Saving The Pennies During A Pandemic
On a personal level, the coronavirus crisis has hit hard. Just a few short months ago, you were probably looking forward to everything 2020 had to bring with optimism. Now, you can’t wait for the year to end.
With the pandemic, uncertain economic times have emerged. People are concerned that their jobs may not be around much longer, and you need to take action on personal financial planning. If you are keen to save the pennies and tighten the purse strings, you don’t have to live like a pauper. However, you do need to make some fundamental life changes to top up your savings and stay in the black. Take a look at how you can stay financially buoyant during the coronavirus crisis.
Consider switching vendors
It’s so easy to stay with the same bank, the same utility suppliers and the same car insurance. It’s just convenient. However, what you gain in convenience, you lose out on in value for money.
By heading onto comparison websites, you can save hundreds of dollars by switching who supplies your electricity or who insures your dog. When your renewals crop up, it’s vital that you shop around rather than accept the renewal quote.
Switching used to be a pain because the onus was on you to cancel standing orders and switch your bank accounts. Now, companies have made this easier by doing this all for you. There really is no excuse not to save money by investigating the best providers for your situation.
Review car expenses
If the set of wheels on your driveway hasn’t seen the road for a good few weeks because of coronavirus limitations, you might be tempted to sell it. This would definitely give you some more readies for your savings. However, you might simply want to swap the swanky sporty little number for something a little more modest and cheaper.
Consider those cars that are in a low insurance group and those whose parts are cheap. Heading to a car site like Automotive Stuff can help you see the sorts of accessories and parts for each make of car. If the parts are readily available and cheap to buy, this will make the running costs of any vehicle much more reasonable.
Planning for a vacation
While flying may be off the cards for now, you still might want a summer vacation for your brood. Think about heading out on a road trip. This way, you can use your own car, rest your weary heads at cheap campsites, and explore your home nation. You might fancy heading to the coast, the countryside or a National Park.
It may not be the vacation you had in mind, but it will certainly be gentler on the pocket. Consider what your family want to do on your trip and check out those freebie excursions. Museums and parks are often free to enjoy. Cook at the campsite rather than eating out, and enjoy staying safe on your own self-catering holiday. The money that you save from these more frugal activities each day could then be put towards one big treat that you know everyone is going to enjoy, whether that’s a meal out at a nice restaurant, a boat rental, or whatever it is you know is going to be appreciated by all.
While Covid-19 has brought many uncertainties with it, you can save your pennies and enjoy a more frugal existence.
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Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/
(Inage) Coins on Money, Dmitry Moraine