Save Money During the Covid-19 Crisis: 7 Ways

The coronavirus pandemic has thrown the world into a state of crisis and naturally, we all are trying to trim down our expenses and save up as much as possible to survive these times.

While it is natural to feel anxious about finances during such a crisis, thankfully staying at home has its own benefits too. Working from home and cooking at home means that you are neither spending on petrol or diesel nor on dining out.

In addition to these, here are some more ways that can help you stay on track during such trying times.

Strategies to Save Money During the COVID-19 Crisis

Lower Your Insurance Premium Payments

If you have a life or a car insurance premium that needs to be paid between April or May, then check if there’s a way for you to defer the payment by a month or so. Try to contact your insurance provider and check what options can they help you out with. It can take off some burden from your current month’s budget.

Plan Your Meals & Visits to the Grocery Store

Since you are cooking at home every day, it is best if you can plan your grocery-related expenses at least a week or two in advance to avoid ‘impulse shopping’ when you visit the grocery store. While buying groceries in bulk will help you save money, it will also limit your store visits and help maintain social distancing.

Gym Membership Doesn’t Keep You Fit, Working Out Does

If you are someone who misses his/her gym, then this is the time to use free resources online and continue being in shape. There are multiple fitness videos and coaches available online who are training people for free. So cancel your gym membership and save up on that money.

Manage Your Utilities Smartly

Staying at home doesn’t mean you need to spend more on your electricity bills. Avoid keeping the lights and fans switched on at all times. Use natural light in the day and don’t keep the other electricity appliances switched on if you are not using them.

Contact Your Credit Card Company

If you have a major credit card bill payment coming up then you might want to contact the credit card company and see if there’s an option to defer the payment. Companies might be willing to help you out by reducing the payable amount to something that fits your budget for now while giving you an option to pay the rest later.

Talk to Your Landlord

Similarly, it might also be a good idea to talk to your landlord to check if there’s a possibility to pay less rent for a few months until the situation is back to normal. You can pay the balance amount then. Sure you might or might not get a positive reply, but you will only know for sure if you have a chat.

Check if You Are Owed Some Money

And finally, if you had lent money to anyone in the past then this might be a great time to check if the person can pay you back. Or any refund or credit that you had forgotten to claim - check if you can get them back now.

There might be many more ways in which you are saving money during the coronavirus lockdown. Write to us on our Instagram or Facebook pages, and let us know what is working for you. We will pick the best ones and feature them on our social pages.

Stay safe, stay healthy.