Tips to save money during lockdown, If there is one thing the lockdown has taught us, is the importance of saving. Many people have greatly suffered the impact of covid 19, some lost jobs, while others had to take salary cuts. This resulted in financial constraints for many families.
Save money during the lockdown
With the continuous lockdown, it is important for people to save money during the lockdown. This starts with cutting costs and setting up reasonable budgets. Saving it’s never easy, especially during this time of lockdown. It often takes persistence and self-discipline to succeed.
Several financial advisors have emphasised a need for people to set up budgets, this means you should write down your budget goals, where you sort out your monthly expenses, income and making priorities of what is important. Remember you can only see positive results when you stick to the budget and track your spending.
Despite the negative impact of lockdown, for some, it has brought relief. Many people work from home, this means fewer expenses in terms of petrol and transport money. With this extra cash, you can put it aside for emergency funds or invest the money. You can start to invest as little as R100 on online platforms such as EasyEquities.
Some people do not recognise the importance of writing down a grocery list before going shopping. If you are looking to cut costs, you can therefore do without the non-essentials’ goods such as new clothes, home decorations, alcohol, funk food and eating out or outgoings. If you consistently eat out, it is time to set a limit by going out at least once or twice a month.
Outgoings are some of the costs that can set you out of budget, so why not do most activities at home like movies nights, playing games even having dates at home. This can help you see some cash in your pockets and save during lockdown.