- Quarantines and lockdowns force us to stay at home, increasing our chances of saving money.
- Reviewing how we earn and spend our money gives us a clear idea which part of our finances to improve.
- Automating the process of saving money makes things easier for us to build up our bank accounts.
- Staying at home is a great lesson that we can live a simple life—maintaining a simple lifestyle is key to saving up our hard-earned money.
- Visit The Financial Today’s homepage for more stories.
Because of quarantines and lockdowns happening not just in the Philippines but also around the world, saving money has never been so timely. Shopping malls, bars, restaurants, and other establishments where we usually visit to spend money are mostly closed.
However, the temptation to spend during the pandemic won’t just go away. Thanks to technology, shopping for goods and services as well as ordering our favorite food and beverages have never been so convenient.
How then can someone save money while staying at home amid the COVID-19 pandemic?
Review your finances then make the necessary adjustments.
With a lot of time in our hands as the majority of us were forced to stay at home, sitting down to review and analyze our finances sounds like a great and responsible endeavor.
Start by listing all of your sources of income and how much you earn from each one of them. Then, list down all of your expenses, from the biggest down to the smallest ones.
On your list, identify which items you can cross out and live without and figure out the total amount you would be able to save if you’ll not spend any money on the things you just eliminated on your list.
Automate your savings.
The manual way of setting aside money for savings feels like a heavy burden to most of us. It feels like we are depriving ourselves by manually setting aside money in our bank accounts instead of using it to reward ourselves for our hard work. Although all of these feelings are purely psychological, it wouldn’t hurt to help ourselves in this respect.
Contact your bank account and ask if they have any services or features that you can use to automate saving money every month. If they do, enroll your savings account so that setting aside money for savings wouldn’t feel burdensome anymore.
Live a simple lifestyle.
If there’s anything that I learned from staying and working from home, it is the fact that I can live a simple life—no fancy office lunches, after-work night outs, and bi-weekly “self-reward” every payday. I learned that what makes my life interesting and fulfilling is spending time with my loved ones, improving myself through constant learning, and building projects that have a great impact on my professional and financial life.
Whenever you’re heading out to do your regular grocery runs, ensure that you have a list of essentials and stick to it. It is better to cook your own food and completely ditch deliveries from fancy restaurants and get charged for hefty delivery and convenience fees.
Make sure to cancel all subscription and membership fees that you’re still paying like fitness gym membership fees and other services you won’t be able to use during these trying times.
Saving money shouldn’t be a burdensome endeavor. In fact, it should be a fulfilling one. The experience of seeing your hard-earned money grow in your bank account should be enough to keep you going.
By reviewing and adjusting your finances, automating the process of saving money, and by living a simple yet fulfilling life, saving money during the pandemic should be doable.