With coronavirus disrupting our daily lives, many people are worried about the impact on their budgets. While uncertainty swirls around us, not having a financial plan in place can just add to your stress levels. Taking some practical steps to manage your money can give you a better handle on your finances right now.
The goal of this article is to help you feel more confident about how you manage your money, which is more important now than ever. I hope that the tips will help you feel more in control while so many things in the world seem uncertain.
Uncertainty drives anxiety—and that shows up in the economy, especially with the second wave literally at our doorstep. With reports of businesses scrambling and the high ratio of people unemployed, it’s easy to get caught up in that anxiety. But take a step back—and a deep breath—and look at the big picture. In this article, we are going to be dealing with our budget or household expenses.
Managing your budget
The average amount to be spent per person per month is NIS 700. Therefore, a family of 4 should have a supermarket bill of NIS 2,800-3,000 a month. This includes food, cleaning and hygienic products. Try to lower this amount. Streamlining food expenses is one of the easiest budgeting clauses to tackle.
To reduce waste and grocery bills, centre your shopping list on affordable, shelf-stable foods that won’t spoil in case you’re stuck at home for a bit—like rice, pasta, and beans. Look for fresh foods that freeze well, like bread and shredded cheese, and long-lasting produce like onions and carrots.
Shop your own home: You might be surprised at how much you already have stocked in your kitchen to keep you comfortable while staying in.
Stocking up: Stock up with just 2 weeks’ worth of food. Otherwise, your overdraft will be in the pantry rather than money in the bank.
TIP: Buy on line, it saves time and money.
If you haven’t examined your monthly bills closely in a while, now’s a good time to look for any waste and opportunities to save money.
Look for monthly bills you could reduce—like a better internet package or mobile phone plan.
Review your insurance and speak with your insurance agent whether you can lower the premium or buy cheaper insurance.
Review and maybe unsubscribe from your monthly subscriptions,
ORDERING TAKE OUT
Ordering food delivery can be a convenience and comfort—and it can also quickly eat into your budget. Perhaps create a cooking night with your family or ask each family member to cook on a certain night.
KIDS AND THE SUMMER VACATION
Depending on your situation, you might find yourself with some unexpected expenses—like a babysitter. Now during the summer vacation perhaps you can group together or in your building and create a babysitting rotation, with other parents, so they can go to work.
On the flip side, if you have achieved savings on certain expenses, like petrol because you’re working from home, outings, restaurants, cinemas or theatres, you can gain a sense of security by putting that money into an emergency fund.