50 30 20 budget rule

How to Save Money During The Coronavirus Pandemic

With restaurants, stores, nonessential businesses and literally the whole country on lockdown due to the coronavirus pandemic; you would think money problems would be the least of our worries. However, millions of workers have lost their jobs and years of employment growth has been wiped out in a matter of weeks due to this crisis.

These uncertain times has a lot of people worrying about their finances as the global crisis continues. That being said, now’s the time to develop a healthy relationship with money and cut back on things that’s not enhancing your wellbeing. And hopefully this will be a great way to adjust to a new monetary mindset moving forward.

So we’ve researched a few measures that could help you become more financially secure for the coming weeks. And while we’re all making effort to stay safe, keep our immunity up as well as protect our mental health, it’s also very important to note that looking after our finances is also a form of self-care.

Here are some amazing ways to save money during the coronavirus pandemic.

Review your income and outgoings

This is the time to be fully aware of your financial situation. Review your accounts, what you spend money on, including; all your direct debits and recurring payments to see what services needs to go. Research for the best deals and offers out there. Compare prices and opt for cheaper data plans if necessary. Furthermore, Say NO to takeouts and unnecessary online shopping. Stick to grocery shopping only and cut back on things that’s not essential or elevating your life or wellbeing 

Government Funding Programmes

A lot of people have lost their jobs these unprecedented times, so make use of the government assistance schemes put in place to help. Also, for the self-employed, the Government’s Self-Employed Income Support Scheme offers a taxable grant. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 a month. Please find more information at gov.uk. Plus, water companies are offering payment holidays to those who are struggling to pay, Councils are giving residents breaks; interest-free overdrafts from some banks and broadband providers restricted from disconnecting people who can’t keep up with their bills. So make the most of these opportunities.

Try creating a budget

Now is a great time to sort a strict budget. With these new circumstances, comes new measures of spending money and saving money. This may also be the best time to stick to the 50/20/30 rule. This ultimate lifetime money plan is the perfect budgeting trick that can save you a lot of money during this crisis. The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and 20% for savings.

Freebies, Discount codes and Offers

Another way to save money is to please yourself during this lockdown at zero cost by opting for the freebies available. From free classes, free courses, online subscriptions as well as free shows. Maybe it’s time to pause on Netflix payments for now and share a Netflix account with a family or friend. Again, review all your payments and subscriptions, cut out what’s not needed and opt for the free or discounted stuff! Also check out discount codes and offers when shopping online. Whether it’s free delivery or that extra 10% off, every little helps right now.

Find an extra source of income

Find other sources of income and get your ‘Side Hustling’ game on! With the internet at our fingertips this means endless possibilities. Or just get a second job online, it could even be something you are passionate about. Use your spare time to research demand and competition in your niche. Know your unique selling point and use your expertise or knowledge in something to make money. Also, you can make money by selling both new and used items online or just create a free website offering a service that you think people may need during this time like teaching a language.

Save Save Save

Finally, just SAVE! It’s unexpected challenges and times like this we’ve all been advised to save money for. Some people are currently surviving thanks to their savings, while others are not doing so well. So, be aware of the temptations out there; those pop ads when you’re on social media displaying a shoe on sale, that new season dress that you do not need and those new Bottega Veneta shoes worn by your favourite influencer can hold on as we have no where to go right now anyway and there’ll be another sale. (we all get tempted to shop for things we really do not need at the moment).

Whatever your situation is, just keep saving. Set yourself a goal, by the end of this, you want to have saved more, with the money you could have spent on traveling, at restaurants or shopping. Save money during the coronavirus pandemic so when we come out on the other side, you’ll be stress free and relieved.