Considering the peculiar times we are living in, we just can’t ignore the devastating impact the COVID-19 pandemic has had on our daily lives. As the unprecedented events continue to take place, we have our own distinct roles to play during these tough times. Above all, we have to ensure that we don’t lose control of our budget. We need to look for ways to save more money during these testing times. During the pandemic, one thing that every individual has been looking for – how to save money. In this article, we will talk about 5 ways that can help you save money during a pandemic.
1. Cut short your life insurance
Do you have proper life insurance? When we say proper life insurance, it means that while having a life insurance plan, you need to be double sure that you are not overpaying for your policy. It is not a bad idea to have a life insurance policy in order to protect your dependents in the event of a mishap. Nevertheless, you would not like it to damage your budget.
2. Open the right savings account
Do you own a stockpile of savings? That’s good news! But why are you letting them collect dust in a traditional savings account? This is the right time if you are looking to make a change. You should let your savings work to earn interest for you in a high yield savings account. Just by letting your savings grow in a high yield savings account, you could earn extra money in a year. Here, interest rate plays a crucial role. You would be amazed to see how fast your savings can grow in the right account.
3. Find methods to save on your bills
For many people, saving money can prove to be a big challenge. However, the pandemic has offered us an opportunity to save more in certain areas of our life. For instance, during these times, you can manage working out in your home itself. In that case, having a gym subscription doesn’t make sense. Apart from this, ladies can stop getting a monthly box of beauty products delivered to their door. These changing times have allowed us to decrease our subscriptions and ask for discounts wherever possible. This is the best time to ask for discounts on bills and services that don’t hold much relevance during this time.
4. Learn a new skill for free
If you are looking to upgrade yourself with changing times, you can make use of the ways to learn free skills by many firms. For instance, lately Udemy has added 650 free online courses. Similarly, Coursera has a number of career development courses that you can avail at no cost. Apart from this, Skillshare is offering a free two-month trial to discover a new skill. If you have been looking to learn more about music, dance or any other hobby, there is a chance that you may get a free online class for the time being. So, in case, you have been delaying to learn a new skill only because of the cost attached, this is the right time to make good use of the free resources.
5. Make a list before grocery shopping
We are trapped in a habit of eating more at home during the pandemic. So, before going to the store, if you choose to meal plan that would definitely be a great thing for your budget. Else, there are chances that you may end up choosing a random selection of unhealthy food and an empty wallet. In order to save on groceries, meal planning with cheap and healthy recipes can be a good way. Apart from this, you can take things further by making use of coupon apps to save even more. Not only this, apps that offer cash back and rewards can come handy and would help you enjoy more food devoid of a heavy price tag.
To sum up,
It goes without saying that saving money is not an easy task. However, it can lead to an easier life in the near future as savings can help in continuing work from home after the coronavirus or side hustle.
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