When you are on lockdown, your movement is partially restricted, making it challenging to earn an extra income. Therefore, you want to ensure you use the little money you have the right way. Impulse buying during a lockdown can easily harm your pocket.
You can resort to the most trusted payday loans online when you run low on cash, and you want to pay some essential bills like electricity and water.
Apply these five tips if you want to ensure you save money when you spend most of your time indoors.
1. Create a budget
A budget is an intention to spend. Therefore, when you create your household budget, you can spend your money on useful items. You will avoid impulse buying when working on a tight budget. With a strict budget, you can track your spending every day.
When the paycheck comes in, you should ensure you have a clear budget. You will stick for a month or a week. Only buy items like food and clothing based on your account. For food and other consumables, you can create a weekly budget and shop in bulk to save some money. Plan your meals in advance so that you track how much you spend on food.
If you don’t like writing, you can install budgeting apps on your phone and use them to draft your budget.
2. Buy a coin jar
A coin jar can help you save a lot of money. You can keep all your loose coins from shopping on this jar and wait for the reaping time. Because most people hardly count coins after shopping, they are likely to ignore the value. Once you accumulate coins to the brim of the coin jar, you will be surprised by how much you’ve saved in just a month.
3. Cut on junk and snacks
Eating snacks and junk food is the last thing you want to do when you spend most of the time indoors. Junk food costs you a lot of money and affects your health. Most people eat snacks when they are already full – recreational eating.
Junk food is expensive and less nutritious. If you want to save some bucks on quality food, you should start cooking your meals at home. Avoid eating at a fast-food joint and prepare your real meals. You can learn some online food recipes if cooking is not your thing.
4. Maintain a cash flow
Most people lack basic financial literacy, which makes it challenging to plan and manage their income. However, it is easy to maintain the correct cash flow and ensure your money serve you well.
The rule of thumb is to ensure you don’t spend more than you earn – crazy, right? Well, most people budget more than they have, which leaves them broke before the next paycheck. If you want to ensure you don’t run broke, you should not plan to spend more than your income will be or spend on what you don’t need.
5. Buy in bulk
Buy all non-perishable items like groceries in bulk. Do not hoard. Instead of buying a small tin of cottage cheese, you can go for a large one to save money and plastic. If you have a freezer at home, you can also shop for perishable items like fruits and vegetables for a weekly budget. Learn some food preservation hacks to avoid wastage.
Saving money involves a lot. It takes some level of discipline to save your money, and that means you must remain persistent. Suppress your urge to spend money during a lockdown by applying these five tips.