Capitalise on being stuck at home
BETWEEN stocking up on food, medicine and other essentials, most families have gone over their usual monthly spending at least two or three times already. As they continue to prepare for the long-term effects of COVID-19, many find themselves spending even more than usual.
And while these unexpected expenses might have been a blow to personal and family finances, many families have also been able to save and/or cut back on some of their expenses. And it’s these opportunities that are shared below, that can help you save, budget and build wealth in these trying times.
Childcare
The Government’s recommendation for non-essential workers to work from home, and the closure of schools, have made it possible for many parents to stay home with their children instead of hiring help. And while parents have been complaining that their kids are driving them up the wall 24/7, on the bright side they are now able to save a substantial amount of money on childcare. “Even if you have to go in to the office, juggle this time with your spouse so one person is always home with the children and you still save money,” shared Marianne Williams, an accountant.
Junk food
From the overpriced coffee and pastries to lunches from high-end restaurants, being out all the time at work meant that you would often indulge in junk food, whether for lunch or dinner. While the food industry is still booming, take the opportunity to enjoy your own cooking. You will be surprised just how much you save from cooking and snacking on what you have in your fridge and food pantry. “You still want to support your local businesses, so for a treat, still order out a couple times per week especially if your children want some variety,” pastor Lurlene Persaud suggested.
Online shopping
The convenience of online shopping is much more appealing at this time, especially since you are advised against going out for non-essential purposes. Spending on non-essential things at this point is quite risky. “And furthermore, your goods may take longer to get to you,” massage therapist Angelie Scott said. “You can still add things to your cart, but resist the urge to click ‘order’, especially with job losses being a possibility.”
Utility bills
Being at home more does mean that you will use the electricity and water more. But there are things you can do to reduce your bills. Make sure you and the kids turn off lights, gadgets and appliances when not in use. Unplug gadgets and appliances and engage children in activities outside of the TV, tablet and other electronic devices. Also, make sure that taps are turned off properly to prevent water wasting.
Buying in bulk
When you buy in bulk you will be able to save some money. It also means that you will not be required to go on the road as often or any at all if you stock up on all your essential supplies. “Don’t just buy in bulk for buying’s sake though,” Persaud warned. “It should still be things you will use, and not what you think you may need during panic buys.”
No more pressure spending
Everybody was having a food or cake sale — including your co-workers’ children. Outside of that, there were baby showers, every other day was somebody’s birthday, and somebody wanted a contribution for whatever reason. Not going to work has eased some of this random spending that you don’t often budget for when you go into work.
