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How to Save Money During The Pandemic: 5 Tips You Can Use

May 15, 2020

May 15, 2020

COVID-19 has changed the face of the world. People have had to get used to homeschooling their children, not working in the traditional way and being unable to travel extensively. However, that’s not all that’s been affected.

The global pandemic has caused financial hardships for families across the world. This is why so many people are looking for ways to cut down and save money. But if you’re not used to being on a tight budget, then the prospect of cutting down might not seem very appealing.

However, during this time, it’s a must for many who have either lost their jobs due to the lockdown or who’s living costs have skyrocketed because of being at home 24/7. To help guide you as to how to save money, here is a list of five tips that you can use at home:

Open a Savings Account

As part of the saving process, you might want to consider opening a savings account. Somewhere that you can store cash in case of an emergency or simply for the future, your future self will be very thankful for it. If you are still working full-time or part-time from home and can do so, try to put away a portion of your salary each month.

With the uncertainty that’s surrounding the economy, this will help to ensure that you have the money to cover any living costs or bills when you need it so that you don’t have to take out any expensive loans.

Take Advantage of Coupons

Another way of saving money during this time is to take advantage of any coupons that are generated by the stores that you frequently use. Thankfully, there are tons to choose from online from all the big named chains (for example this Lowes coupon page), so you don’t have to worry about spending out more on your essential items than you can realistically afford.

Set a Budget

As part of the process, you might want to re-evaluate what you spend each month and create a budget. This will guarantee that you’re not spending more than you should during this time. A key step to take to control your monthly finances, it will ensure that you’re in a favorable financial position both during the pandemic and in the future.

It will also help to ease any financial stress that you’re feeling and will help you to feel more in control of your life.

Cancel Memberships and Subscriptions

One of the best ways to cut down is to cancel any memberships and subscriptions that aren’t essential. For example, you could cancel a recreation center membership that you have, that you’re not currently using due to the on-going lockdown.

Also, if you have any annual passes to any theme parts (e.g. to Disney World) then you might want to consider asking them whether they will either offer you a refund (as you wouldn’t have been using it) or if you can cancel it for the year.

Be Wise With Your Purchases

When you’re shopping online, you might be tempted to purchase every item that’s on sale. But you need to ask yourself whether you truly need those items, or if they are simply impulse buys. If it’s the latter, then it’s time to think about how you can cut down. This way, you’ll be able to use the money that you’ve saved and put it away for a rainy day.

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Successful Black Parenting is proud to announce that we are bringing our readers more researched-based content written by the members of the American Psychological Association’s (APA) RESilience Initiative, which provides resources to parents and caregivers for promoting the strength, health, and well-being of children and youth of color. We will also feature their members who have contributed articles to Successful Black Parenting on our BackTalk podcast. Learn more about the RESilience Initiative at www.apa.org/res.

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