The coronavirus pandemic has been causing the economy to slow down significantly. With most countries under lockdown and people isolated within their homes for months now, the chances of the economy coming back to its original form of working seem less than likely any time soon.
This pandemic has been hard on everyone, from laborers to people that used to have a 6 figure salary. Due to the pandemic, many small firms have begun to shut down their services as operating is costing too much and many big firms are unable to function due to the different restrictions in place. Because of all of this, many people have lost their jobs, have had a salary cut, or have been struggling to make ends meet.
This is why we believe that in such difficult times saving money in whatever way you can is very beneficial as the pandemic does not seem to be ending anytime soon. To help with your financial situation and save up, follow these few tips we have listed:
- Online shopping
As many of us have not been using our cars or have not been using daily transport as we used to, we are saving up money on that. However, to make ourselves feel better about the situation we tend to shop online excessively. To save money, we believe that restricting your online shopping is a must. When we shop online, we tend to want everything, from makeup to clothes. However, we suggest that you stick to the essentials for now and worry about makeup and clothes after the pandemic is over.
- Cell phone carriers
Many people have contracts with their cell phone carriers for unlimited data which they need for work. It is advisable that for now you change that up and pay only for data you will use. Due to the pandemic, most of us are home and use the connection at home. By paying extra for this, you are losing out on a significant amount of money every month. Also, those who have bought a phone and need to pay for them, we suggest you speak to the carriers for an extension in payment or a wavier until the pandemic is over.
- Credit card rates
Due to the economic conditions, credit card interest rates are low at the moment. We suggest that you don’t hesitate and take up the opportunity to renegotiate terms and rates to help save some money during these difficult times.
- Sell your car
If you feel that times are getting a little too tough and you urgently need money, the one asset you should be able to sell without facing too much loss is your car. Due to the comparatively lower rates people have now begun to sell and buy cars. You can sell your car fast and liquidate your assets for some urgent cash. You should not face much trouble as most of us are already at home during this pandemic and do not need to use cars very often.