The corona virus and the quarantine have greatly affected our daily lives. From losing jobs, to closing down of business, to adopting a new normal, our finances are also affected.
For some this quarantine has given them a chance to save because of limited outside activities like dining out, shopping and saving for gasoline in using a car.
There are also some ways to save money during this quarantine.
Here are 10 ways to save money if you are on quarantine:
1. Prepare a budget
By listing and monitoring your expenses you can recognize what are the things that you can cut and save money.
2. Meal Preparation
If before you used to go on dining out, now is the time to learn to cook your own food.
Prepare a meal, drink more water, and brew your own coffee. You can start by listing a menu for the week and set a budget for it.
Be mindful of your serving, so no extra food will be wasted.
3. Cut back on paid subscription
Now is the time to check and analyse your subscription that has not been beneficial during this quarantine like gym membership, or application on your phone that has not been used in a month or two.
Besides you can exercise at your home without spending any amount of money.
4. Reduce your energy consumption
This is the time that you will be most conscious and you will be able to monitor your electric usage since you are stuck in the house.
Conserving energy means lesser bills to pay.
Unplug appliances, clean or change AC filters, keep thermostat low and keep the freezer full are some of the things that you can do to minimize your electricity bill.
5. Grow your own food
Check your backyard or ground space near your house.
You can also explore within your house where you can start up your gardening. Bring it on your “green thumb”!
You can also search or look for some tips and guides on starting your own garden in the house.
Now that basic commodities are increasing their prices, growing your own food is additional cost saving for you plus you know where your food comes from, fresh and healthy.
6. Travel plans
If you’re the type of person who loves to travel or going out, this quarantine gives you the opportunity to save for the cancelled vacation or travels.
Use the savings you get to open an account or start your emergency fund if you have not it yet.
7. Buy in Bulk
Buy in bulk especially in things that are useful to your house like laundry detergent, shampoo or conditioner, soap, rice.
When going to the supermarket or doing a grocery make sure to have your list so you can stick with the basic things that you need in your house.
Another tip is make sure when you do your shopping or buying groceries you have already eaten.
Some said that when you are hungry you have the tendency to be impulsive in buying things or food that in the end you may regret.
8. Pay Bills Online
Learn to pay your bills online. It will save you time, effort and expenses going to the bank or other payment facilities just to pay your bills.
There are also other banks where there are rewards points for every usage of their online payment facilities.
9. Cost cutting
When you have a budget and a list of your usual monthly expenses you can review those expenses and analyse where you can cut costs.
You can quit on your vices, or you can walk instead of riding a grab or taxi especially if you are going in a near place, bring your own food instead of ordering in fast food or dining out.
10 Set up automatic savings contribution
One of the features of the bank is you can automatically deduct from your salary a portion of what you want to save.
There are also banks wherein you can segregate your savings depending on your goals, it may be an emergency fund, a retirement fund, or for investment.
It will be up to you how you will set up those savings.
You can set it on a monthly or semi-monthly basis with a fixed amount to be deducted with a target amount to achieve the goal.
There you have it, these are only some ways to save money in quarantine.
Hope it gives you an idea on how you will start your journey in savings.