As it feels as though COVID-19 has put some things on hold, you may be looking for money-saving ideas for early retirement, world travel, or just an emergency fund. But come some free time paired with the luxury of E-commerce, we just can’t help flushing our money down the online shopping drain.
Now, with quarantine confining us to our comfortable four walls, we have the opportunity to put all those money-saving ideas to use.
‘It’s not that simple,’ you say? Maybe it is if you simply give it a try! Here are some easy money-saving tips for you to take that first step towards saving.
So how can I save money in the times of Covid-19?
1. Do some basic mathematics to cut corners & increase savings!
For all of you wondering – “ugh, I am a spendthrift, how will I ever save money?” Fret not! Firstly, start calculating your income & expenditures by asking yourself these questions:
- What’s my income?
- How much do I need to set aside monthly for rent, food, and other necessities?
- What’s my remaining balance?
Secondly, ask yourself how much are you willing to set aside as savings. Don’t be stingy. This money is for you too – the future you! Moreover, the Covid-19 pandemic is literally the perfect opportunity to maximize savings.
2. The best way to save money is to cook at home!
You know how you order in and then feel two kinds of heartburn? One from indigestion, and the other one from spending unnecessarily? Put an end to your sufferings and order in, only every now and again, to reward yourself. Don’t make working from home an excuse by telling yourself you don’t have time to cook, while you watch TV. Buy groceries with your money instead and get better at cooking to stay healthy while maximizing savings in the process.
3. Save money for substantial things > Online shopping
You’re tired after a long day, you go online and see something that really catches your eye. You decide to treat yourself for all the hard work you’ve put in. While you might get some happiness out of it, you realize it’s generally short-lived. On the other hand, if you save that money instead, you will be one step closer to your savings goal.
4. Make a shopping list and stick to it
This is one of those money-saving ideas that reflect changes in your bank account almost immediately. Because you can’t save everything for the future. There could be some useful things that you want but never thought you had enough money for. Make a list of such things. Put the approximate price against each item. Buy as and when you can. And try and stick to your list. You will be surprised at just how much money you can save
5. Open a different savings account
If you don’t understand investments and bonds, you could open a different bank account for your savings. No matter how small the amount, make it a habit to transfer some money as and when you can. Do not use the card or save the details of that card on your devices and keep it aside to work towards your savings goals. Use these Covid-19 times to minimize expenditure & save more money!
Need help managing your finances? Here’s our Financial Planning guide.
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