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A Guide For Saving Money in the Corona Pandemic

saving money

Save Money By Cutting Down Your Spending

1. Budgeting:

When you create a budget, you will find yourself with money you didn’t know you had. This is because you carelessly spend when you don’t have a budget. You won’t mind spending a couple of twenties here and there, but this adds up. You will keep asking yourself where the money went.

When you create a budget, every dollar is going to be accounted for. One of the expenses in your budget is a £1,000 emergency fund. Sit down and determine how much you can set aside every month for this purpose. You should be the one telling your money where to go.

2. Dropping Restaurants, Entertainment, & Unnecessary Shopping

Eating is a must for everyone, but it doesn’t have to be in a restaurant. If you are serious about building up your £1,000 quickly, you need to avoid expenses like going to the movie theater, dining out, and going out for drinks with your friends on Friday night.

You should be aware of the things you spend. Maybe you are a sports fan who goes to every home game. Maybe you enjoy online shopping sprees from time to time. You may like inviting people over and entertaining them. If you want to save, make sure you look for activities that are not that expensive that you can still have fun doing.

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3. Evaluating Necessary Expenses

You should always have a budget. Have a closer look at the categories like clothing, groceries, fuel, and nappies. These are those areas you can’t cut out but can cut back.

Buying generic brands or store brands. Travel less. If you come across a great deal on something you need, then get it in bulk. Have a list that you must stick to when going out for errands. You will realize that your own creativity is letting you spend less and save more.

4. Re-Examining Your Bills:

Most of your fixed bills are those things that you forgot about and you just pay for it monthly. Maybe the plan you choose years ago is still there and you don’t even think about it. You should start rethinking everything because you have to lower your expenses.

Check out your online accounts on your cable, internet provider, phone, life insurance, car insurance, and gym membership. How much are you paying? What are the benefits of these services? How much are you getting those benefits? Talk to a customer service rep so you can negotiate a better deal or cancel if possible. 

Saving Money by Increasing Your Income

5. Getting to Work:

You can save more money by bringing home more. Consider talking to your boss or working overtime. The extra hours are going to help you earn more and it might be the boost you need.

Another option is a job on the weekends or after work. There are people who have succeeded with side businesses, e.g. selling creations on Etsy. Look for ways of earning extra because it will help you earn more, which improves your financial health.

6. Offering Your Services:

Maybe you prefer keeping things simple as you work to earn more. When you offer your services to the community and neighbors, you are able to control the amount you bring in and your schedule.

Go online and get the word out on platforms like Facebook. You might choose to do yard work, babysit, organize the basement, clean homes, make dinner, help with errands, etc. Choose tasks that people need, but don’t want to do – or don’t have time to do them. This is where you can make good money.

7. Decluttering:

Resetting your priorities will help you realize there is something powerful about it. When you start to focus more on taking control of your money and having an emergency fund, other things start looking less important.

Go through your attic, garage, and closets and see if there are things you have not used or seen in a while. Can you sell those items? Post them online. There are many sites that you can use when selling your stuff. You can host a garage sale or drop of the items at the local consignment shop for quick cash. You can make a considerable amount through this.

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