Amid the COVID-19 pandemic, it is difficult to predict when the economy will pick up again. With the world recently on lockdown, some people say that they have been able to cut back on expenses and save money, but such is not the case for most of us. Businesses are plummeting and unemployment rates are hitting record lows globally.
So how do you save up to get you through these difficult times? While saving money is easier said than done, it is still possible to take control of your budget and find ways to grow your funds. Here are some tips for you:
Set a ‘browsing time’ for online shopping
These days, most of our shopping is done online. But now might not be the best time to splurge on non-essentials. Aimless wandering leads to aimless spending, so try spending less of your free time browsing through online shops.
Identify where you can trim your expenses
Although saving money can be a challenge, the pandemic has allowed us to save more in some areas of our life. For example, you may no longer need your gym membership because you can freely do your workouts at home. Or you now barely use your mobile data because you have constant access to Wi-Fi at home. For entertainment subscriptions, consider asking friends who are willing to pay the monthly plan with you to at least lessen your expenses.
Exercising at home? Try these healthy and yummy bites as your post-workout snacks!
Cook your own food and cut back on fast food
Make it a habit to cook your meals. Try to learn new recipes (there are a lot online!) or ask your mom to teach you how to cook her favorite dishes for when you miss her cooking. This way, you can save up and eat healthy as well. Refrain from easily giving in to your cravings by ordering fast food online.
Get creative in finding new ways to make money
Look for side hustles from which you can make extra money during your spare time. Turn your hobbies into profit opportunities. If you like crafting, how about making accessories? You can start with this polymer clay kit or this leather crafting kit. You can also start a blog or vlog, or even become an online private tutor for students who are learning from home. Take advantage of online sites to post about your expertise and earn money along the way.
Turn off appliances you’re not using
Small kitchen appliances and entertainment systems gobble up energy even when they’re on standby mode. Save electricity and help boost your savings by unplugging household appliances you aren’t using all the time.
Sell stuff you don’t need
The things you think of as junk may be sources of potential savings. Find time to check your whole wardrobe and see if there’s anything that you no longer need. For instance, the things that you’re ready to throw out like clothes and shoes could be exactly what someone else is looking for on different online selling platforms.
How are you spending or saving your money during this time? Tell us all about it in the comments!
Words by: Hannah Viray
Featured image by: Katie Harp on Unsplash