Tips for Keeping Your Finances Intact During COVID-19

To say the emergence of the novel coronavirus has changed the way we live our lives would be an understatement. With many companies shifting to remote work and schools switching to digital learning, most of us have been spending a lot more time at home. Additionally, to help curb the spread of this highly infectious virus, we’ve largely stopped going out in public unless doing so is absolutely necessary. In such a time of fear and uncertainty, financial anxiety is the last thing any of us needs. Whether you’ve been able to continue working during the pandemic or are currently dealing with a furlough or job loss, the following pointers should prove helpful for keeping your finances intact throughout the current crisis. 

Invest in Personal Finance Software 

User-friendly personal finance software can be a boon to your money-saving efforts throughout the COVID-19 pandemic and beyond. Whether you’re looking to create a workable budget, plot out your long-term financial goals or track your spending, the right software is sure to prove useful. So, if smart financial planning is what you seek, hop online and start exploring your software options.    

Buy Certain Items in Bulk 

Since most of us are going to be stuck at home for the foreseeable future, purchasing around-the-house necessities in bulk is both a practical and financially-sound idea. So, the next time you find yourself ordering toilet paper, tissue, grooming products or nonperishable snacks, consider opting for bulk-buy options. Just remember that there’s a clear difference between bulk purchasing and hoarding. Purchasing more of a certain item than you can reasonably hope to use is wasteful, inconsiderate to other consumers and a poor use of one’s money. 

Reexamine Your Subscriptions 

Most of us have more subscriptions than we know what to do with. Between streaming services, digital publications and cable packages, subscriptions eat up a significant amount of many entertainment budgets. In the interest of bolstering your entertainment budget, take some time to review the various subscriptions you pay for each month. In all likelihood, you’re bound to come across at least one or two subscriptions for which you no longer have any use.

Attend to Your Existing Media Backlog 

Given all the time many of us have been spending indoors, it’s hardly surprising that we’ve constantly been on the hunt for new forms of at-home entertainment. While the desire to keep oneself entertained is certainly understandable, it’s important to abstain from needless spending. For example, if you’ve already built up an enormous media backlog, there’s little reason to spend money on new leisure items before making a dent in it.

Gamers whose hard drives are packed to the brim with unfinished software should start completing these games before sinking money into new ones. Similarly, avid readers whose bookshelves and e-readers are filled with books they’ve yet to even start should make some progress on their existing to-read piles before adding any new works to the mix.    

Cook Instead of Ordering Takeout 

Ordering takeout can be a great way to add some variety to your usual meal routine and offer support to local businesses during a hard time. However, ordering in on a regular basis is liable to make a sizable dent in your personal finances. To help prevent yourself from getting bored with your usual roster of meals and save money on food costs, use this opportunity to expand your culinary repertoire. If there are any recipes that have captured your attention, why not try making them? This isn’t to say that every new recipe you tackle is going to turn out well, but spending some time in the kitchen can be incredibly satisfying and cathartic and help you hone your cooking skills.      

The ongoing threat of COVID-19 has forced many of us to make sweeping changes to our daily routines. In order to curb the spread of the virus and keep ourselves safe, many of us have taken to spending a significant amount of time at the old homestead. Fortunately, this new abundance of leisure time affords us the opportunity to make some progress on our respective to-do lists. So, if you’ve been looking to balance your finances, try your hand at cooking or dive into your media backlog, there’s no time like the present to get the ball rolling.