- Are you looking for some easy ways to increase your savings during the COVID-19 pandemic?
- Do you know how monthly budgeting, planning and prioritizing can help you increase savings?
- Have you tried to cut down on your expenditures, eating out bills and so on to save money?
The economic repercussions of the Coronavirus pandemic has hit nearly everyone hard enough. With millions of people being laid off, and the thin hopes of an economic recovery nowhere near the horizon, it is important that people increase their savings.
Some of us might be lucky enough to keep our jobs even during the crisis. However, we do not know when the situation can turn from bad to worse. This is why it is necessary to increase savings.
In this article, Dune Ventures, a leading financial advisory firm, helps us increase our savings by showing the path ahead. This will help them tide over present and future crisis and other financial worries.
5 Ways to Increase Savings during the Coronavirus Pandemic by Dune Ventures
- Preparing a Monthly Budget-
We might have to do many new things, which we have normally not done before. Budgeting is one such activity, which can help us outline the incomes against the expenditure list. This will help us chart our financial path for the upcoming month.
While most of us do these things (preparing budgets) in our head, it is best to write it down. This is going to lend it more clarity and account for any oversights you might have inadvertently made when it came to certain sets of expenditures.
- Put off Investments for some time-
While many seasoned financial experts say that the downturn is the best opportunity to invest, it is best to avoid them. We need to understand that people, who suggest that investing is a good option, can afford to incur losses. The new home or the car can wait another year.
If you want to be save, you need to increase your savings or emergency fund. One good way to do this is putting the investment money in the savings fund for the time being. This will give you a buffer during the crisis, and offer you great moral and financial support.
- Work with an expert Financial Advisor-
There are many times, where we need to move financial assets, let go off depreciating ones, and increase savings. This might include aspects like taxes, overheads, interest rates and so on. This is why it is a good idea to work with a financial expert, which can help you.
Sometimes, we ourselves are not aware of some ways and means, which can help us in different ways. Taking help from a financial advisor can help us understand the finer aspects of our finances and help plan it in a much better fashion.
- Stop any new expenditure for the next six months-
This might seem to be very severe, but people should seriously consider putting a stop to any expenditure, which is unnecessary. Apart from food, medicines and connectivity, you should not buy anything new. This will also allow you to be safe.
This includes clothes, shoes, furniture, outside food, etc. You will realise that all the money you end up saving will be of major financial help in the future. This should be carried out for the next six months. You should carry forward this strategy to the end of the year 2020.
- Open up a second source of side income-
If you are working from home, you can easily save up on some time to start something new. Maybe a small blogging business, or deliveries, or something, which can create a small fund for your family. Having multiple income opportunities during the pandemic is always great.
Do not do something, which involves investing money. Rather look for small freelance work, which you can complete in a couple of hours. This will not only help keep you distracted, but also allow you some elbowroom when it comes to making expenditures.
While all of us are praying for the situation to get better, we unfortunately do not know when we are going to go back to the normal. This is why it is important that we have enough money to pay for our food, medicines and other health risks, if they arise. Savings can help you and your family during the COVID-19 pandemic.