10 ways to stay financially sane during Covid-19 pandemic

While some will emerge financial unscathed from coronavirus pandemic, the majority of people won’t be so lucky. These tips can help you save up cash during the Coronavirus pandemic.

DURBAN – Whether it’s being laid off or taking a pay cut, more and more people are concerned and starting to feel the coronavirus’ economic impact. 

While some will emerge relatively unscathed, the majority of people won’t be so lucky. We have compiled tips on how you can save up cash during the Coronavirus pandemic.

  1. Negotiate your bills – South Africa’s major banks have introduced various measures to assist consumers who are impacted financially by the coronavirus disaster and the 21-day lockdown intended to curb its spread.Some consumers will automatically receive these payment holidays, while others have to apply to their banks.
  2. Car insurance premiums –  With fewer people driving, some auto insurers are already cutting premiums on car insurance on car insurance. If you haven’t been offered a discount yet, call up your provider, explain that you’re driving less or no longer commuting and ask for a cheaper policy.
  3. Cancel subscriptions you don’t need – An easy way to get more money back in your wallet is to cancel monthly subscriptions, such as streaming services. You don’t have to scratch them all, but if you’re paying for three different video streaming platforms, keep the one you use the most.
  4. Cancel your kid’s phone accounts – Do your children have phones simply so you can keep track of them? If so, consider getting rid of those accounts/apps. You know where your kids will be every hour of every day (for better or for worse) until these lockdowns are over.
  5.  Stay fit for free – Now may be the time to suspend your gym membership and take advantage of free online resources.
  6. Check with financial institutions about deferring payments – The Department of Trade and Industry has passed new regulations which will exempt certain categories of agreements and practices in the banking sector.The exemptions will allow banks to work together to revise programmes and relief measures which will help small businesses, consumers and firms in distress.
  7. Lower your home loan repayments or refinance if you can – home refinancing is one of the most effective ways to release cash, reduce monthly expenditure and improve your financial position, if done correctly and for the right reasons.
  8. Keep the Groceries Simple – When shopping for groceries, always make sure that you go for the basic and essential items. Luxury grocery items that you can’t afford will cut your savings in half or more.
  9. Try to do more cooking – While some restaurants are still offering takeout and delivery, making your own meals will save you money, especially if you decide to meal prep.
  10. Find ways to increase your income – While the pandemic has limited some ways to increase your income, there are ways you can earn more. Join a Delivery Service: You can earn money on your own schedule by using services like Uber or teach courses online through websites like Udemy.

 

For LIVE updates on the Coronavirus pandemic, follow us on Twitter : @sacoronamonitor

 

CORONAVIRUS MONITOR