Due to the immediate lockdown, many of us have been forced to cut down many of the usual expenses, no more commuting to work, no more meals out, no more Sunday shopping sessions. However, the pandemic has also had a significant impact on the global economy, meaning that most of us have to be on money-saving mode until the storm is over. Here are four simple tips for implementing in your routine to save a little more each month.
One of the largest household expenses? Food, undoubtedly! However, the average person ends up wasting almost half of the food they had bought. There could be many reasons for this, but there are also ready-to-use solutions that can help you buy less and save more.
Here are some practical tips to put in place today:
- Start by planning all of your meals for the week.
- Go food shopping once a week.
- Buy in bulk, but only if you know you are going to consume all of what you have bought or it is a non-perishable item.
- Search for the “reduced” section in your supermarket, an excellent way to save and reduce wastage.
- Make the most out of leftovers!
Rethink your electricity and lighting system
Lights and lamps certainly play a significant role in creating the right ambience for a room. However, if you are spending several hours indoors – like most of us are during lockdown – some solutions allow you to use your lighting system without facing exorbitant bills.
Firstly, switch to more energy-efficient light bulbs, such as LED lights or compact fluorescent lamps (CFLs). These options are not only ideal for your wallet, but also the environment.
Additionally, you should compare the energy providers in your area, and find out which one offers the most convenient plan for your household’s needs. For example, Switch My Energy provides solutions for both businesses and privates that are customized to your requirements.
Tracking your household’s expenses is one of the most critical changes of habit you should include in your money-saving strategy. While this step is also one of the most overlooked, don’t underestimate how becoming more conscious of your spendings can improve your financial situation. Indeed, especially within a household, it isn’t easy to keep track of all the expenses when different people make these.
However, in this case, you could opt to make the most of apps such as Snoop, Mint, or Wally, which can help you control your spendings. Additionally, these apps boast a series of features that you could use to understand your spending habits better and encourage you to save for your future projects.
Find affordable entertainment
It might be easier than you think, considering that shopping malls, restaurants, bars, and cinemas will be closed for a while. However, the other risk is to be bored and frustrated with your four walls. Luckily, there has never been a more appropriate time to take up a new hobby, project or side hustle. While it can seem just a pastime, for now, it might turn into something profitable one day!