Most are vaccinated? Yes.
The virus has gone. NO!
So while you might be taking a breath of respite after getting your second jab, keep in mind that that the threat is far from being over.
The tiny virus has taken away people’s life, happiness, money, jobs, and all what we consider crucial. The impact of the pandemic on employment has been massive, with so many people losing their jobs and surviving on their mere savings. However, there are smart ways to save money during these unprecedented times as well. Want to know what they are? Remain with us till the end of the article. Make notes as we never know there could be another one anytime!
Stop unwanted expenditure
For this, you might need your fresh bank statement. Start by analyzing which expenses aren’t required and which you can do without. This could be those pricey online subscriptions to online streaming services or that massive but unnecessary iCloud storage plans, or maybe that meal subscription you no longer use. Chucking these away from your monthly budget will save you a lot of dollars you never knew were yours.
Delete Those Shopping Apps
No matter how perfectly we know that we’re working-from-home and don’t need those clothes (well, at least for now!), we somehow end up ordering something or the other using the internet. Removing those online shopping apps from your phone will not only save you a lot of time but money too that you would otherwise spend. Oh, did we mention all your effort that went into shortlisting that perfect shirt for you — yes, that will be saved by us too!
Re-analyze Your Policies
We understand that you thought that they’d help you reap great returns in the long run. But, what good is that money which isn’t growing? It is suggested that you reconsider all your health, life insurance, and other policies and check whether they are fruitful at the moment or not. There are so many new policies that can offer you great returns. You may try the Medicaid spend-down policy that allows you to avail yourself numerous benefits if you have medical expenses on account of an elderly, a pregnant spouse, or a disabled loved one. While this might not save you instant money, its monetary benefits will be revealed with time.
Go for Smart Grocery Ordering
For this, you will have to check the stock in your home and then order carefully. So, if you had this habit of unknowingly hoarding stuff, this step will prevent that. Imagine the amount of money you will save by not ordering that expensive, giant pack of cornflakes thrice. Not too much, we know, but the list of such items must be endless? Isn’t it?
Start a Small Emergency Fund
Now to invest all the money saved from the above tips, start an emergency fund. No, we are not asking to rush to a bank for help. Instead, start small. It could be something like a piggy bank to start with, but now that you know emergencies are not a myth, you better start saving in small amounts. The fund will take away your stress the next time there arrives an emergency. Plus, you’ll be better prepared for a sudden unfortunate situation like a job loss or health-related issue.
Life is highly unpredictable. And the last more than a year has proved this to us. So instead of cribbing about the circumstances or leaving everything to destiny, it is only wise to be prepared. We hope the above tips will help you take your first step in saving better and becoming financially more secure. Let us know how they fared for you!