7 tips for saving money during COVID -19
7 tips for saving money during COVID -19
he unprecedented virus outbreak has adversely affected the financial sector. Global economy has shrunk drastically and many have been rendered jobless. We can only brave through this turbulent phase by taking some stringent measures. Yes, we have to be cautious about each penny we spend. Here are some valuable tips that will help you evade a financial crisis that threatens to severely affect our prospects.
The unprecedented virus outbreak has adversely affected the financial sector. Global economy has shrunk drastically and many have been rendered jobless. We can only brave through this turbulent phase by taking some stringent measures. Yes, we have to be cautious about each penny we spend. Here are some valuable tips that will help you evade a financial crisis that threatens to severely affect our prospects.
1 .Draw up a Budget - Jot down your daily income and expenditure on a sheet. Update it on a regular basis. Through this simple yet systematic procedure, you can curb the unnecessary expenses.
2. Importance of Recurring Deposits - For those with a regular flow of income, a low-risk investment option like Recurring Deposits will prove to be extremely worthwhile when things get tough.
3. Fewer Takeaways - Reduce the expenditure on food items by cooking on your own. It will help a great deal in your bringing your budget on track.
4. Buy in bulk - It's time to reassess your shopping plans. Reduce the number of visits to shopping malls. Try to buy the non-perishable items in bulk. Save the money spent on travel.
5. Negotiate with your creditors - Stay in touch with them.Try to reach consensus with the people to whom you owe money. Understand their predicament and offer them clarity.
6. Involve your whole family - Each and every member including the children must be completely aware of the gravity of the situation. Stick together as a unit in these difficult times.
7. Review your relationship with money
Among many things, this tough phase has reiterated the importance of saving money. Let's keep the lessons in mind as we go forward.
