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We have been facing strange times. No one in his senses would deny the impact of corona on his life. It does not matter what strata of hierarchy you belong to: be it adapting to working from home, recovering from a job loss, or out on the front lines, we are all in this together.
As the situation surrounding the coronavirus unfolds around us, the impact on our daily lives cannot be ignored. However, the picture is not as bleak as we have made out of our fear. Though unemployment rose to a record high still there are opportunities for grabbers. Savings have become easier since COVID-19 has hit our world. Let us talk about this topic in detail.
Equally, important responsibility falls on our shoulders as the pandemic unfolds before us. We need to restrict our budget within limits less it reaches a breaking point. On the other side, we shall try and explore ways to save more money during these trying times. Time like this proves old theories about savings for rainy days true therefore those who are prepared have better chances to survive.
We have compiled the following strategies to use during this time to extend your financial life. Let’s hope some of them work out for you.
If you have taken a life insurance plan then it is high time to revise your decision. Although it is a great idea to have a life insurance policy to protect your family from the worst it shall not overburden your budget.
The best way to find out if you are overpaying is to talk to a consultant. They can help you find better deals for you without compromising your goals.
If you had saved money for the rainy days, it is a big accomplishment. However, you might be at a loss if you have parked it in a traditional savings account. You shall consider converting it into a high-yield savings account. Also, there are some banks that are giving home loans during Covid-19.
Given the interest rate, you can certainly earn a few extra dollars a year simply by stacking your money in one of those accounts which yield high interest. You might be surprised how quickly your savings can grow in the right account.
Though physical visits have stopped to shopping stores online shopping has increased proportionally. People are coming up with more ideas to do smart shopping. There are apps developed to make your shopping portfolios that combine a micro-saving and micro-investing strategy and invest your savings.
It works like that it automatically rounds up your purchases to the next dollar and saves the change. In the next step, it invests your saving according to your priorities. Over time, your investment will grow.
On normal days, saving money is a big challenge but the coronavirus has presented an opportunity to save more in some areas of our life. For example, there are dozens of daily chores you might have abandoned already like gym subscriptions, monthly box descriptions, or beauty products.
Another way to go at it is to seek out more discounts on products that aren’t relevant during this time. That way you may save a few dollars by eliminating unnecessary items.
Given the free time at our disposal, it is high time to learn a new hobby that can be used to earn later. For starters, you may reach out to available options around the house like a library or coaching center. However, it shall not be at a price that would reset all your efforts to restrict the budget.
Instead, a better option is to look for free online platforms. There are various platforms from each field on the internet that you can use to your advantage.
Check out your local libraries and what it has to offer you. You never know what you’ll find at the library!
Whether you want to learn more about painting or coding, there is likely a free online class available right now. If you’ve been putting off learning a new skill because it was cost-prohibitive, now is the time to take advantage of these free resources.
During the pandemic, most of us are eating at home. It is going to contribute significantly to your savings. The better strategy is, of course, to plan your meal before visiting a store. The consequence of not planning your meal is that you will end up picking random items which might not be healthy as well as will empty your pocket.
Your meal planning should incorporate cheap and healthy recipes. In addition to it, you can use coupon apps to save even more. These kinds of apps offer cashback and rewards can also help you enjoy more food without a hefty price tag.
It is easier said than done when it comes to saving money. The truth is most of us are not good at it. But the prime benefit of savings is that can lead to an easier life in the future. No matter what kind of lifestyle we aim to maintain during and post COVID-19, saving extra dollars will certainly give you an extra lifeline.
You do not need to beat yourself up to do savings if it conflicts with your priorities. A better approach would be to take intentional steps toward curbing your budget.