The pandemic hit us hard. When the lockdowns in different countries were announced for the first time, it appeared as if time had come to a standstill. With no work, no school, and no outings, the world was quite dumbfounded for some time. Soon, people began figuring out ways to work from home and entertain themselves while at home. They also started thinking of ways to save money during pandemic.
The lockdowns bought a major cut (read saving) in our entertainment and travel expenses. But, how long could people eat and survive on their savings? Many companies asked their employees to work from home, but this came with a cut in pay and many other demotions.
Today, most countries have got back to normal and people are going to offices and shops following basic safety measures. But the impact of the pandemic has not reversed as yet. The year 2020 has gone for a complete toss in terms of savings for most of us. Even now, people are only focusing on spending on basic necessities. If you still want better ways to save during the pandemic, we have made a listicle that might be useful.
Ways to Save During the Pandemic
Cancel Subscriptions you don’t Need
With so many OTT apps, music apps, and other subscription boxes, you don’t even realize how much money goes into subscribing for each one. With the pandemic, as the income is low, it is wise to cancel unnecessary subscriptions. For example, your iCloud storage or meal subscription boxes can wait for a few months until things get back to normal. If you have subscribed to Amazon Prime, Netflix, and many other streaming apps, cut down on the ones you use less and only keep the ones that you feel are the best.
Cancel Subscriptions to Save Money During Pandemic
Skip Takeout and Plan a Simple Grocery Shopping List
When you have a hectic day at the office, a takeout from your favorite kitchen seems ideal. But now, you have plenty of time to cook yourself and save on huge food bills. Now is the time to stop overspending at bars and restaurants. Cook more meals at home to save on delivery fees and tips to delivery men. When going out for grocery shopping, skip buying a lot of sauces and condiments that can be added to meals to enhance their flavors. Stick to simple cooking and this way, you can save a lot on your grocery bills.
Upgrade or Degrade your insurance and cell phone plans
It is smart to shop for a better insurance plan at this time of the pandemic, as you never know when the virus could hit you or any of your family members. It is better to get insured against the virus, than end up paying thousands in hospital bills. Similarly, you can consider degrading your phone plan. Since you are at home most of the time now, you don’t need a big data plan. Get some cheaper data plans offered by your provider or you may completely let go of a data plan if you are already paying for the home WiFi.
Make a Monthly Budget
It is better to know exactly how much you are spending for home expenses. With no expenses on travel or restaurant food, you will be able to spend quite less. Plan a rough budget and stick to it. See where you can make more adjustments and cuts.
Monthly Budget to Save Money During Pandemic
Meal preparation done every weekend will help you save on a lot of unnecessary processed foods and will also encourage you to eat healthier and home-cooked meals. For example, consider preparing batches of tomato puree, ginger garlic paste, boiled beans and such other items during the weekend to help you cook in a jiffy. You will be surprised to realize how many ingredients you save by preparing large batches ahead.
Keep your Energy Usage Low
It is better if all the members of the housework in a single room with only one fan or AC. As everyone is working online, there will be the minimum disturbance to all, and this way, you can save plenty on your energy bills. Also, decide on a similar time slot that suits all for family TV time. This also helps better bonding.
Grow your Own Food
If you always loved gardening but never had the time, now is the time to grow your own herbs and vegetables in your kitchen garden. Gardening is very relaxing. You will also benefit from fresh produce from your own kitchen garden without spending a dime.
Grow your Kitchen Garden to Save Money During Pandemic
Re-work on Vacation Plans
If you have saved quite a lot to travel this year, but now do not see it happening., try to see the brighter side of it. Perhaps, you can travel to a few closer destinations with that whole amount. Many countries have still not open boundaries for international travel. So, you can either travel to nearby places where you have never been before or spend that amount for travel when things normalize. You can even put that money in a savings account and earn some interest out of it.
Cancel Vacations to Save Money During Pandemic
Re-Work Student Loan Debt Payments
Trump waived federal student loan interest last year to save students from paying any interest on financial student loans. You can rework your income and loan commitments and see how much you can save.
For many of us, shopping works like therapy. Scrolling down on Amazon and shopping for things that we might need someday gives us pleasure. But, you have to let go of this retail therapy right now. Make a list of hobbies, ideas that do not cost any money, such as reading a book, adult coloring or gardening. These will give you the same kind of joy without burning a hole in your pocket.
Buy in Bulk
Plan your grocery list for a week or15 days and consider buying in bulk. This will get you a lot of discounts on bulk buying. It will also help you stock on essential items for 15 days so that you don’t have to step out unnecessarily.
Bulk Buying to Save Money During Pandemic
Cancel your gym subscriptions and workout at home completely. The internet is full of videos showing how you can maintain your fitness levels by working out at home. You don’t need to pay huge gym fees and this way, you will also end up saving a lot. These are definite sure shot ways to save money during pandemic.
Home Gym to Save Money During Pandemic
Reduce your Car Insurance Premium
Since you will not be using your car much this year, it is a good idea to call up your Insurance premium agent and inquire about reducing insurance plans. This is a good year to save money on such plans.
Invest in Stock Market
Now is also the time to pick up some stock deals as the prices are falling dramatically. But, they will not remain so low forever! So, be smart and buy them when they are so low. Check the stock prices of companies you know. You can also choose to go with the You Invest Trade option where you don’t have to pay any fees and there is no minimum balance required. These are smart ways to save money during pandemic.
Digital Coupons and Cash Back
Earn digitally by making use of cashback options and availing as many digital coupons as you can. Remember, even if small, a penny saved is a penny earned.
These are some of the multiple ways in which you can save money during pandemic. Keep this listicle in mind and read it often to ensure that you do not miss out on any money-saving strategy or offer. You can return back to your usual plans and subscriptions next year when things and your pay gets back to normal. And, this pandemic might even make you realize where you have been spending unnecessarily. You may even decide to stick to this new saving habit.