How To Save Money During This Pandemic

2020 is continuing to be a very rough year for everyone, with the COVID-19 pandemic alone immensely affecting many aspects of our lives, especially finances.

A great number of workers have been unemployed since the pandemic started where in July 2020, the unemployment rate of the Philippines hit 45.5% where almost half of the Philippines’ workforce are currently out of jobs, according to a national mobile phone survey conducted by SWS on July 3-6, 2020.

The workers who still have jobs don’t have it easy, though, as many are not working full time nowadays, and the spending capability is less than what is used to.

So along with practicing social distancing nowadays, spending less should also be practiced during this tough time.

Worrying about finances during this pandemic can be stressful, but here are simple tips to start spending less.

• Identifying needs from wants

Knowing what is necessary to what one can live off without will really help in spending less during this pandemic. Identifying needs from wants can help eliminate unnecessary spending therefore you can save more. Prioritize essentials like food, water, electricity, and rent than other wants like new shoes, clothes, or gadgets.

• Consider saving

Having enough money at any given time is very important, especially during emergencies. Saving money for the rainy days is the mantra now. Be very delicate in spending your extra money by keeping in mind sudden emergencies like health, because keeping yourself healthy during this pandemic is a must.

• Limit your online shopping

You can always find great deals on an item you might like online or in-store, but determining whether you need it today or not is important. A sale can be very tempting but do you actually need it?

• Avoid eating out

The quarantine can get very boring, but ordering your favorite comfort food online every day can really hurt your wallet. Avoid eating out, and you might even lose some of that weight too. This is also a safety precaution as much as it is a money-saving tip.

This pandemic has taught humanity many things, one of them is to learn how to save hard-earned money. (ASC)