Restaurants and retails stores are among the biggest businesses to have been affected by the pandemic. There’s a shortage of people, and there has also been a shortage of supplies — supply stores have been closed because of lockdowns, apart from those deemed as essential services.
The number of unemployment claims filed by people locally surpassed 16 million, according to statistics, and that’s a problem especially if there’s no available work. Some businesses have even sought the help of a good business litigation lawyer to settle their claims for bankruptcy. On a personal note, it might be easier to save money, but there are still people who find it difficult to hold on to a certain budget.
If you’re experiencing similar troubles in saving money and maintaining a budget, then you’ve come to the right place. Take a look at these tips to help you create significant savings for these lean times.
Shop Around for a Better Insurance Deal
Everybody needs insurance. It’s protection against anything that happens without warning and it helps you get up after a significant setback because of accidents.
There could be a few unused provisions of the standard insurance during the COVID-19 pandemic. That’s because some of these—like coverage for vehicles — aren’t useful in times when there’s less traveling, like right now. You could essentially play this card into your hands if you want to get some savings on your insurance.
Because of the situation, many auto insurers are already adjusting their clients’ premiums. They’re cutting these and making it more affordable because the extra payment isn’t used anywhere. If you haven’t been offered any discounts yet, better call your provider and see if there are some savings you can get on your own premium.
Stick to the Essentials
When going out of your home and on a trip to the supermarket or to the restaurant, you should stick only to what you really need.
Housing, transportation, and food stand out as a person or household’s biggest expense on a monthly basis. During the pandemic, restaurants and bars are among those that are closed or operate on partial capacity, so that’s already a partial solution for overspending for food.
When going to the grocery, you can also keep your purchases low-cost by only buying what you really need. Keeping a list of what you’re lacking at home can help you avoid overspending. Aside from that, sticking to that list and avoiding impulse buying helps you save on your budget.
Remove Subscriptions and Other Stuff You Don’t Need
Another way to get more of your money back is to cut back on excess costs. That means anything that you don’t need, you cut out from your budget. For instance, if you’ve got quite a few subscriptions and you’re not using all but one of them, then you know what to do — get rid of those excess ones.
The easiest way to do this is to take a look at your credit statement. If you’ve got subscriptions to accounts such as Spotify, YouTube Premium, Netflix, or Amazon Prime that you’re not using anymore, then you need to cancel that. Paying for things that you don’t need only adds stress to your wallet.
Track Your Spending with a Diary
Keeping a spending diary is useful if you can’t help your impulse. This helps you remember every purchase you made, from the smallest to the most significant. You can also track the items that you buy too and judge whether you need to buy them or it’s something you can cut.
This is a good diary to maintain even if you have money to spend. Today’s technology helps you do this easily, as you can keep it in an app on your phone, like Mint or your device’s native note app. If you want, you can also keep a pen and paper in your pocket at all times, ready to list down your purchases.
Prioritize Your Purchases
Are you living alone? Do you have things you bought you think you don’t need anymore? This is easy to answer if you’re tracking your purchase. It helps you track down which things you’re buying and can help you decide properly. For instance, instead of spending money on take-away food, you can instead cook at home. The money you use for that can instead be added to your budget.
During the pandemic, it’s even easier to save your budget, considering that you aren’t going out of your home frequently. Refer to this list if you want to get started on creating a budget and saving up during the pandemic.