The outbreak of COVID-19 resulting from the Corona Virus has sent the whole world into meltdown, and it looks as though it is going to stay that way for the foreseeable future. With over 100,000 deaths in the USA alone, many individuals have been placed under strict lockdown, and as a result, many companies have had to close temporarily. While this ensures the safety of its workers, it has led to mass unemployment, with over 36 million Americans filing for unemployment benefits as a result of the virus. If you are one of the millions of people who have lost their job as a result of the virus, here are some ways you can save money, to help you through this difficult time.
- Know where your money is going
Most of us like to think that we know where our money is going, but when was the last time you sat down and had a good, hard look at all of your outgoing payments? There may be many outgoing payments you didn’t realize were happening, such as direct debits for old subscriptions you no longer use. By sitting down and tracking where your finances are going, it will allow you to make the necessary budget cuts. For example, you might realize that you are paying too much for electricity and gas, and can then look for cheap ga gas prices to help save you money. You should also consider stopping any recurring payments to services you no longer use- such as a gym membership.
- Benefits of budgeting
Many people think that budgeting is a waste of time, but there are so many benefits of creating a budget, and actually sticking to it! Start by working out how much income you have coming in, and minus any essential outgoings you have (for example, rent). Whatever money you have leftover each month can then be budgeted into necessities (such as food) wants (such as clothes), and savings. By working out how much money you have to spend, it will allow you to cut back on any unnecessary purchases.
There are many different ways to stick to your budget, such as keeping your receipts to truly see where your money is going and talking yourself out of unnecessary purchases.
- Tips for saving money
There are many different ways you can cut down your spending. But you must also make sure you are actually saving this money. Firstly, if you haven’t already, open a savings account. If you struggle to resist the urge of spending, open an account that doesn’t allow you to access your savings for a set amount of time. When you are choosing an account, make sure you research online to make sure you are getting the best interest rate you possibly can, which will help boost your savings in the long run.
In times like these, it is more important than ever to make sure we are taking care of our finances. If you have recently been unemployed as a result of the Coronavirus, or want to save money during this difficult time, hopefully, the above advice will help you navigate your finances during this pandemic.