Easy Ways to Save Money During COVID-19

To call the threat presented by the novel coronavirus overwhelming would be an understatement. Due to the highly infectious nature of COVID-19, many businesses have opted to embrace telecommuting and are requiring employees to work from home in order to help curb the spread. However, while being stuck at home may initially seem like a small vacation, boredom and cabin fever may soon set in. When this happens, the temptation to spend money can be overwhelming. After all, if a new thing purports to offer temporary relief from the usual monotony, why wouldn’t you take the plunge? There’s nothing wrong with occasionally treating yourself, but it’s very easy to lose track of one’s spending in situations like this. Anyone looking to keep their spending in check throughout the current crisis can benefit from the following tips.

Invest in Money Management Software 

As previously stated, it’s easy to lose track of your spending when you suddenly find yourself flushed with free time. Additionally, depending on how many purchases you typically make, mentally keeping track of everything you buy is liable to prove difficult. This is where dependable money management software enters the picture. The right software will help you craft a workable budget and meticulously keep track of how much you spend versus how much you can comfortably afford to spend. Even in the best of times, user-friendly money management software can serve you well and be a boon to your personal finances.

Focus on Your Existing Media Backlog 

As a culture, we’re naturally inclined to seek out the latest thing and never be fully content with what we have. Since we’ll be spending a lot of time at home for the foreseeable future, buying new books, movies, video games and other leisure items seems like a smart course of action. However, while there’s nothing inherently wrong with buying new things with which to pass the time, you can save money by tending to your existing media backlog before sinking money into items.

Given how much media most of us consume in the digital age, it’s hardly surprising that many people have backlogs that are absolutely massive. Having a veritable library’s worth of unwatched movies, unread books and unplayed video games is par for the course in 2020. So, unless a certain item is something that you absolutely must, consider postponing the purchase until such time as you’ve made a dent in your backlog.

Cancel Streaming Services You No Longer Need 

In recent years, streaming services have become a viable alternative to broadcast television. As such, instead of subscribing to cable packages, many of us now subscribe to a smattering of streaming services. However, in most cases, not every service is used with equal regularity. In fact, some go for long periods without even being accessed.

Some of us subscribe to streaming services for the purpose of watching specific shows and only use them when new episodes of those shows become available. If this describes your relationship with certain streaming services, there’s no sense in continuing to pay for them in the gaps between seasons of your favorite shows. Unsubscribing to seldom-used services and re-upping when new episodes of your shows drop can save you a substantial amount of money each month and help bolster your entertainment budget.

Flex Your Culinary Muscles 

If you’ve ever wanted to hone your culinary skills, being stuck at home may provide you with ample opportunities to do so. Easing back on ordering takeout can give you the impetus to try new recipes and save money in the process. Of course, this isn’t to say you should never indulge in takeout, as ordering food is a great way to support local business during a troubled time.

Very few people who are currently alive have dealt with anything on the level of the COVID-19 pandemic. Since the Spanish Flu hit over 100 years ago, no non-centurion has lived through anything comparable. Given how unprecedented this situation is, it’s only natural for us to be frightened, frustrated and bored. However, while spending money to combat these issues may seem like a good idea in the moment, you may quickly come to regret some of the purchasing decisions you make while in quarantine. To help ensure that your personal finances remain intact throughout this crisis, put the measures discussed above to good use.

 

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