Since the beginning of the pandemic in 2020, it has been a difficult time. The lockdown has caused an economic crisis, with everybody bearing the brunt of it. Some people have relocated for work and are now residing in a PG or hostel. Even if you are working from home (pg/hostel in Mumbai), you must be having trouble paying rent and other expenses. Managing to pay for bills and other expenditures while still keeping apart some money for your savings or investments must be a mental toss-up.
But there are some good tips to save your money during times of crisis like these.
Make a list of all the expenses
The best thing you can do is make a list of all of your expenses for the month. Also, see how much money you can save on them. When you write down your expenses, you’ll be able to see which ones are most important as well as which ones aren’t. This way, you’ll know exactly where and how much you are spending. You can also keep a track of your expenditures using online applications.
Invest your money
You can learn how to invest in the stock market, mutual funds, or a systematic investment plan (SIP). For that, first, you should know all the details of the funds you want to invest in. Before investing in trading, it is important to learn everything about it, to avoid any big setbacks. During this pandemic, many people have opened new doors of wealth creation by selecting different income sources to grow their money.
Avoid ordering from online food apps
While ordering food from online delivery apps, you have to pay additional charges plus taxes for food delivery. You should take care of your health by avoiding outside food whenever unnecessary. And if you plan to order takeaway food, you can call the restaurant directly to place the order, thereby saving your money on delivery charges.
Keep Emergency Savings
It is always advisable to keep a separate account where you can save some money regularly every month. Also, make it a point to set aside a portion of your monthly salary or savings for the emergency fund. It will be like backup money which you can use in case of any emergencies.
Living in a PG/Hostel can be a thrilling and exciting experience. You learn many things including how to manage your expenses and savings, at the same time. It is always advisable to avoid unnecessary expenses on luxuries. If your PG offers food, that’s fantastic; otherwise, you can always try to prepare your food. For people looking for an inexpensive PG/hostel room near their college or workplace, Cozydorms offers the best options with the best amenities.