Tips to Save Up During Coronavirus Outbreak

Rana Ragab - Mar 2020

Inspirations

Alongside all the fears associated with the coronavirus outbreak, financial concerns are a significant part. Now that the majority of people work from home, some may find it challenging to control their spending habits. Particularly, if their salaries have been impacted or their workplace has chosen to give them an unpaid break. Moreover, as kids stay at home, parents are expected to spend more on goods and hygienic products.

However, you can choose to look at the outbreak differently and actually accomplish something for later. Social distancing is the perfect opportunity to build progress in your personal life, this includes attempting to save up as you stay home. Now that we’re in lockdown and social gatherings are prohibited, it’s actually easier to save money.

Below are some tips to help you save up.

• Hold on to your goals and ambitions, they are what drives a person to make and save money.

• Estimate how much you want to spend from your salary and how much you want to keep away.

• Motivate yourself to save up by choosing something you really want to do, for example it could be going to Disneyland next year.

• Reduce wastes, cut down bad habits like overusing toilet paper and electricity. You can live well, using less.

• Pay the bills first, this ensures you get the important stuff out of the way and prevents you from being in debt.

• Create a shopping list, this organises your needs for you and avoids unnecessary buying.

• Be practical, purchase the necessary good and don’t buy in bulks.

• Calculate how much you spend per day or per week. This keeps you aware of your spending habits.

• Don’t keep too much cash with you, money is likely to last longer when you keep it in your bank account. Particularly, that we’re currently in curfew and avoiding ATMs.

• Create your own money box, put any change you get back in it and keep it away from your own reach.

• Teach your children how to be practical and get them involved in saving up during quarantine.

• Give out a small amount of money every now and then to the less fortunate, such act of kindness works like magic and returns back to you.