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Saving money was your new year resolution if I'm not wrong. No worries if you failed to keep up your important resolutions. Time teaches you better lessons and what you learned from after the pandemic? Didn’t you learn to save money yet?
If you are still looking for the tips to save money at the critical stage, then you need some help.
You have the practical tips and ways to save money during lockdown. The lockdown may relax but financially it takes time to cope up. Many are in need of saving money over the expenses but losing the trick. You get it from here- the simple tips to save money during lockdown.
Tips To Save Money During Lockdown
1. Do not use credit cards
You made great use of credit cards two months ago. But do not gather this burden which can create a financial crisis for you.
When we spend through a credit card, we must also remember to repay it. At the time of low salaries and no salaries, you can't take this risk of credit card bills in your monthly expenses.
Lockdown period is hard for everyone and you can't expect anything to be normal.
2. Claim the refunds without fail
Did you leave the refunds from any site or service that you chose?
You left it thinking of a minor amount or just because formalities are too many to claim. And sometimes, you want to claim it later. If you have enough bucks in your hand, that's good. But don't let your refunds go.
Be it rs. 100 or 200, get your money back. Save it for your minor house expenses. This little amount makes a huge difference during lockdown time.
3. Think twice before investing in luxury items
How fond are you to replace or renovate your house? Even if you are happy to replace your old furniture with new,this is not the right time. You have other expenses which are more important than just a decorated house and luxuries.
Invest in health or good food but not in house decors and new vehicles. It is more about health and well being now.
The things that you are earning out of your struggle are of no use when there is a health emergency. So, think twice before you spend too much on the costly things.
4. Don't let the charges levy
Did you borrow any funds from a financial company? Then, remember to repay it on time. Don't wait for your bank or the lender to remind you with extra charges. The extra charges are an additional burden and you may fail to manage the money crisis. To pay off the bills on time is an invisible way to save your money without letting it out simply from your hands.
Paying it back without charges is better for you than paying with charges. Charges are to loot your bank account more than you actually owe. Why would you waste your money for nothing?
5. Go for cheaper alternatives
Look for something cheaper with good quality. As you had enough money in your pocket, your wish was everything. Now it is not just your wish, the price also matters. Compare the price and if you find something for cheaper, you better go for it over the expensive ones.
For example, it rains and you need water resistant shoes. Then look at something that ranges in average or still lower budget. Step back on the brands and costly things. A few things are a need but we make it luxury with our choice. Let the need be a need itself during the times of money crisis.
6. Save every penny- less is more
Are you just leaving the smaller saving sources. Letting the money debit from your saving matters with every penny now. Even if you are saving less, it would be useful in some way for you.
Better calculate your monthly expenses and income to know the value of minor savings. You can use the little saving to contribute to someone who is in need or who can't afford a meal. Make use of money for something that makes you feel well utilized. This is how you will save each penny for the near future.
7. No for new loans and installments
The minute your account is credited with salary, the installment deduction starts. This was a tragedy for many middle class families. Now it is even more sad. So, no more burden of the installments.
If you can reduce the expenses, then that would be easy to avoid borrowing again and again. Do not have this stress of paying the new monthly installments here after. You are aware that financial status is still not secured. Then, you must also know why not to go for new loans and installments.
8. Prefer homemade food
Keep homemade food still as an only option for a few more months. First point here is to avoid the risk of virus infection and the other concern is extra bills.
You lose health with outside food and money at the same time. So, forget outside food and continue to prepare meals, snacks at home itself. However, we all learned to prepare the variety of cuisines and dishes at home during lockdown. Now, it is important to continue the same during the further lockdown period to save your money to a good extent.
9. Choose cheaper transport
Choosing luxury transport for travelling is not a good idea for now. If you have a public transport facility, then choose it over your own transport. This way you can save a few bucks which is useful for other small expenses. Like every meal counts in a day for you, even every little saving counts.
Taking out your bike to travel would charge a bit more compared to a public bus. Comfort still matters but see which matters more for you. Savings or comforts and luxury at this time?
10.Use electricity less
Did you ever mind using electricity only when needed? If you are still not bothering about it, then your electricity bill will mount up.
As it is monsoon for coming months, use limited fans and air-conditioners. Do not keep lights during the day time. Save the electric power and your money. You are doing a lot of good this way.
11.Have simple celebrations
We already saw how lockdown changed the Indian weddings. Weddings were meant to be big and fat before the COVID-19 pandemic. Now the families are happy to have a small wedding celebration which is a good change.
The Internet is flooded with home baked cakes for birthdays during quarantine. This is a thing to continue which is not just avoiding social gathering and virus spread but also a right way to spend less. Prestige and image is no more an issue that made people go for bigger celebrations.
Have the sweet celebration of success and special dates with your loved ones. Dont gift give expensive things to express love. The small gifts are the sweetest to be honest.
12. Be careful with your health and hygiene
If you can save your health following the measures to avoid virus infection, then you are not just safe with your health but also your financial status.
Monsoon rains and weather is the time of flues and infections. So, be careful and save your health from any kind of infection attacks. Stay healthy to be wealthy.
While you are saving your health, you may forget about your financial security. Again it is not secure with a whole lot of money but emergency and uncertainty is around these tough times. So, savings are a way to get out of the tough times. Save a little for later and live in the moment with a little. Choose what is best for you!
Stay safe and learn to live life after the dreadful pandemic following these tips of saving money.
By Ramya C