Home confinement could help you spend less money. However, whether your job is not deemed “essential” or your boredom causes you to gravitate toward online bargains, you might worry about how your financial accounts will survive economic uncertainty.
If you are willing to change your perspective, making some adjustments could ease the stress of the emotional challenges of quarantine. Meanwhile, you may be able to put money in the bank.
Five ways to save money during isolation
Regardless of your income, you could struggle with mounting debt.
Five ways you can put some cash back in your pocket include:
- Get rid of the things you no longer need. As you come across unnecessary items around your house, try selling them online.
- Develop a menu plan. Getting meals delivered is a convenient way to feed your family, though the prices of your food orders can quickly add up. Decide what you will eat for the week and take inventory of what you have before you go grocery shopping. This way, you can both minimize your interaction with others and avoid wasting food while you stretch your money.
- Think twice before you buy. After you add items to your online shopping cart, wait a day or two before finalizing your purchase, so you have additional time to consider whether the things you selected are necessary.
- Exercise creativity. Although a fancy date night may not be an option, there are still ways for you and your significant other to connect at home. Learning something new, working out or cooking together may be an enjoyable and frugal way to focus on strengthening your relationship.
- Hold off on subscription boxes. If you are working from home, make do with what you have instead of spending money on clothes, makeup or impressive gourmet treats to share with coworkers.
Depending on your situation, shifting your outlook on spending may be necessary to get you through the pandemic. However, if you are unable to meet your needs, you may be wise to learn about how filing bankruptcy could help you regain control of your finances and better position you for the future.