How to Save Money During the Coronavirus Pandemic
The world is facing a financial downturn like never before, thanks to the coronavirus pandemic, and it is estimated to cost the global economy a massive US$2.7 trillion. Due to the pandemic, most businesses’ operations have been affected by, and some industries have suffered a complete shutdown in recent weeks, especially the travel and hospitality industries. Moreover, many have also lost their jobs or experienced pay cuts due to the pandemic.
With no cure or vaccine in sight for at least the next year, there is a lot of uncertainty in the air. Some experts believe that Singapore may see another spike in the number of cases in the coming weeks as the restrictions get relaxed. The situation is scary, and the global economy is plunging towards a recession.
Hence, now is the time to reevaluate your budget, especially how you spend your money, to free up some of it. You need to start saving money in case things take a turn for the worse, or if you suffer any financial crunches in the coming weeks. And here are some of the ways to do just that.
Review Your Auto Insurance Policies
Auto insurance companies in Singapore evaluate how you use your car and then quote you the insurance policy cost accordingly. Since you are no longer driving your vehicle as much, it is a great idea to review your insurance policy. You first need to understand what you are paying for, and then contact your auto insurance provider to check if they can adjust to the current situation. Many insurance providers are also offering terrific discounts due to the lack of demand for their services. So use this to your advantage by bargaining for the policy quotations.
Cancel Data Packs and Subscriptions
Since you are spending most of your time at home without going out, you don’t really need your mobile data packs. Hence, you should only use your home WiFi and ditch your data packs as they cost a lot. You don’t need them right now, so by canceling your mobile data packs, you can save a couple of hundred dollars that you can put into your savings account.
Along the same lines, if you have subscribed to other services that you no longer need, then you should cancel them as well. These subscriptions include streaming platforms that you don’t use as much, meal and other product boxes, and even cloud storage. Canceling these too can save you a lot of money that you can save in case things go wrong.
Skip Takeout Food
Food is one of the biggest monthly expenses for most people living in Singapore, and since the bars and restaurants are shut, you are already saving money on eating out. But, if you are relying on takeout food for your meals, then the savings won’t be as substantial. Instead, you should also ditch takeout food as it can save you hundreds of dollars on a monthly basis.
Sure, it might be hard for you, but don’t worry. This is the perfect time to invest your time in a new hobby: Cooking. It is not only cheaper, but it also improves your mental health and helps you pass the time at home. And it can save you a lot of money. There are many websites like Udemy and Skillshare that are offering free cooking classes in light of the current situation.
Check for Debt Relaxations
On the other hand, if you have any kind of debt or mortgage, then you can even save a lot of money on them. The banks and other loan providers are aware of the financial strain on their customers during the pandemic, and hence, they are also offering various types of relaxations to them to ease their stress. Hence, contact your bank or loan provider and check if they have any payment deferring system in place that can help you. Do note that this is only a temporary solution, and you will have to repay the loan once things go back to normal, but for now, this can save you hundreds of dollars to help you with any financial stress you may face in the coming weeks.
Avoid Online Splurges
As mentioned above, most industries are facing a downturn due to the pandemic, and some companies are trying their best to minimize their losses. One of the ways they are doing this is by offering massive discounts on their products or services online. And since you are spending a lot of your time online, their ads will be targeted at you. You need to resist the urge to buy new things despite the attractive offers. You might only start by adding small items to your shopping cart, but before you know it, you will have spent hundreds of dollars on online shopping. Instead, save your money by not ordering anything you don’t need right now.
Look Out for Alternative Sources of Income
Yet, only saving might not be enough. In this case, you can start looking at some online side hustles that can help you build your savings. There are many online gigs that you can do right now to earn some extra money without investing a lot of time. You need to market yourself and your skills. Thus, if you are good at writing or painting, then look for commissioned projects online. If you are a musician, then you can design your courses online, and if you are a photographer, then you can sell your photographs on stock image websites. Most of the world is quarantined at home, and they are consuming a lot of content, so either provide that content directly to them or do freelance work for companies that are producing content right now.
Saving money during the COVID-19 pandemic can be difficult, but it is crucial. You need to look at it as a form of insurance for the coming weeks in case things don’t work out well for you financially. By following these steps, you can save hundreds, and maybe thousands, of dollars in the coming weeks. It is always a good idea to aim for the best but to prepare for the worst.
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