The coronavirus pandemic has affected the economy like few other events in modern history. Skyrocketing unemployment and an economic slowdown are a cause for concern.
Unsure of what the future might hold, now is the time to cut back on spending and save as much money as possible. Necessity is the mother of invention, and the ‘new normal’ requires a less than usual approach to working with your money to make each dollar go as far as possible.
Here are some ideas for money saving:
Tracking your food expenditure can be a wake-up call when it becomes evident how much money goes into keeping everyone’s appetite satisfied. With more time at home due to the lockdown and continued restrictions, consider preparing meals from scratch as this is often cheaper.
Get back to basics and try growing some vegetables to use when cooking. Cook in bulk and freeze meals as this saves electricity, thereby keeping your utility bill low.
Plan meals for the week and make a list of the necessary ingredients. Then venture out to the grocery store get everything at once. Put on your blinkers in the store, and do not get distracted by sales and offers on things you do not need.
But do look out for bulk buy savings on everyday items and take advantage of them. Many stores offer discounts for loyalty cardholders, so do not leave yours at home. Use available coupons to reduce your weekly grocery bill.
With a little extra time on your hands, use it to shop around for better insurance premiums. Use insurance comparing platforms to see if you can get a more competitive quote on vehicle and home insurance. There is no harm in making sure that what you are paying is market-related.
By turning to BrokerLink Insurance, customers get value for money and premiums that better suit their budgets. While the saving on insurance might not be that significant, every little bit extra helps save money.
It might not be necessary to switch to another insurer. Many insurers guarantee that they will match or beat any quotation. If this happens, you will save some money without the hassle of changing insurance.
Many people find shopping relaxing, and there may be a strong temptation to seek a little retail therapy to calm your anxiety during this challenging time. However, a splurge has consequences, as the money to pay for it must come from somewhere, most likely another budget item that you will need to reduce.
The first rule of implementing a budget is to cut back on discretionary spending. This includes buying something special that you do not need to make yourself feel better.
Put your credit cards away and do not rely on them unless there is an emergency. If you are the type of person who struggles to resist retail therapy, stay out of the mall to avoid temptation. Cut down on subscriptions you can do without to save money.
Approach creditors and explain that you are experiencing budgetary constraints and come to an arrangement. Most creditors prefer to recover something on an outstanding debt instead of nothing. They might consider providing some coronavirus pandemic relief on debts or offer a reduction on your repayments. However, customers must request such accommodations.
The point of saving money is not to spend it on other budget items unless necessary. Put whatever money you can save into an emergency fund to prepare for tougher times that might lie ahead. Alternatively, put it into your investment accounts so that it can grow and benefit you later.