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I’m happy to share this guest post from Linda Richardson
CoronaVirus has forced people to stay at home for the last few months. Millions of people are working from home, taking care of children, cleaning houses, trying out new recipes, learning new skills, and so on. This is a tough phase for all people so everyone is worried about 2 things – health and finance.
As far as health is concerned, it’s clear that people have to maintain personal hygiene and maintain social distancing until a vaccine comes out. But what about finance? No one knows when the economic situation of the country will improve. Unless there is a tremendous swing in the job market, it’s tough to anticipate that the financial situation of working men and women will improve in our country. As such, it’s important to save money and build an emergency fund to stay prepared for the worst situation.
Have a look at the 6 smart money moves to save dollars while staying at home during the pandemic:
Cancel gym memberships
What will you do with gym memberships when you’re stuck at home? Moreover, most of the gym clubs have closed their doors temporarily due to the pandemic. So, what is the logic behind renewing your gym memberships? Most doctors are requesting people to avoid gatherings in an enclosed room. So, this is yet another reason why you should avoid gyms this year. Cancel your gym memberships and exercise at home. You can watch videos on different types of workouts that you can practice in your home. Do that to stay healthy and save money.
Buy only essentials
This is not the time for luxury. The online shopping portals have made this point quite clear. Many luxury items are not deliverable. You should take a cue from that and buy only the essentials. Take a look at your inventory and find out what you need. Avoid stockpiling unnecessarily. Make a list of the things you need and buy them. Buy sanitizers, masks, and gloves because you will need them throughout the year. This is the ‘new normal’ situation in our country. So, if you find attractive offers on them, then it makes sense to buy them in bulk.
Look beyond branded products:
Branded products are pricey whereas generic products are cheap. During a time of economic crisis, you should look beyond branded products. Buy generic products to save money. Some generic products are as good as branded products. Still, if you have any confusion, you can look at the ingredients or composition before buying any product.
Save energy and save money:
The number of people living in a house has suddenly increased due to the COVID-19. Suddenly, everyone is at home, which means more consumption of energy. Lights, computers, TV, fridge, etc. are all working on the full mode. Needless to say, utility bills are expected to increase during these months.
If you wish to save money, then there are 3 smart money moves you can make. Your first money move is to lower the thermostat in the room. This will help to reduce energy consumption.
The second money move is to replace your old bulbs with LED bulbs. The recommendation came from energy-efficiency experts. They opine that LED bulbs consume 75 less energy than ordinary bulbs. Plus, the last 25 times longer than the incandescent bulbs. This can help lower your utility bills.
The third money move is to turn off the lights when there is no one in the room. Use natural lights as much as possible. If you are working from home, then set up your workspace in that part of the room where there is no dearth of sunlight. It can not only help you to reduce household energy consumption but also depression. It’s said that sunlight is good for mental health.
As I said before, this is not the time for merrymaking. This is not a time for luxury when so many people are not getting their paychecks. Some of them have even suffered from pay cuts. If you’re one of them, this is yet another reason for saving money. Look at your subscriptions and see what you need every day. Keep one subscription for entertainment. After a tiring day, your mind may need some refreshments. For instance: you can keep one subscription for Amazon Prime to watch movies and get special discounts for buying various products from them. This is my choice. Your choice can be completely different. The basic idea is to prioritize.
Uninstall food delivery apps:
When you’re at home and that too for so long, your fingers itch to order food from outside. Restaurants are also enticing messages to lure customers. Granted, restaurants are incurring heavy losses during the lockdown. But you have to think about your financial life. Cook food at home and eat with the family. Try interesting dishes at home. The lockdown period has produced thousands of new cooks at home throughout the world. Learn how to make pizzas, cakes, and so many other things from Youtube. Surprise your family with your cooking skills. Uninstall food delivery apps and install apps that help you save money.
The aforementioned ways can help you to save money while you’re at home. This is a difficult time. There is no doubt about it. Stay at home and spend time with your family. After the lockdown is over, you won’t have so much time for your family. Look at the positive side of the lockdown. At least, you’re saving the transportation cost. You’re saving fuel. So, all is not bad. Build a robust emergency fund that would help you to survive an economic downturn. Use this time to learn new money management skills to take care of your financial life.
Linda Richardson is a financial content writer based in New Jersey and a perennial student with an ongoing interest in learning new things. She uses her curiosity, connected with knowledge as a financial writer, to write about a valuable lesson for small businesses. You can find her on Twitter at @LindaRossie9 and Facebook at @LindaRich008 She is currently a financial writer for http://www.CreditCardConsolidationDebt.com/