How to Save Money During a Pandemic | Thomas Looby

While it may seem difficult, saving money during a pandemic is possible with the right mindset. In fact, one should try extra hard to save what they can during difficult economic times. No one knows whether things will start looking up or get worse. The grand experiment of 2020 showed that the average amount saved is $3,500, which could mean financial ruin in the case of losing employment or medical bills.

Contrary to popular belief, you can be unconventional in order to save money during a pandemic, meaning you do not have to follow all the experts’ rules. Beyond that, there are numerous ways to cut back in order to pare down the budget. This might include discontinuing luxury services like streaming entertainment. Multiple brands that each require subscription tend to add up. Alternatively, there are free streaming services like Crackle that can deliver movies and other free content.

Another way to save money is to selectively use store brands at the grocery store, especially when prices at the checkout reach new highs every month. Not every store brand is worth buying, but many generic brands provide a much better bang for the buck than buying a name-brand product.

Beyond these specific steps that can be taken, it is possible to adopt both frugality and minimalism to cut expenses and save money. These are two different things that end up with the same result. Frugality is buying less expensive items. In the example above, it would mean buying a store brand because it is cheaper. Minimalism means buying less and making do with a smaller amount. It generally involves stretching an existing quantity of goods further. The minimalist would cut what they believe in, keeping their bills lower. A frugalist would just buy the same, but they would spend less per unit.

There are many ways to save money with simple steps. Cutting back does not have to mean an ascetic lifestyle. These can be quick steps that are taken in daily life that will pay back immediate results. These measures could mean the difference between getting by each month and going into debt in a pandemic. The sooner one starts trying to save, the better off they are.

Originally published at http://thomaslooby.com.

Thomas Looby is Partner and CEO-in-Residence at Concinnity, LLC. For more, be sure to visit ThomasLooby.co and follow him online for the latest updates!