How can personal financing companies such as Personal Money Network help you save money during this crazy pandemic?
As many governments are now easing their restrictions in some cities, financial experts believe that this is an opportune time for those affected to assess their finances and see areas where they can effectively save money. In fact, the main reason governments now allow movement of people is that they understand it is necessary to restart the economy. The world is still under a tremendous amount of economic stress, and it is still uncertain until when it will last. If there is one thing that we’ve learned during the widespread lockdown, it is essential to have savings. In this post, we’ll share some helpful tips on storing up funds for the next rainy day:
Assess Your Subscriptions
Now that you have spent a lot of time at home, you have a fair idea of what subscriptions you often use. It would be a wise move to assess which ones you can do without and those that you can’t live without. While you are at it, you may also want to see if you can lower your monthly internet package, depending on how much you consume in a month. Contact your provider and see if they are willing to give you a good deal.
If you are among those who were able to work from home, you probably realized how much stuff you’ve accumulated over the years. If you have some downtime at work, you can start sorting through your belongings and see which ones you can let go of or sell for a good price. Before you even consider buying a new item for your home, see if you already own it! Besides, this money may be better put to use in your savings account.
If you have debts to pay and still have a budget to cover for them, continue with your payments. While some banks and lending companies may offer you some leeway, such as waiving interest charges and late payment fees, they may charge you with accrued interest. If you found it hard to pay these instalments before the pandemic, it would be good to communicate with your lenders. It will also help to look at installment loans offered by a few lenders to lessen the costs that you have to pay for.
Buy Second Hand
If there’s something you want to buy, try the preowned market first to see if anyone is selling the item you have in mind. Often, sellers list their items at a fraction of the original cost. Make sure, though, to check the product’s overall quality. However, you should also be wise when buying used items. You should first compare them with the price of a new one. If you’re going to save only about $5 for the item, getting a new one would be a lot better since you also get to enjoy the perks that come along with it.
Engage in Bartering or Trading
There is one thing that the coronavirus pandemic has taught us — it is nice to go back to the basics. One of these is bartering, when people traded goods without any money involved. If you are on the hunt for a particular product, you can offer furniture that you don’t need anymore up for trading. This way, you don’t have to shell out any of your hard-earned cash. For it to be successful, it would be best not to look at the overall value of the items that you are trading. If you are not using an item, swap it for something that can be of use to you. You hit two birds with one stone by clearing your clutter and getting an item that you actually want or need.
Instead of moping about not being able to go out because of restrictions, use this time to do something productive and look at your expenses to see what personal financing strategies you can improve on.