4 Money-Saving Tips to Cope With Tough Times

From the inception of the novel coronavirus outbreak, the last two years have been pretty tough and challenging. Families around the globe are facing unprecedented financial crises due to the COVID-19 pandemic. According to a recent report from Statista, 32% of the global population suffers from a financial crisis due to the COVID-19 pandemic. The report suggests that due to the unprecedented challenges of the pandemic, people lost jobs and loved ones equally.

Andrea / Pexels / Millennials have not seen an unprecedented challenging time like the COVID-19 pandemic. Reports BBC

Likewise, the current inflation rate is another factor that adds up to financial crises. With the kicking off of the new year 2022, the inflation rate exceeded 7 percent. This high-cost living toughens the lifestyle of Kiwis and the rest of the world alike.

With that said, we have accumulated money-saving tips that will help you better handle this tough time. Keep in mind that these four money-saving tips will be handy for you in post COVID era as well.

1. Reduce Unnecessary Expenses

“Millenials are coffee lovers, and they spend extravagantly on beverages and avocados,” jokes Christine Fox, a New York-based financial advisor. She argues that reducing unnecessary expenses can help in coping with tough times.

Think about it. How much do you spend on unnecessary shopping? Expensive cell phones, costly shirts, sweaters – that you rarely wear – and other needless products. These drain away money from your wallet.

You can reduce unnecessary expenses by:

• Keeping proper track of your expenses.
• Writing down your cash flow.
• Understanding what costs you a lot. Are these utilities, mortgage, or cable bills?
• Cutting down on those costly services.
• Switching service providers.

2. Limit Your Pets

Pets are awesome to have. Fluffy dogs and cats can accompany you for long times. After all, you can share your feelings and emotions with your pets – as pets have great empathy.

Mithul / Pexels / According to ASPCA, the average pet-owning cost ranges from $1500 to $4,000 per year.

However, there is a flip side to the coin as well. That is, pets are costly to have. A report shows that a sick dog is costlier than a sick goldfish for treatment. Likewise, the treatment of other sick pets is expensive based on size. When asked about the treatment expenses of pets, a correspondent had a great answer. He said: “Eat those pets and save your food bills.” May sound cruel, but it works.

3. Wear Warm Attire This Winter – Instead of Heaters

Let’s be honest. None of us would like to roam around in a freezing cold climate. Rather, we prefer to lay in warm rooms. But, did you know heating bills are the most expensive during winter? That is right. Heating bills are higher than utilities and even groceries.

A simple alternative to these crazy bills could be wearing warm attire. Sweaters, woolly coats, and homemade jackets will serve as good alternatives to heaters.

4. Have Your Dinner Date At Home

If you are single and go on constant dinner dates, perhaps this is high time to reconsider it. Outdoor dinners are costly. Instead of extravagantly spending in restaurants, you can have your dinner date at home.

Nicole / Pexels / Date dinners at home cost 60% less than outdoor dinners.

Ask your partner to come over to your place to have a comfortable meetup and dinner. In turn, you will spend quality time with your loved ones while enjoying dinner at home.

Summing Up

The COVID-19 pandemic has made families vulnerable. People have lost jobs and are constantly becoming victims of grave financial crisis. On top of that, inflation has worsened the situation.

However, you can take simple measures to cope with these unprecedented challenges. Things like limiting your expenses, using available cheap alternatives for heating, and avoiding dinners in extravagant restaurants can go a long way. These four money-saving tips will take you to a position where you can effectively cope with these tough times.