Coronavirus has grabbed the whole world with both hands and is not willing to loosen the grip. Though vaccines are out, the virus is still spreading its root at an alarming rate. The second wave, coming soon the Third wave is in store for us. Deaths, job losses, closed businesses due to continued lockdowns are some of the negative outcomes of Covid-19. In spite of all these, you can continue to save money and increase your investments. Who does not want to save money during a pandemic? Get the best tips to save money during corona and start minting money as every penny saved is a penny earned!
6 Best Cost savings tips to save money during Corona Virus:
- Transport cost savings– The restrictions imposed due to this virus can be turned to our advantage. Travel restrictions will result in saving due to less fuel consumption, no flights or train travels allowed, low vehicle maintenance charges, low repairs charges due to long travels.
- Hotels/Pubs/food cost savings– Save huge as you are not allowed to go out to eat or drink at public places. Moreover, people are taking fewer chances of ordering food from food apps. So huge savings there.
- Social gathering expenses savings– Take the advantage to save huge as parties, social gatherings are big No during corona times. Expenses incurred on hosting a party, arranging for food, drinks would be saved.
- Lifestyle products & services cost savings– Since no one is going out, so save on shopping expenses especially related to clothes, makeup products, beauty services, and shoes.
- Social activities cost savings– As no one is going out, thus malls, movie theatres, water parks, museums are all shut down. You end up saving on money spent on these tickets.
- Helper cost savings– If you have maids, helpers to take care of your house, and other stuff. Now you will save huge on these expenses as you need to do your own stuff.
Though Coronavirus has confined us to live within our homes, turn the tables using the best tips to save money now. This virus where on one hand has led to bloodshed deaths but on the other hand has changed our perspective of understanding the real meaning of life. It has taught us to value our time with loved ones, appreciate nature around us, do every work by ourselves, and gain new experiences.
The above savings will help you to continue your monthly investments or build wealth in the long run. We cannot ignore the increased expenses associated due to corona situation.
Below are the expenses which will spike due to corona virus:-
- Increased sanitizing expenses like the cost of sanitizers & masks.
- Increased hospital and medicine expenses if infected by covid.
- Expensive groceries and extra delivery charges.
- Increased internet bills along with electricity bills.
Best tips to manage these increasing expenses & save money during pandemic?
Lets us give you the best tips to save money during a pandemic-
- Take health insurance with Corona coverage to cover all the medical expenses in case of hospitalization and medicines, or else if you are a working professional make full use of the corporate insurance coverage.
- Keep a list of exhausting grocery items ready 2 weeks prior and place an order online, that way you don’t pay extra to get it urgently and you have time to compare the prices on different online websites and choose the best deal.
- Take long-term and unlimited internet packages to avoid paying extra for over-usage at a higher price.
- Submit electricity and internet bills to organizations where you are working to get the reimbursements.
With the above steps, you will be able to reduce your expenses to great extent & save more money during this pandemic. Above mentioned savings will be far more than increased expenses. After absorbing these expenses, you will be happy to be left with a substantial amount of savings.
So why wait rather than use these best tips to save money to your advantage. Happy Savings!
- Indians have saved $200Bn during this pandemic
- US savings up by 30 % whereas the UK, Japan & Netherland’s saving rate between 25 to 28%
Let us know how if you have any best tips to save money?
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