5 Money-Saving Tips for COVID-19 and Beyond - Trinidad and Tobago Mortgage Finance Company Ltd.

Mon 18th May, 20200

There is no denying it; COVID-19 has changed the way we live; temporarily in some ways, permanently in others. One thing is clear, the need to save is even more apparent. Here are some helpful tips to save a few dollars:

CREATE A BUDGET

We know the mere mention of the word “budget” may strike fear into the hearts of some, but in reality, it’s really simple. Grab a piece of paper (or open an Excel spreadsheet, if that is your thing) and put your income in one column and your expenses in another. This is for your eyes only, so be brutally honest. Distinguish between needs and wants by asking yourself “Can I do without this for now?”. You may be surprised as to how much you can save this way!

COOK AT HOME MORE

In recent times, many of us have been cooking from scratch, either by getting recipes online or after dusting off grandma’s cookbooks. Delving into these kitchen adventures could turn out to be more fun and satisfying than you imagined. On a closer look, you may realize that the cost of just a few of the ingredients is the same as (or less than) a bought meal; and feeds more mouths! Also, leftovers could be put in the freezer for you to enjoy another time.

CANCEL UNNECESSARY SUBSCRIPTIONS

Current financial uncertainty means we need to be more frugal with our spending. Cancelling some monthly memberships and subscriptions can help. For example, do you need both cable and Netflix? Probably not.

GROCERY PICK UP/ DELIVERY

Just think of the many times that items caught your eye and ended up in your trolley, even if they were not on your list. Impulse buys are the enemy of saving. Why not try one of the new shopping services that let you send in your list and have it all pre-packed or delivered? That way you resist the temptation to go over your budget.

USE LESS ELECTRICITY

Every little bit adds up. Instead of turning lamps or air conditioners on during the day, consider opening the windows for natural ventilation and light. Switch to energy saving mode and unplug the electronics that you do not use daily to boost your savings in this area.

By reviewing every category of spending, from essentials to entertainment, we’re certain you can discover several ways to save money. These little things all add up and these extra savings could be put aside for a rainy day.


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