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Money Saving Tips During COVID-19 Lockdown

Published On May 26, 2020, Updated On Jun 24, 2020

The ongoing Coronavirus lockdown in India has left many people struggling to manage finances either due to job losses or pay-cuts. 

The situation is even more perilous for those with an irregular source of income. 

Though the government is planning to lift the lockdown in a calculated manner, there is still a long way to go until normalcy restores.   

While no one knows until when the outbreak will last, we must learn to save some money during these unprecedented times. 

So, here are 6 easy ways to save money during COVID-19 lockdown that can help you have enough funds to sail through the pandemic declared coronavirus. 

1. Don’t Indulge in Hoarding

Like every other crisis, people are fearing the unavailability of essential items and hence stocking things during coronavirus lockdown. But they fail to understand that panic buying does no good. In fact, it can harm you in two ways. Firstly, it may pinch your pocket as you spend more, and secondly, it restricts access of items for others which leads to black marketing and ultimately shooting up of prices.  

2. Shop Around for Health Insurance

Buying a relevant health insurance plan during coronavirus is no expense. It is in fact a sensible decision. This is because amid an economic slowdown, having a comprehensive health insurance plan can save you from being affected with a dearth of funds if an emergency strikes. There are several affordable health insurance plans in the market that cover you in case of major sickness/illness/disease/accident, which you must timely own. 

Read here: 5 Best Health Insurance Plans in India You Can Buy in 2020

3. Cancel Unnecessary Subscriptions and Memberships

Don’t worry, we are not asking you to cancel your Netflix subscription. But you surely can cancel your gym membership as you can’t really use it during the coronavirus lockdown. Similarly, you can find out other such memberships and subscriptions which are either not feasible or can be avoided during the lockdown.  

4. Check if You Can Get a Refund for Planned Trips

If you had already booked for a holiday before the coronavirus situation got worse in India, you must get in touch with the organizing company and ask for a refund of the advance payment. While many companies may offer discounts, gift vouchers, or refunds, others may simply shift your plans to a later date.

You may also like to read: How Does Coronavirus Affect Your Body?

5. Avoid Ordering Food Online 

Is ordering food online during the coronavirus lockdown worth taking the risk? The delivery persons are taking necessary precautions like wearing gloves, masks, and initiating contactless deliveries but that is not enough to avoid exposure to the coronavirus. So, eating home-cooked food is the best option to save your health as well as a few bucks. 

6. Be Thrifty With Your Resources

It is important to think economically especially during a crisis. You should actually sit down and create a new budget plan which you can follow during the coronavirus lockdown. It can have more realistic limits to your food shopping, and other expenses. Plan to spend only on things that are necessary. 

Also, try saving on electricity bills by sharing a room with other family members and using a mobile hotspot to save money are some handy money-saving ideas. 

In short, creating and managing with whatever you already have is suggested instead of getting involved in needless spending.

Also Read

Health Insurance Companies Cannot Reject Claims After 8 Years of Premium Payment: IRDAI

Tips for Smooth Sailing of Your Business Amid COVID-19 Lockdown

Takeaway!

Tough times call for tough measures. Being thoughtful about managing expenses now will only help you deal with the situation better in a more efficient way. 

Following the above-mentioned tips will ensure that you have enough funds available so that you can meet day-to-day expenses with ease. 

These were a few simple ways in which you can add some money to your pocket amid the lockdown. But if the situation gets unmanageable, then you deserve help. It goes without saying, but in case the pandemic has led to the loss of work or income, then you should not hesitate in contacting your landlord, employer, bank, etc. and seek help. 

Stay healthy, and stay planned for the future! 
 

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