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5 ideas for saving money during the coronavirus pandemic

Estimated reading time: 2 mins

With the COVID-19 outbreak very much becoming the global focus, there is a natural concentration on what comes next. Many of us, though, are finding that among the hardest consequences of what has been going on here is the lack of financial security. Your money savings could be dwindling, and it could be making it needlessly challenging for you to save up money during the COVID-19 outbreak. It’s much better to be more structured with your budget and spending, and avoid getting yourself into unmanageable debt and a bad credit history.

That’s why we recommend that if you are looking for ways to save money during these austere times that you try and implement the following.

Make some obvious changes

The best way to save money is to look at all the things you pay for on subscription. Open up your bank account and your PayPal etc. and look at where your money is going. Are you paying for digital subscriptions you don’t need? Are you shelling out on things like loot crates and Patreon subs?

Keep this in mind, and you can find that you could easily save three figures over the month just by cutting back.

Set a clear daily budget

The best way to save money during the COVID-19 outbreak, and after, is to set a daily budget. You should look at how much you have per month to do you, and break that down into a daily cost. Obviously, you could spend 2-3 days of your money on a single shop. But if that means you aren’t leaving the house after, you are saving that money regardless. So, set a clear budget per day and don’t break it outside of doing a larger shop to avoid smaller spends on a daily basis.

Ban online shopping

A fine way to keep the cost of living down today would be to try and ban online shopping outside of essentials. Many people are still buying video games online, ordering clothes etc. – but do you really need any of that at the moment?

If money is tight, make sure you stop shopping from home to appease your anxiety and/or boredom.

Focus on fixed costs

One way to make sure your money can stretch far enough is to focus purely on your fixed costs. This is things like insurance costs, taxes, utility costs, and the like. If you are working from home, then focus on making sure that things like power and internet bills are paid on time, all the time. Prioritise where your money has to go first, including those debts you simply cannot avoid.

Spend less on stress treats

One thing you might find you are doing a lot of at the moment is buying food and drinks to treat yourself. You are stuck indoors, likely alone, so you may as well enjoy yourself right?

Well, that all adds up. All of those beers and bottles of wine, bags of crisps etc. soon add up and leave you paying a hefty price. So, make sure you start spending less on stress treats and you’ll find your money can stretch further. Look up other, free, ways to keep the stress levels down – preferably snacks that are healthy, rather than packed with calories and carbs, either!

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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