Changes in our life are usually organic. Even if we consciously try to change something for better, it takes a lot of efforts and time. But then there are catalysts that force us to change as there is no other option. Covid-19 pandemic was one such catalyst that did not brought about mere cosmetic changes but completely shook up the entire world and turned everything upside down.
The things we took for granted like going out for a walk, heading off to restaurants or clubs during weekends, watching movies in theatres and even travelling, suddenly all of these became a part of our treasured memory.
Our earnings went down, jobs opportunities got reduced drastically with most of the businesses reeling under the lockdown. This resulted in people finding ways to curb their spending, reduce the credit card debts and loans.
That spendthrift in you must be curtailed with all the power you can muster to survive during these times of scarcities. It is important to distinguish between what is a necessary expenditure and what is frivolous. You can start by taking a serious look at all the bills that you pay every month. Look for the services that youâ€™re not using and availing them only sometimes, you can save quite a bit by unsubscribing from them.
Look at your credit card bills, if you are one of those who like to pay the total amount in full, then this is the time to pay only the minimum due amount and use the money for other necessary expenditure or save the rest for a bad day.
If you are ordering home delivery of food too frequently then you must stop and give your culinary skills and kitchen an opportunity to satisfy your hunger pangs.
Also, you can cut down on your savings so that you have enough liquid cash in hand for at least next 3-6 months.
Pandemic has definitely made it very challenging on our finances but with some smart thinking we can overcome and prevail!