How can I save money in light of ongoing inflation, COVID-19, and high bills?
I can’t speak for anyone else, but since COVID-19 arrived, a lot has changed—and not always for the better. Even if the economy wasn’t the best before COVID-19, it seems that everything for many people, including food, bills, and finances, has changed dramatically.
The rate of inflation is at an all-time high and I don’t see an end to it anytime soon. Although it is necessary to save money, doing so might frequently be challenging because of one’s financial situation.
I’m very happy that my parents taught my siblings and me the value of saving money from an early age; those financial management skills have served us throughout the years and more so now.
They were strict parents when it came to money and as it stands today, there is no wasting money in today’s world especially during a time when the economy is currently being affected in nearly every sector.
One may ask, how do I save?
Here are some tips and strategies shared by our parents that helped us:
1- Note Every Dollar You Spend
In light of this, it’s critical to start keeping track of every dollar you spend. You’ll start to see how quickly some of your little, apparently unimportant purchases build up.
2- Set a budget and adhere to it
Making a budget for yourself and adhering to it as closely as you can is also essential. It will be simpler to keep on track if you know exactly how much money you expect to have at any one time and which payments you are responsible for.
3- Create a retirement strategy
This is a must do right away! Nobody wants to be forced to work forever. You should plan for the future and attempt to stop living paycheck to paycheck. You’ll undoubtedly be happier in the long run if you can make plans for the future ASAP.
Even creating a “vision board” to enable you to imagine exactly what you want might help you stay focused and prevent wasting money on the wrong things. It may sound stupid, but I think it’s a smart idea.
One thing for sure there are many companies available to help you start to save money now. See how your savings can increase by using this online savings calculator.
Savings calculator provides a variety of calculators and demonstrates how to put this savings strategy to work for you.
The site is also not only great for helping you achieve your savings goals but also for helping you achieve your retirement, college goals and more. Plus, they also have a feature which allows you to create a growth table of savings over time.
Calculations update automatically when any input is changed. If you have a particular savings goal you want to reach by a specific date then please use our savings goal calculators.
Implementing your savings plan now is crucial because I don’t believe inflation will ever lighten up, and I’m certain that everything from food to housing costs to retail prices to bills will increase while most people’s salary will stay the same.
So, there’s no need to wait you can kick start your savings journey today by visiting savings calculator.
I have no way of knowing what the future may hold, but I do know that the ideal time to start saving money is right now.
These are wonderful tips. I must give this a try.
It is good to stay on top of finances, especially the way prices have been lately. It is easy to forget about the way the economy is headed.
Setting a budget and really sticking to it is so important! But as a spender, it’s so difficult for me.
So much yes! Budget setting and mindfulness of the dollar is everything. Love these tips and will have to play with the calculator, thank you!
I can say I was way better off 2 years ago. Inflation is out of control by the people in charge… and it is so hard. I am using my credit cards more…. and I am with you on al of the stress in this day and age. Saving is almost impossible.
Setting a budget and planning for the future are both important. This is very helpful advice.
I’ve had a rough year thanks to getting covid twice for about two weeks each time. That cut into the amount of money that I could earn since I deliver food/packages to others. Hopefully, 2023 will be much better.
This is a good question that I ask myself very often lately. I’ve started to note my expenses and I set a budget. Need to see if these actions will work.
This post is really informative, I really enjoyed your tips, it’s so important to budget.
I know everyone is feeling the struggle these days. Creating a budget and sticking to it even if that means cutting out unnecessary things right now is a must.
These are all really great tips! I’m surely going to keep this in mind thanks for sharing this with us!
It is scary how fast inflation is rising. We are trying to monitor our spending more carefully while still trying to make donations to organizations that help others.
Creating a budget and sticking to it can sometimes be easier than it sounds. It is great advice though and something we all need to work on.
These are all really great and very helpful tips! I will surely gonna keep these in mind! Thanks for sharing this with us!
I have always been good at saving money. I try to save when I can. You never know when you may need it most.
These are great tips. With prices rising the way they are, it’s a good thing to make note of what you are spending and where.
I will keep this in mind. I have been wanting to save more since things are getting so expensive.