10 Tips for Saving Money in the Middle of a Pandemic
Due to the current pandemic in the world, we were forced to stop doing many of our normal activities. Once our freedom came under attack, we had to get used to the new normal. The truth is that with confinement we no longer go out like we used to. Dinners out, if at all, are much less frequent. The cinema, concerts, museums, and plays are scarce, if not completely out of the question. And those shopping mall excursions definitely don’t happen like they used to. All this change came to make us think we were going to save more money, but this is not quite what happened!
Regardless of your circumstances, the coronavirus serves as a reminder of the essentials of money management. And a reminder that setting aside a percentage of your income for an emergency is more important than ever. For that reason, read on for tips for saving money in the middle of a pandemic!
10 Tips for Saving Money
1. Take back control
One way to control the money we spend is to know exactly the money we have. Make lists of real short-term and long-term goals and exactly how much money we need or have to save. Another way is to establish an automatic monthly withdrawal from your checking to a savings account.
2. Build a positive relationship with money
The way we spend money often comes from how we learn to spend it. So, much of the standards we have come from how we saw our parents, family, or even friends spending money. The most important thing is to understand the relationship we have with money.
3. Start saving
Starting to save early is very important. However, this process is not always easy, especially when unexpected expenses arise such as a flat car tire. The best thing to do is to go to your bank and find out which savings plan is best for you in the long run and set a goal.
4. Say no to seduction
We are often seduced to buy things that we actually don’t even need just because we are using our consumerism power. Just as if we go to the supermarket hungry, we will end up buying things that actually weren’t even on our shopping list. Start by taking advantage of what you have and making lists of things you really need to buy.
5. Build an emergency fund and work up toward investing
Now more than ever, due to the pandemic that has overtaken the whole world, we realize that having an emergency fund is a good idea. Defining our short-term goals can mean that after all your paid bills there is money to put aside. Just as setting long-term goals can also make you start investing money in something that can bring you great returns.
6. Make extra money by clearing your wardrobe
Nowadays there are countless Instagram pages selling vintage or second-hand items, and even sites like collective Vestiare. Clean your closet and put on sale everything that may be in good condition and you can recover some of the money you spent!
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7. Spring clean your subscriptions
Subscriptions are extremely important. How many times have you paid for the gym you haven’t been to for more than two months? Or that meditation application that we pay monthly that we don’t even use? This is a problem! Combat it by asking the bank for your monthly statement and cancel everything that no longer makes sense to pay!
8. Switch energy and mobile phone suppliers
Most of the time when we buy something we don’t do a pre-defined study on what we are going to buy. This means that most of the time we pay more for something that another store sells cheaper. Before buying something, always go to a price comparison site and you will always pay less!
9. Tackle your debts
The problem with credit cards is that we always end up spending more money because we have a large ceiling available. Sometimes this can lead to deception and that is why we should always buy only what we can afford. Otherwise, we can start to incur large debts that we cannot pay.
10. Practice gratitude and giving
Always give thanks for everything you have. If you can spend some of your money to help others, do it! More than ever, the spirit of helping others and the sense of community is important.
We hope these tips for saving money help you fill your bank account and get all the things you dream of!
Words by Inês Vidal
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