Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
Saving money amid the coronavirus outbreak may become a problem for many people. Here are a few tips that can help you.
Many people don’t realize there are simple steps to take to save money during these times. Once such steps are applied, saving money becomes a breeze.
The major problem though is developing a savings habit. Most people don’t know how to start. It should be simple because, in the United States alone, unemployment claims have crossed 16 million. This should serve as a kicker for anyone who is seriously looking to change his or her spending habits.
The figures for the unemployed are only going to rise. This is because as global shutdowns continue, more and more people are going to lose their jobs. To stay afloat during this period of uncertain economic times, you have to stay ahead with savings serving as a buffer.
Most people don’t realize that its very simple to save money at this time. here are a few ways to do this.
Watch Your Subscriptions to Save Money
As simple as it may sound, subscriptions have a sneaky way of draining one’s pocket. The reason is that recurring expenses make up a substantial part of many people’s cash outflows. So, to get your outflow under control, cut out the recurring costs you don’t need.
This will free up extra cash that you never knew existed. In this line, subscriptions that have similar uses should also be canceled. Say for example two different streaming services that offer similar offerings.
This will also create a new mindset. One of making shrewd decisions moneywise.
Take Advantage of Savings and Discounts
Some many savings and discounts are gained because of the COVID-19 situation. One way to keep your pocket full will be to take advantage of available savings and discounts. They also serve as one way to help you save cash while you pursue your dreams and goals.
When making any purchase at this time, if there are discounts and savings to be found, take full advantage of it.
Always Look for Cheaper Alternatives
Most people still think that we are in the era of high-ticket and costly spending patterns. This trend is all but over for a few of the population. If you have a cheaper alternative for something you want to buy that doesn’t compromise quality go for it!
Don’t spend your money buying goods or services that you could get for cheap. Even if you get a reputation for being a “cheapskate” among your friends, they don’t own your pocket, do they?
Keep the Groceries Simple
When shopping for groceries, always make sure that you go for the basic and essential items. Luxury grocery items that you can’t afford will cut your savings in half or more. Simple grocery shopping allows you to remain healthy while keeping a healthy pocket at the same time.
Cook at Home and You Will Be Surprised to See How Much Money You Can Save
Many people hate cooking at home. The take out culture is their favorite purchasing habit. To save money you will have to cook at home. It may not sound appealing to many but it’s way better for your pocket and it helps your tastebuds too.
If you don’t know how to cook, this is a great time to learn! We live in the wonderful age of YouTube and other video sites where you shouldn’t go wrong if you follow simple instructions.
Saving money will never work if you don’t develop financial intelligence. Financial intelligence is made of three components: increase inflows, reduce outflows and create reserves. The reserves are what matter.