Money-Saving Ideas During Lockdown

Covid-19 has hit us hard – the pandemic doesn’t seem to go away soon.
Days of lockdown, wage cuts, work halts, drying up of work contracts, inflation, everything has strained our finances.
Forget about pay hikes, discounts on merchandise, or bonuses; it’s time to gear up and start saving money during the lockdown.
For some of us, the income has always been irregular.
It is particularly true for those who work as freelancers or contractors. And yes, these sources of income have dried up as well.
People have thus started saving as much as they can, after meeting the necessary expenses.
No one knows when this outbreak will reach its end, but till then, we have to learn to save. There is no way out.
Like most people if you are wondering what can be done with minimum changes in lifestyle, here are some tricks that can be quickly implemented:

Let’s see what these are about.

1. Cancel Unnecessary Memberships and Subscriptions

Go ahead and cancel your gym membership!
This might be the first thing, and it’s safer and healthier to do so, anyway.
You cannot use the gym right now, and you don’t even know when you will be able to go back.
Cancel any membership you cannot use during the lockdown or even later as long as the risk is there.
Consider working out at home.
Not only will it tone you up, but it will also save you a considerable amount of money in the long-term.
Who knows you might love it so much that you continue it even after the lockdown ends!

2. Stop Ordering Food Online

Isn’t it too risky to order food online, anyway?
We never really know if the delivery person is taking all precautions correctly or if the chef is using the mask or gloves adequately.
The best option to save your money, while protecting the health of your family is by having home-cooked food.
Online food is not just expensive, but it can also increase your exposure to the virus.
Also, cooking and baking are enjoyable activities while you are confined to your home with ample time on your hands.

3. Stop Hoarding Immediately

When the administration lockdown was announced in most countries, there was a mad rush to buy things.
People brought home almost everything in abundance – whether they needed it or not.
There is still fear of things being unavailable.
Stop hoarding immediately.
Do not stock up things that you don’t require in the short-term.
You might waste a lot of groceries, baked products, and perishable items.
Panic buying and hoarding will drain your money unnecessarily, which will lead to additional anxiety related to finances.

4. Have a Look at Your Credit Card Interest

If you have a credit card balance, and you are paying interest, try to clear that amount as quickly as you can.
Some banks also offer better options when you transfer the balance to their products.
Explore your options thoroughly.
The best option, of course, is to clear the debt entirely.
This will save you a considerable amount in interest.
However, if you are unable to do so immediately, devise a plan to do it soon.

5. Do not forget to Chase Refunds

If you are meant to receive refunds from any source, do not forget chasing them.
Every dollar that comes your way is crucial, particularly at this uncertain time.
Be polite but consistent, and do not rest till you get your funds back.

6. Managing Cash Flow is Critical

If this pandemic has one taught us one thing, it is the importance of learning to manage our cash flows better.
If money is coming your way easily, do not be get carried away and spend it unnecessarily.
You never know when things might change.
Managing cash well means saving your money better. So, that when the cash flow runs dry, you don’t have to worry.
Do not spend more than your requirements.
Also, do not think about buying anything that you do not need immediately. Even if income is coming your way, you still have to pay your bills.
It is a harsh world now – things are unpredictable, and you never know what is going to happen next.

7. Do It Yourself When You Can

DIY might have only been a trend before, but now it has become a necessity.
With sufficient time on your hands, it might be a good idea to do things that you might outsource otherwise.
It might be a small upholstery job for your sofa, or your kids’ room might require a fresh coat of wall paint; consider doing it yourself instead of outsourcing that works.
Not only will it save you money, but it will also protect you from exposure as you will be limiting contact with others.

Bottom line

Money has always been hard to come by, but the current pandemic has worsened things for everybody.
It’s high time we all review our cash flows and minimize our expenses.
Use the money-saving tips discussed above, and you will find yourself with some extra cash.