With so many lockdowns and different protocols caused by the pandemic, the economy is definitely one of the most hard-hit sectors that affect not just one country, but the entire world.
Goods cannot go through a community or a country because of the restrictions. Transportation was stopped or very limited. Trading was also halted and so much more. At present, most of these restrictions have already been lifted and as long as they follow the minimum health protocols, then they can already operate.
Yet, with the easing of restrictions, the economy still hasn’t recovered and people are already feeling the effects. In addition to this, there are also other loans like cash advance, housing loans, car loans, and many others that you need to consider.
Many small businesses are closing, and the prices of goods and other commodities are also increasing drastically while the income of an individual or a family stays the same. It’s a big problem and all we can do is tighten our belts and work on what we have.
Here are a few basic tips on how you could budget and stretch your money even further.
Compute your monthly spending
Whether you spend too much or not it is wiser to make a list of your spending each month. Once you made a list, you can perhaps evaluate the amount of spending you do and look for where you can slash off some of your spendings. It doesn’t matter if it’s a huge cut or small, that would still make a lot of difference.
Lessen the subscription fees, shop less and try local markets for food.
Before the pandemic, we have so many subscription fees we pay every month. Internet is out of the question, but we also have streaming movies, games, and even online office programs that we pay for every month. Good thing that most of them, you can easily cancel the subscription and focus only on the internet and one online movie stream.
We love shopping and dining in different places almost twice a month, but after the fuel prices and higher cost of dining in the restaurant, we decided to just stay in the house and cook our own meals, which for us was more fun and there is nothing like home-cooked meals.
When cooking our own meals, we try and go to local markets instead of a supermarket to get most of the vegetables and other home needs. Prices are much lower, and you also get to help the local farmers and small businesses in the market.
Look for home-based jobs for extra income.
Although we lose some, this pandemic also opened a lot of opportunities for people to earn extra income in the comforts of their homes. People brought their business online and individuals were able to generate more income using different social media applications. I have lots of friends doing online selling, baking sweets and selling them online, selling clothing and so much more. By spending time on it at home and some dedication, they were able to earn more that they could add to their budget.
I believe the effects of this pandemic are going to take a while and I also believe that more and more people are becoming aware of the importance of budgeting and focusing more on the necessities rather than the wants. So, start budgeting and start now.