How to manage finances and save more in this time

All of us are going through a difficult time. Don’t worry. It will surely pass. But, we’ll have to stay safe and have a little bit of patience. We need to safeguard our finances a bit; that is the need of the time. 

Plan a budget to save more and more

Now is the time to carefully consider your budget and make modifications to save more. The need of the time is to have liquid cash as much as possible. No one knows what’s there for us in the future. But, it’s always better to stay healthy and be financially prepared.

Plan a budget to save more and more

Now is the time to carefully consider your budget and make modifications to save more. The need of the time is to have liquid cash as much as possible. No one knows what’s there for us in the future. But, it’s always better to stay healthy and be financially prepared.

You can practice frugal budgeting and minimalism at this time. It will help you to prioritize things in your life.

Avoid your wants and focus on needs

Please be extra careful to distinguish between needs and wants. Ask your wants to take a back seat for the time being. They can wait. 

Focus on your and your family’s needs. Guard your finances. We are going to face an economic crisis. 

What can we do? Protect our finances. Before buying anything, ask yourself, whether or not you really need it. However, don’t compromise with your health. Have nutritious food and focus on building immunity. 

Do not use the emergency fund if not needed

Yes, abstain from using this fund as long as you can. Keep it for the difficult times, that is, for an emergency. You never know when a sudden car repair may be required. 

And, if you have to use the funds, try to replenish it as fast as you can.

As I always say, how much do you have in your emergency fund? Can you sustain for 6 months? If not, try to save more to reach that figure. 

If you’re getting paid, use this opportunity to save more. You won’t have to worry about your finances then. 

Do not stock your grocery much

You might be thinking what am I saying? All the people are now busy stocking things for the difficult times in the future which we might face. But, think wisely; if all of us stock things, what will we get in the grocery stores? Moreover, things will perish too. 

So, buy things in limited quantities. And, when buying things in bulk, do check the expiry dates. Make sure you consume the things before the due date. 

Have quality family time

Stay at home as much as possible. Have quality time with your family and cook at home. Teach your kids to cook. Everyone should learn basic skills to sustain. 

Plan your weekly meals ahead and cook during the weekends. Apart from saving time, it is healthy too. 

Cancel subscriptions if not necessary

Do you use all the subscriptions you have? If not, cancel them. 

You don’t need any gym membership now. Exercise in your backyard if the weather permits. Enjoy some fresh air.  

Check your other subscriptions like magazine subscriptions. If not required much, cancel and save the money. 

Do not incur debt

Debt is an absolute no-no. Though the mortgage rates are down, take out one if you’re confident you can manage the loan even if there’s a job loss. And, don’t incur credit card debt or take out a payday loan. 

Try to repay if you have any unsecured debt. Try to be current on secured loans. 

To conclude I would say that stay safe and focus on your health. Don’t worry! This time will pass and bright sunshine is awaiting. Just we need to have a little patience and pray for a good time. 

This difficult time will surely pass!

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