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5 ways to manage money better under Lockdown

Admin@thefundfacts 22,186 Comments ,

Hello readers, how is your self-quarantine going? Hope you all are doing very well and using this precious period being safe and improving yourself. Well, today we are here to share some guidance that will help you to manage your money while we all are in lockdown. Hope some of you are already doing these or may follow now? So let’s start:

Calculate your necessary monthly expenses, analyse your spending habit:

As almost everything out there is closed, you are now supposed to make way lesser expense than previous times. It’s time to check what are your necessary or compulsory expenses and what are not, do analyse where to cut short in future and what to avoid. Understand which were the mistakes and don’t repeat them in the long run.

Read books to learn how to maintain your money and act accordingly, watch movies that will make literate financially:

We have already wrote an article on some best books which you can read to improve your personal finance. https://thefundfacts.com/the-5-best-books-on-personal-finance/ please visit the link, find them free online and start reading. Or you can find some good movies which will teach you the same. This is the best time to learn and apply the learning in your life. Thank me later.

Opportunity to stick to the homemade food only- less expense:

Most of the restaurants being closed or considering the risk factor in online delivery its good to go for homemade foods at this time. Explore whatever dish you love, whenever you want throughout the month and you will find you have saved a lot. Why not you stick to it? It will keep you wealthy and healthy as well, isn’t it?

Go through your bank loan statements, think if you can prepay it. Always keep free money for your bad times:

Did you take a bank loan? May be for personal needs or for your dream house or a car? Well at this time you should check your entire repayment history, check the outstanding, repayment period left and most importantly how much you are paying as interest every month.

Do you have some idle fund that can prepay your loan? Why not do that and save on the interest! You may check your credit card statements of the last 3-4 months. Do you have any online subscription which is rarely used? Think about leaving it or ask your friends if they want to share. You will keep saving some of your money month on month.

Save the money and make a corpus to mitigate the risk like COVID-19 in the future.

Learn about stock market and start investing:

If you are stock market investor or even a stock market enthusiast, the best time has come for you. Go to google, search whatever you want to learn and why not apply it and earn?

Please tell us in the comment section which topic you want to discuss next and follow us on social media. Stay safe, happy reading.

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