How to Save Money During COVID-19 Pandemic?

Its been six months since we have been at home due to the COVID-19 pandemic. Coronavirus has been the most treacherous thing that has ever happened in the history of mankind. We have witnessed a lot of deaths during these months.

And, as the government is slowly announcing the opening of a lot of things to revive the businesses, it has become more challenging for all of us to keep ourselves safe. During this pandemic, we’ve also witnessed that a lot of people have either got pay cuts in their monthly salary or lost their jobs altogether.

A lot of businesses have also been forced to shut down their operations. The COVID-19 pandemic have made us to stay at home, unsure when life will return to normal. This pandemic has not just affected our daily lives but our finances as well.

Regardless of all the setback, there is one positive thing that has happened – we have learnt to live with whatever little we have. However, it has also become very critical to save money during this situation to protect ourselves from crisis.

Here are some ways to save money during the COVID-19 pandemic.

1. Start a budget

First thing you need to do in order to save money during this pandemic is to initiate a budget if you haven’t done already. You can use any spreadsheet application like Microsoft Excel or Google Sheets and create a monthly budget to track your monthly expenses.

2. Contribute to an emergency fund

Next and very important thing you need to do is include an emergency fund in your list of investments if not done already. This fund can help you to get out of the financial bind and it also acts as a safety net incase of any emergency situations like job loss or any medicial emergency. You can build the emergency fund for a period as per your convenience to cover the expenses. You can start to contribute a small amount on a monthly basis from your savings as it will come handy when needed in the long run.  

3. Get rid of unnecessary subscriptions

You need to cancel any subscriptions that you do not need or rarely use it due to the coronavirus pandemic. Similarly, you can also cancel any other subscriptions that you feel is irrelevant or can be avoided such as the gym membership.

4. Reduce your spending on unnecessary expenses

You can try restricting yourself on unnecessary spending of your money that can eat up your budget all the time. Always be vigilant while tracking your expenses as it may surprise you how much more money you save. For example, you can cut down on the online shopping or even reduce your cell phone data you already have a wifi since you’re at home now. Also, ensure that you remove your credit card information from retail sites to restrict yourself from shopping unnecessarily. You can eliminate the marketing emails from your inbox using various email filtering tools like

5. Buy in bulk

Ensure that you buy the necessary items like grocery in bulk as it will turn out to be profitable as well. There are a lot of department stores that offer heavy discounts if you buy the essential items in bulk. However, you need to avoid hoarding items unnecessarily as it can eat up your budget considerably. And, hoarding of the items is also restricts access of items to others that leads to black marketing and eventually, the prices of the items may go up.  

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6. Build a kitchen garden

You can also grow your own vegetables in your garden. This will not just help you to save money but it also allow you to lead a healthier lifestyle. You can start with planting few herbs like mint, parsley and chives that are easy to be grown and then slowly you can build your own kitchen garden.

7. Earn a cash back

What is more exciting than getting cash back on your purchases? Doesn’t it excite you? There are plenty of credit cards that offer cash back on certain items on your purchases. There are some credit cards that also provide reward points on each of your purchase. You can redeem these points later for gift cards from major retailers.

Wrapping it up!

In summary, you need to make the most of your time while working from home and save as much as you can. This will help you to create a corpus for the future and it also allow you to take control of your finances. This, in turn, can give you peace of mind in times of uncertainty.

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