2. Get crafty
DIY is really having a moment and when your cash flow is low it can be time to jump on this bandwagon. From turning the recycling into toys for the kids, to baking bread and growing your own veggies, we could all use a bit more homemade in our lives if it helps keep our savings up, our expenses down, and our fingers away from online shopping.
3. Keep your eyes on the prize
Restricting your spending can initially feel like you’re missing out, but it is important to focus on the future and the good that comes out of proactively making a plan as soon as possible. Whether it’s maintaining a good credit score by not having to default on any payments or streamlining your budget so that you can get back to having excess money or making savings contributions. Don’t look at this period as a setback, but as a chance to deepen your financial resilience.
Can I still save money?
There is no one-size-fits-all answer to the “how much should I have in savings” question. For some, you may need to spend all that’s coming in for a while during a crisis. But experts agree that if you can keep saving, you should - even if it’s a token amount.
We all need something to look forward to, and optimism can go a long way in a time like this. So, if it feels good to plan for a summer holiday in the future, then get your dream board out, and set aside a few dollars every week for your long-term savings goals whenever you can.
It doesn’t take much to start saving and it’ll feel good to have a head start when your life returns to some kind of normal.