food properly so you won’t endanger your health.
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6. OPEN A SAVINGS ACCOUNT
Establishing a savings account is also important as it provides you a secured space to store all of the money you saved. Treat it as your virtual piggybank, whenever you have some extra cash just deposit it in your account. Keep doing that and over time, your money will grow.
This one is quite simple, yes, but it’s something that you would find very useful in the long run.
7. ASK FOR A LOWER RATE ON YOUR LOANS/SUBSCRIPTIONS
Okay, this one might be a little complicated given that insurance and loan companies are quite tough when it comes to requests like this. However, it is still worth the try.
Reach out to your car insurance company and ask if you can have a lower rate for your loan given that you have not been using your car a lot for the past couple of months.
Alternatively, if you’re a student, you can also try to ask your internet provider if they would be willing to give you some sort of discount. If they decide that they won’t, look for other companies that will. Try to know their terms and see if they would be able to help you save more money during a pandemic. If they can, then switch.
8. INVEST IF YOU CAN
One of the biggest lessons that the pandemic has taught us is that it’s important to have funds that you can use in times of emergency. There are several ways to make sure that we’ll have money to spend when we need it, and one of the easiest ways is by investing.
Making investments is great especially if you’re thinking of long-term goals. Investment also has a huge chance of working out if it’s something that you are knowledgeable about.
So, whether you want to invest in a clothing business, real estate, or even in the food industry, if it’s something that fires up your soul then you have to dedicate a great amount of time and effort to it so you can get the results you want.
These are just some of the different ways to save money during a pandemic, follow these tips and you will surely be able to achieve your financial goal of having some extra cash in your pocket that you can use for future emergency situations.
Speaking of financial goals, if you need more help in managing your finances then feel free to read our other articles such as this one that talks about the different financial mistakes you must never commit and this post as well if you’re looking for examples of good money habits.
Disclosure: I am/We are long $AAPL, $ADM, $ALL, $BG, $BGS, $BP, $BUD, $CAG, $CALM, $CAT, $CL, $CLX, $CMI, $COF, $CSCO, $DAL, $DFS, $F, $FAST, $GD, $GE, $GT, $HBI, $IBM, $INGR, $IRM, $JNJ, $JPM, $KHC, $KO, $KSS, $LHX, $LUMN, $MMM, $MSFT, $NWL, $O, $PEP, $PFE, $PG, $SBUX, $SJM, $SPTN, $STX, $SYY, $T, $TSN, $UL, $UPS, $WFC, $WPC, $WRK, $WY, $XOM
Disclaimer: All the information above is not a recommendation for or against any investment vehicle or money management strategy. It should not be construed as advice and each individual that invests needs to take up any decision with the utmost care and diligence. Please seek the advice of a competent business professional before making any financial decision.
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