Almost all the countries around the world are facing Lockdown. But, as everything in the world has both bad and good sides, Lockdown comes with the opportunity to help you to manage the finances in the right manner. Albert Einstein once said that “In the middle of difficulty, lies the opportunity”. If you have not yet thought to decide how you can manage money, here are some of the points you should check now –

1. Make a strong model of your monthly budget

This budget is in the pattern of 50/30/20. 50% of the salary that you are getting should go in buying or doing the important things in life like Food, Rent/home maintenance, EMIs, and education. 30% of the salary should be involved in the things that you want like restaurant bills, travel, and shopping. The rest 20% should be allocated for the mutual funds and investments which can be further used on college fees, weddings, and medical. This Lockdown has limited our ability to go out of the home and spend money. This extended homestay will help you to analyze what you need and want you to want actually.

2. Try To Learn Cooking And Save Money On Food

As you are staying at home, be sure that you spend most of the time with them. Enjoy making food in the kitchen with your family members and try out some popular dishes. By learning cooking during this time, you will become less dependent on the food that comes from the restaurant. This will further lead to saving money. Post lockdown; make cooking as a weekend activity with the family. This will help you to spend quality time with your family as well as you can able to learn new things. Rather than going out and hanging with friends at restaurants and pubs, you can do random video-chat with your friends and close ones from your phone often.

3. Save Money On Movies

Going to movies is an expensive affair when you have more than four members in the family. Rather than going to the movie, you can subscribe to various channels like Netflix, Amazon Prime, and so on where you can watch many movies of your choices. The subscription charges are less than the expenses at the movie halls. And watching movies with your family in the living room with a bowl of popcorn is happier than watching movies at the multiplexes.

4. Say Bye To Monthly Memberships To Clubs

Yes, most of you have monthly membership cards for the clubs and the parties. But how often you visit them? If the percentage is less than 30% in the year, you should stop the membership now. Memberships are said to be one of the biggest expenses a person can do in a month. So, if you cancel these memberships, you will find that you have saved a lot.

5. Save Money On Automobiles

If you have more than one vehicle, mainly an extra car that you do not use much, it is the right time to sell it. Selling the car will provide any extra money to you along with you will save on the fuel and other expenses related to the car.

6. Try To Find New Ways To Make Income

Yes, while you are at home now, try to find out the new ways by which you can earn money. You can utilize this time at home to learn new things online by availing the courses so that you can start your business later. One of the popular and trending online courses is to learn to make apps for Android and iPhone. For instance, Try to develop an app that helps to make unlimited free text and calls to any number from anywhere of the world with just the recharge.

These are some of the ways to manage your finances and lead an economically stable life post lockdown. Stay home and stay safe; everything will be well soon.

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