Saving is necessary for everyone because it assures us of an economical backup for incidents or cases of need. With the pandemic and this unusual situation for everyone, it is good to have saved “for what may happen.” However, should we stop saving money or continue to do so despite the situation?
In times of crisis, do you keep saving? Taking care of our finances allows us to have additional resources for our lives besides the ones we need for our usual expenses. The use of these savings will always be the decision of each one, and it can be for unforeseen events, for an investment, for leisure. The important thing is to always keep a certain amount of money.
Last year, the uncertainty the pandemic caused left little time to stop and think about how to save money. But as we are still at the beginning of this new year, we are more used to the realities of a COVID-19 world, making this an excellent time to prepare financially to weather the uncertainties the future will bring.
Some tips that will help you to save money during the pandemic include the following:
*Take care of your home: Your home cannot take care of itself. Your monthly budget should consist of money for routine home and yard maintenance and repairs. Housing experts recommend setting aside 1-3% of your home’s current value annually to pay for maintenance and repair costs. Although there is no need to use these funds if your home is new, the accumulated sum will help pay for large expenses in the future, such as fixing or changing the roof or replacing the heating or air conditioning unit.
*Avoid unnecessary expenses: To avoid unnecessary costs, ask yourself whenever you consider buying something if it brings you value or enjoyment. Keep in mind that most items are sold based on the feelings they inspire instead of the value they provide.
*Use a budgeting app: Many apps can help you track daily, weekly or monthly spending to see where you need to cut back. Additionally, many of them offer personalized advice based on your financial needs and goals. Take advantage of them. Yolt, Emma, and Bean are some of the apps available. Explore them and find the one that fits you best.
*Save something from your paycheck: It is important to make saving a habit. Start by holding the least amount that will not hurt your budget. It can be as low as $5.
*Do not trust sales campaigns: Sometimes, we end up buying an extra gallon of milk, for example, just because there is a two-for-one offer. By skipping such marketing tricks, you will end up saving more than you would if you had taken the actual “deal.”
*Embrace do-it-yourself projects: We have become used to buying everything we need. However, most items we need can be made with things we have at home. Try finding tips on Pinterest to help you explore ways to use the most out of your household items. Starting a family DIY project will offer a fantastic time to make everyone feel useful.
*Budget specifically for health expenses: Now, more than ever, it is essential to have money available to pay your medical bills and cover other health-related costs. We are in a pandemic, after all.