Many of us have experienced some sort of financial problem relating to COVID-19, either with a drop in our income or being made redundant. Along with the many other uncertainties the pandemic has brought, it’s also brought a host of financial uncertainties with it.
If you’re looking for ways to cut down on your spending and improve your finances during this time, then you need to watch your spending habits and try to spend less than you earn. This is easier said than done, especially with more time spent at home to browse the internet and buying things that aren’t needed. But there are a few ways you can reel in your spending, keep reading to find out how.
Make sure you have a budget
One of the first things you should do when trying to cut down on your spending or when you want to start saving money is to create a budget. To do this, make a note of your income, then work out all of your monthly outgoings. You can set this up in a spreadsheet which makes it easier to track anything that goes in or out of your bank account.
Even if you already have a budget set up, you may want to adjust this or set up a new one to reflect the current financial struggles. Check your budget often and if you notice you have more money going out than coming in, you will need to change your spending habits drastically.
Spend less than you have to
You need to be realistic with your spending. Obviously, you can’t just stop buying things but you can cut back on how much you spend. For example, with your grocery shop, instead of buying name brands you could switch to the store’s own brand. Or you could find a cheaper supermarket where you can buy the same brand products but for a fraction of the cost.
Another example where you can spend less than you have to is buying things online rather than in-store, like a new pair of glasses and if you need assistance you can simply ask customer service. Online shopping allows you to find some great deals and quite often you would end up spending more for the same item in-store. You can even find coupon codes online which can knock some of the price off.
Get instant discounts
There are plenty of websites that you can sign up to that allow you to save money. All you have to do is simply install a plugin on Google Chrome and the website will alert you when they have found any deals that you can use when you shop online.
There are also websites you can sign up to where you get cashback through certain websites every time you make a purchase. This is money in your own pocket, simply from making purchases online. It doesn’t cost you anything to sign up, so you may as well. Again all you have to do is install the plugin to Google Chrome to benefit from it.