Want to save money during this period? Check out five ways to do so.
It has been difficult for many during this period of uncertainty, what with companies losing money and shutting down. Yet, the worst does not seem to be over, as there has recently been an extension in the lockdown in some major states in the country.
In order to survive, you must first learn how to save money. Find ways to do just that below.
1. Cut down on your expenses
Buy only the essentials. It is unwise to splurge on cosmetics, clothes and accessories when you have no use for them now. Toiletries, groceries and foodstuff are the important things you should spend your money on. And even then, ensure that you buy only those that are absolutely necessary.
2. Hold off on loan repayment
Do not be in a hurry to pay off your loans or debts if they are not urgent. You need all the money you can get to sustain yourself and family until the end of the lockdown. So, rather than taking from the little you have to offset a loan with a payoff date that is far away, you should spend on necessities - food and water. Even when it seems you have a little extra, do not be quick to give it out. If it is urgent, you can offset some amount now and offset the rest later.
3. Have a scale of preference
As hard as this is to hear, you do not need snacks if you do not have kids and your expensive body cream or bathing soap can wait till after the lockdown. You have more important things to worry about. That is why you should have a list of things you need in order of importance, with the most important coming first.
4. Cancel subscriptions and memberships
Saying that you should cancel your subscription to DSTV and Netflix may be asking for too much. But would it be such a bad thing to cancel your subscription to one? Think about it. It hardly makes sense to be subscribed to both when you have bigger problems.
You should also consider choosing a smaller package. The same goes for your subscription to the internet. What about your membership to gym, yoga and dance classes? Except the classes are virtual or online, they should be the least of your worries.
5. Review your budget
Your budget should not be the same as the one you had before now. These are hard times and no one knows for sure when things will return to normal or if you will still have a job when the lockdown ends. So, you should review your budget, create a new one if you have to, and cut out those things that you used to spend money on but are no longer necessary.