We all know how COVID-19 has affected our ability to earn from employment or business, as we were forced to stay at home at the height of the virus outbreak.
Having limited finances makes it important for everyone to spend money only on essential needs. This way, they can stretch their budget for as long as possible until they could go back to work again and get paid with their usual salary or other sources of funding.
8 Household Money Saving Tips to Manage Your Finances
Although you’re in-home quarantine, it doesn’t change the fact that you will still incur daily living expenses like groceries, utilities, health care, and so on. As long as you know how to budget your money, you should be able to manage your personal finance with ease. Here are effective money management tips that can help you overcome financial difficulties in the face of the COVID-19 crisis:
For meal expenses
- Save leftovers for later: If you happened to cook food that’s more than enough for your household, store the leftovers in tightly lid containers in the fridge to retain their freshness for future serving. If your housemates aren’t that fond of eating the same dish more than once, you can always turn it into a different version to make it more appetizing for your family members.
- Have a home garden: Grocery shopping can be extra expensive these days, not to mention a hassle since there’s limited public transportation. If you ask for items to be delivered to your home, you’ll need to pay delivery fees.
By keeping your own garden at home, you can minimize the number of things you have to buy outside and pay shipping fees for. A mini-farm that gives you vegetables and fruits is also helpful in giving your family healthy food choices.
For utility expenses
- Keep tabs on your subscriptions: Do you really need to keep both your cable TV and video streaming services? Paying double for almost similar services isn’t a practical thing to do in this time of economic hardships.
- Pay attention to reward points on your credit card: Some companies give out rewards to customers who pay their bills using their credit card. You can use these points for other purchases, so take time to check your monthly statement of account as to how many credit points you have and where you can redeem them.
For work- or study-from-home expenses
- Get proper equipment: Since many offices and schools have to abide by stay-at-home orders, you may need to do most of your tasks from home. You’ll need a laptop or computer with good specs, so do some shopping online to make sure you’re buying whichever gives the most value for money.
Laptops are great if you don’t have a fixed work or study area at home since you can carry them around wherever you go. On the other hand, desktop computers are cheaper and can be upgraded.
When it comes to the cost of buying your machine, if you don’t have enough cash to pay in full, you can be financially smart with installment buying. Choose a payment term that you can afford so you don’t have to worry about finance charges that come with late payments.
- Choose your internet services provider (ISP): You’ll be using the internet a great deal of time while you’re studying or working from home, so consider getting a postpaid internet plan if you haven’t already done so. Weigh the pros and cons of getting the basic plan versus the premium plan, which is how ISPs usually do it.
For instance, the basic plan may have data cap limitations at a lower monthly subscription rate, while the premium plan may charge you more because you get unlimited internet usage.
For health-related expenses
- Do home exercises: Being fit and healthy is important to strengthen your immune system, but since you can’t go to the gym or public parks just yet, you can simply exercise right in the comforts of your own home.
Include simple home exercises in your daily routine, such as walking, jogging, jumping jacks, or climbing stairs. Don’t forget to warm up properly before exercising to avoid any injuries.
- Go around your neighborhood: Staying at home can get boring, too, so find some time to go out and explore your community. Taking your dog out for a walk, brisk walking, biking—these are healthy activities that make you get up from your desk and move a bit more. Plus, they’re fun to do!
Beat COVID-19 Financial Challenges
We’re living in difficult times, so we need to make smart decisions that can help pull us through, especially in areas concerning personal finance. The trick is in making the most out of the resources we have and planning our expenses well so that we don’t end up wasting money on things that are not really necessary.