Tired of Struggling Financially

Tips to Save Money During COVID-19

If you have the impression that you are not able to save money and often regret reckless purchases, you need a better organization and strategy for handling money. Especially now, at the time of the pandemic, which brings even bigger economic uncertainty than in regular times. 

The Internet is full of tips on how to save money, which mainly boils down to giving up on pleasures and taming the urge for impulsive shopping. We have listed in the following paragraphs how to make savings with a plan nowadays and what little things you should pay attention to.

How Much Do You Want to Save?

It is not enough to just ‘set money aside’ from time to time. It is desirable to specify the amount you want to save, what you save for, and until when you want to save. Set yourself a goal. 

When you clearly define the budget you have at the disposal, then you will be able to control the emotions that lead you to waste money, and you will channel them towards the goal of saving. Dedicated savings are good motivation for many people to reduce unnecessary expenses.

Compare the Offer on the Internet

Before you embark on an adventure of shopping, brief research and comparison of prices and discounts can help you get through cheaper. If it is a larger purchase (home appliances, technics, TV and audio devices, computer equipment…), compare the prices on websites that are the domestic version of Amazon and AliExpress, which exist in every country in the world. Prices vary greatly for the same product, and only when you have a bigger picture can you start buying things. 

Sometimes a good solution is also offered by sites that sell used products, where there are often barely used and well-preserved items that look new and can serve the purpose for which you begin shopping in the first place.

Learn From Experienced Savers

People who manage money well are constantly learning about investing and listening to podcasts on how to reduce debts. They also use applications that track all costs and borrowings. They do not keep all their money in one place, they do not buy on lease, and they only invest in things that do not lose value and that can be sold later. 

They do not allow themselves to be guided by emotions, but by ratio. They are not driven by luxury goods and brands. Whenever they can, they pay in cash, not by credit card because that leads to borrowing.

Unnecessary Luxury

Ask yourself how many times a week you order food or eat at restaurants. If it is not a special occasion and you want to treat yourself and your loved ones, prepare lunch/dinner at home. Instead of paying membership at the fitness center, work out at home. 

Ask yourself if you really need premium subscriptions for apps, i.e. if you really need to play clips without ads or watch the latest episode of your favorite TV show on the same day it was released.

Betting and Gambling

Needless to say that gambling is consisting of spending, not making money. Lottery tickets, betting tickets, bingo tickets, and visiting (instead of going) websites of bookmakers or casinos are the easiest ways to waste money. If you write down how much you spent every time you played a game of chance or bet on a football match, you will see that the occasional winning cannot make up and justify how much money you have given until then. The statistics are always on the side of the casino, and the well-known saying applies here: “The house always wins”. 

However, given that everyone’s social life is currently suffering from a pandemic, betting on small amounts and using, say, prepaid cards to pay in bookmakers, such as those at bookmaker-expert.com/paymentmethod/paysafecard/, is unlikely to do much harm, especially since most cards of this type give the option to set a betting limit so you will not stray.

Stay Away From Sales

Shopping addicts cannot restrain themselves when they hear the words ‘discount’ and ‘sale’. Do you click on all the extra offers, visit shopping malls and outlets (if restrictions allow) in search of discounts, wait for the dates of big discounts, and never miss a shopping night even though you have enough clothes and shoes? 

One should be aware that traders usually raise prices before the alleged discount so the price is not reduced at all. The false feeling that you managed to buy cheaper stuff evaporates very quickly.

Stick to the List

Impulsive shopping happens to each of us from time to time. If you often bring home products that you do not need, they become tempting because of advertising, or you have bought them just to feel better – it is time to change your habits. The next time you wait in line at the cashier, stop yourself from buying little things you do not need. The smaller items at the checkout are placed there to lure you to take a few more bucks out of your pocket. Stick to a list and focus only on the things you actually need.

The bills you pay have more or less the same numbers every month but there is no way you can track where your income goes. If you write down on a daily basis how much money you have spent, it will be much easier for you to get an insight into whether you are living lavishly and beyond your own means or not. It is easier when you have a savings goal that you do not want to let down. It can be expressed through a figure that needs to be reached, a certain thing you want to buy, a trip you would like to go on when the pandemic is over, or a massive house chore that you will finance with saved money (flat renovation, cottage decoration, etc.).