The global pandemic caused by the emergence of the coronavirus has created a lot of financial uncertainty, there is no idea about what our jobs are going to look like or what our income is going to be and this might be something that we should be prepared for in the long run as no one knows how long will this lockdown last. All research organisations in the world are trying their level best to come up with vaccination for this, until then we are all stuck at home with no jobs, so it becomes essential that we start saving money. Here are a few tips which will help you increase savings during the lockdown road so regardless of what your
Have a concrete plan
Too often we don’t know where our money is going each month and we operate without a financial plan in place but now more than ever it’s so important that we analyse what we’re spending money on and make a plan on how we’re going to save and the biggest way you can do this is to create a budget. Look at what your fixed expenses are, a fund like rent, utilities, insurance things like that and what your variable expenses are the things that change for months like gas and groceries. Look at what you’re actually spending each month versus what you want to be spending and then put a plan of how you want to be spending your money onto paper and then just stick to it the. The first time you do this it might seem a little bit tedious but stick with it and you’ll be amazed by how much money you can save simply by analysing where you’re spending money and putting a plan in place that you can spend more intentionally.
Escaping the herd
Many people spending money on things that they don’t need simply because they’re following this crowd mentality. Some have started buying canned food because they feel like that should just because they are in the midst of these times. During times like this, it’s good to stock up on groceries that you’re actually going to use but if you’re going out and buying things just because you’re panicking and following that kind of crowd herd mentality, that’s not going to be productive from your ability to save money plus you’re bringing things into your life you aren’t actually going to use so there isn’t really a point to it anyways. It’s just important to maintain a level head continue buying and maybe you want to stock up on things you’re actually going to use but don’t buy more than you need.
In a nutshell
During times like these if you have a job that you think might be in jeopardy or if you’re simply wanting to be really intentional about saving money it’s a good idea to slash some of these expenses that are taking away from your ability to save so obviously you know what you spend money on a lot better than anybody else does.