covid crisis

How to save money during the Covid Crisis

Charles
Charles

Saving money during the Covid Crisis

Saving money can be hard at the best of times. But during the Quarantine and Covid Crisis you may need to scale back in a lot of areas and focus on what’s most important. This is certainly the case if you’ve been made redundant and have a limited amount of income. Or, if you’ve been furloughed and are only making a percentage of what you once had. Scaling back can be easier for some more than others.

But it’s possible for everyone to do it. You might be cutting back on your investments and things you like but hopefully it won’t be for a long time and you can go back to normal before you know it. You just need to weather the storm in the short term. The virus can’t last forever. Even if it does last much longer, those in charge may need to start to prioritise the economy ensuring you can go back to work. These tips may help you get into your money saving flow. It won’t be easy to start out with, but there are a few things which will go your way and make it easier for you.

Everyone is different, and all are in different financial circumstances. Try some of these and hopefully they can shift your perspective to one thinking about ways out of your dilemma. 

Get Help If You Need It

First things first, you need to get help if you need it. If you’re running out of money and have been made redundant then it might be time to look at unemployment benefits. There’s no shame in doing so. Many people claim it and many more will be in the current situation. Go for it if you need to or at least talk about it. Many people have debt which they cant’ pay off due to what’s happened. If that’s you, it might be time to look where to get a consumer proposal.

Debt can be debilitating but there are so many people who are stuck at the moment. The same for your mortgage. If you find you cant pay your mortgage try not to panic. Call your bank or lender and see what can be done. You might find you can take a mortgage break for a few months. This will free up a lot of cash each month and mean you can start paying again once you are in work towards the end of the crisis. The point is to get help, because there is help available for you and your family. You’ll only be doing yourself a disservice if you choose not to go for it or at least to not even consider it.



Cut Back Where You Can

This is imperative if you are to survive for a period of time without cash or income. You need to be careful though because essentially you and your family are stuck at home. If you have kids it might be a step too far to cut back on your Netflix membership, which is actually quite cheap. You need to firstly think of things you’re not using.

Your gym, for example. Then other subscription services you’re just not using and want to get rid of. Check your statements out and see what you’re actually paying for. You might be surprised to see one or two things on there you can cut back on. You can also cut back more widely. Start buying own brand products at the supermarket instead of the expensive branded stuff.

Look for cheaper transport solutions. Alone, these are quite small. But when you start coupling them together you’ll be surprised by how much you can save.



Get Rid Of A Car

If you have two, then keep one but get rid of the other. Easy. You won’t be using it and if you lease it it’ll cost a fortune each month which you can save for something else. If you’re out of work it makes sense and it could give you an immediate cash return if you own all or part of it which you can use in other areas. Selling is a big decision to make and don’t do it if you will need one again in the immediate future. Just look at your lives and between you and your partner decide if you can make do with one car instead of two.


   

Find More Work During the Covid Crisis

There’s no sense in just waiting for your work to call you back in. Especially if you’re not getting paid anything. Instead, try to find something else. You might find that there is hardly anything out there at the moment. Think about working from home instead. Maybe going freelance. There is a lot you can do from home. You can work as a freelance writer, designer, etc.

If you have a skill or talent you can use it in looking for a work from home job. Just remember to look wide. If you’re doing it all online it doesn’t have to be in your home city. Indeed, it can be national or even global so cast your net far and wide and you could make some extra money to save or to apply to areas of your life in need due to the Covid Crisis.

Sell Some Stuff

You’d be surprised by how much stuff you have lying around which you could sell. Some have more than others while some are outright hoarders. If this is you get into the loft or garage and see what you can sell for some extra cash. It might not be that much but you might get a nice surprise and find something worth a decent amount of money. This isn’t the time to sell prized possessions or collectibles, unless you’re really desperate.

Instead focus on the things you won’t miss. You’ll be making extra money while at the same time clearing out the clutter so you have more space in your home. Only sell your own stuff, not your partners or the kids. If you do, talk it through with them first and see what they say. There’s nothing worse than someone getting rid without talking it through with you first.

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Charles
  • Currently located in China, teaching English and working towards Financial Freedom. I write about money, travel, personal development and more!

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One Comment

  • WTK

    Hi Charles,

    Life will be more simpler with decluttering of the stuff which one does not use in his/her possession. It may generate some form of fund (which can be put into investment) along the way.

    Minimalism is the way to go as per my perspective.

    WTK

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