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5 Ways You Can Save Money During The Coronavirus Lockdown

By Shobha Sapra

Updated - April 21, 2020 3 min read

We are no strangers to the global disruption caused by the COVID-19 outbreak. In addition to taking a toll on the health of millions scattered across the world, the pandemic has also rendered a large section of the population unexpectedly unemployed and devoid of any fixed sources of income. Business and commerce have been slowed down, and economic experts are predicting a soon-to-begin recession period in the near future. 

 

 

With this unforeseen surge of uncertainty, and the looming danger of losing our relied upon ways of earning a living, the need to be careful with the management of expenses and our budget, is more pressing than ever. On that note, here's a round-up of 5 things you can do to save money during the Coronavirus lockdown. 

saving-money-during-coronavirus_2

Image Courtesy - The Independent

 

1. Get Productive With Extra Time 

With much of the working population across the world now working from home, there's been also been an increase in the amount of free time available to people, the time you no longer need to spend on commuting to work, waking up early or even packing your tiffin. Be productive during this surplus time by using it to examine your past expenses, and whether they're reasonably proportionate to your income. Look for possible areas where you can cut back expenditure, and think of any unused services you unnecessarily pay a monthly subscription rate for. By making small cuts in your regular life, you can increase your overall savings in the longer run. 

 

2. Sort Out Pending Banking Tasks 

Use this lock-down period to tackle important financial and banking tasks you have been procrastinating on for as long as you remember. Update all necessary documents, and closely examine your banking activities to figure out what's causing a drain in your savings account. 

 

3. Be Well-Prepared For Emergencies 

The job losses and pay cuts afflicting sectors and firms across the globe right now, could happen to you too, especially when you least expect it. The best way to cushion your possible loss of income source in the future is to create a buffer stock of savings for such an emergency situation. Make sure you save enough to cover a few months of essential purchases, along with your mandatory financial payments such as loan EMIs. And lastly, be mindful of using your emergency savings, only in the case of absolute emergencies when no other viable option is available. 

 

 

4. Get Thrifty With Online Shopping 

Some of the products you can get your hands-on online, are a lot cheaper than the offline alternatives, and that is common knowledge to most online shoppers. Well, now is the time to put that to good use. Look for cheap deals and low prices on online shopping website, for the products you need. Online shopping also makes it easier to compare deals, and pick the best offer. Many online sites such as Magicpin, Nykaa, Amazon and many more, offer discounts, coupons and rebates, that can help you increase your savings bit by bit. For instance, something as basic as just installing the magicpin app on your phone, will help you earn cashback on online shopping.

 

5. Stay Calm & Know Your Rights 

Your best weapon against any emergency situation, including an unanticipated loss of job or employment, remains constant awareness and thorough research. If such a predicament does arise, there are a number of things you can look into. For instance, whether you're eligible to claim statutory sick pay or a state benefit. Make good use of online resources to read up on your rights and privileges, and don't be afraid to ask for help when you do need it. Lastly, avoid panic and focus on being practical. This too shall pass. 

Bit by bit, you can save big! 

Related tags:

Coronavirus Lockdown

Financial Planning

Budget Planning

Increasing Savings

Saving Money

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