However, desperate times call for desperate measures. It’s been more than a year since the COVID-19 crisis first broke out. By now, you could have already managed to get by and stay afloat. In fact, some people have found ways to make some money amid the pandemic.
If you’re still financially struggling, fret not. Here are six practical ways on how you can save up during the pandemic:
1. Have extra savings
The global pandemic has forced people to stay at home. In fact, many employees are working from home. Plus, a lot of individuals limit their outdoor activities for health and safety reasons.
When it comes to finances, what does this imply? This means that you can significantly save up money. Here are some expenditures you won’t have to worry about during this pandemic:
- Transportation (commuting or fuel expenses)
- Entertainment (watching movies, dining out, shopping, etc.)
Be sure to set aside the money you would have spent otherwise if it isn’t a pandemic. Remember that any sort of adversity presents an opportunity. In this case, you have the opportunity to save up.
2. Cut down on expenses
It makes sense to tighten your belt during a pandemic. While there are certain expenses you need not worry about, there are deliberate ways you can cut down your expenses.
It’s time to check all your expenditures and see what you don’t need at this juncture. Be sure to cost-cut some of these less-important expenses. Here are some practical things you might want to consider:
- Cancel online app subscriptions
- Stop gym or club membership
- Downgrade mobile phone plans
3. Start a business
If you find it hard to make both ends meet during the pandemic, it’s time to start a business. Consider doing so practically if you’ve lost your job. In fact, the pandemic has led to the increase of new business applications in the U.S.
Before launching a business, check your current financial resources, your specialization, and your local needs. Below are some types of business relevant to the pandemic:
- eCommerce business
- Cleaning service
- Delivery service
- Home renovation
- Landscaping services
- Mask creation and design
4. Have a side hustle
Apart from starting a business, consider having a side hustle. The good news is that the digital realm is a goldmine of various job opportunities. That said, you can capitalize on online freelancing. Here are some in-demand freelancing jobs you can try:
- Digital marketing
- Social media management
- Web design
- Graphic design
- Content creation
- App development
- Product testing
For your reference, consider the following freelance platforms:
- People Per Hour
5. Save up on your insurance
If you’re looking to save up money during this pandemic, better check your insurance. When it comes to insurance, you probably have the following:
- Life Insurance
- Health Insurance
- Auto Insurance
- Homeowner’s Insurance
To save up on your insurance, either ask for discounts from your current insurance providers or look somewhere else. For your life and health insurance, you need to get better coverage given the COVID-19 crisis.
For your auto and homeowner’s insurances, get a package deal offered by dependable insurance companies such as Youngs Insurance Brokers Burlington. Just be sure to shop around for lenders, compare prices, check policies, and settle for the best deal.
6. Sell household items
As you have been stuck at home during the pandemic, you probably have been cleaning and decluttering. You’ve discovered some household items that are still in good shape and condition but are no longer used. These include the following:
- Kids’ toys
- Dailies and magazines
- Garden tools and supplies
After decluttering, the best course of action is to sell these items. Not only will you keep your house tidy, but you’ll be able to make money at the same time.
That said, try digital platforms such as eBay and Carousell used for selling second-hand items. You can also sell via the Facebook Marketplace or even Instagram.
The global pandemic doesn’t have to keep you financially struggling. The good news is that there are ways in which you can save up and make money. All it takes is to have extra savings, cut down on your expenses, start a business, have a side hustle, save up on your insurance, and sell household items. Consider some of these, and you’ll manage to rise above the current situation.