17 Aug 2020
Since the COVID-19 pandemic first hit our shores in January of 2020, the economy has been rocked by an extraordinary wave of flow-on effects that have trickled all the way down to the everyday Australian. As of June 2020, the official unemployment rate stands at 7.4%, although experts have warned it could be higher – so it's understandable that many of us are feeling some level of financial pressure.
If you're looking for ways to make ends meet and save some money during the pandemic, here are some practical tips to help you out.
This is a great tip if you find that you have more time on your hands. income.
SBefore the coronavirus hit, many of us spent money on things purely as a convenience, such as hiring cleaners instead of doing housework and buying takeaway food instead of cooking. By becoming a DIYer, you can not only fill in some spare time, but save money as well. Learning to cook, doing your own gardening (including growing your own herbs and vegetables!), reusing items or making things you need rather than buying new are all things you can do to become a thrifty DIYer and save a decent amount of cash.
Regardless of the coronavirus pandemic, a budget is something you should absolutely put into place.
If you have a momentarily reduced income, it will help you understand where you need to set aside important funds, such as money to cover rent and utilities. It will also assist in curbing unnecessary spending, since you'll have set aside money for entertainment, clothing and more as part of your budget write-up.
If you also factor in just $20 or $50 a week or month for savings, you'll also ensure that you continue to set aside savings, keeping some good habits in place.
Now is as important a time as any to take control of your debt. There are a number of practical ways to do this, including:
If you're trying to save money during the coronavirus pandemic, it's worth taking the time to reassess your insurance policies to ensure you're getting the best deal possible. For example, if you have health insurance but are finding yourself not making use of all the benefits, consider dropping to a more affordable level of cover. Websites such as Compare the Market make this quick and easy.
Cutting your expenses is one of the quickest ways to guarantee that you save money. For example, you can try cutting back on the amount of takeaway food you order, the number of subscription services you're signed up to (the average Aussie household spends more than $35 on view-on-demand video services), and try buying items such as clothing and furnishing second-hand if you find that need them.
With these simple steps, you can cut back your spending and be in a better position financially to see out the coronavirus pandemic. If you find that you still need assistance to pay bills, or require some cash for an emergency, contact us to find out how Sunshine Loans can help you with a small personal loan of up to $2,000.