A saver's guide: saving in times of crisis

It is no secret to anyone that the impact of this pandemic on the world economy has touched everyone's pocket. We are all afraid of facing a recession without money, which has motivated many to use ingenuity to better manage their money and to reinvent themselves in the event of losing their jobs, in order to better deal with the economic effects of Covid-19, as well as other causes such as wars in some countries, Global warming that is also affecting everyone.

Luckily, in this post I'm going to leave you a series of useful tips to save money. I'm going to give you a summary of the most efficient strategies, with links to detailed articles. 1º-Saving in times of crisis starts with a budget When money is scarce, you can no longer do “the old lady's account” and manage family finances in your head. You need to make a budget, with your income, and above all, your expenses. Money inflows are easy to identify, you won't spend much time with them.

Expenses are different. They are multiple and very different. Some come from your cash payments, from card payments, others from monthly, quarterly or annual receipts. Some are small, repetitive and adding up, others large and occasional.

In addition, in a family there are usually several people who buy and spend, which complicates monitoring.

How to make a budget? The first thing you should do is record all your current expenses. You can use the Japanese notebook method or any personal accounting program. The idea is to be exhaustive, recording all your expenses, even those that come to you only once a year, such as insurance for example. Review them. You'll see that some of them can be trimmed. In the rest of the post, I'm going to give you some examples for saving at home in times of crisis, but each family has a different situation, depending on the country or social status, so review your own expenses. Take note and act. Eliminate or minimize services that aren't essential, sell what you don't use, and plan budgets for your weekly purchases. If you want to get quick savings, you can read this article.

https://www.ideasyahorro.com/el-presupuesto-familiar/

2nd- Saving at home in times of crisis: reduce supply bills An important part of what we spend each month are energy, water and telephone bills. Luckily, I have prepared an article for you that will allow you to make some quick adjustments to lower your bills. How to save on your water bill. Although most of the bill is usually fixed, with reasonable consumption you can significantly lower your monthly payment and this applies to electricity. Save on the phone. Make the necessary calls, take economic plans. Energy savings. Limit the consumption of heating, air conditioning, the use of electrical appliances, etc.

https://www.ideasyahorro.com/como-ahorrar-agua/

3rd- You must amortize consumer loans, as soon as possible Consumer loans, credit cards and those purchases you're paying off in several months are costing you a lot of money. The interest on these loans is usually very high, and what you pay in interest reduces your purchasing power. Then you should do two things: No more credits. Because in many cases, you enter a vicious circle from which it is difficult to get out. Pay off your current debts. Do an analysis of how much you have left to pay, and how much you are going to be charged as a penalty for returning the money ahead of time. It's usually going to compensate you to go ahead. In particular, stop using the ability to split payments with your credit card. I leave you an article, about how to get out of debt

https://www.ideasyahorro.com/como-salir-de-las-deudas/

4º- The car is also usually a major expense To save in times of crisis, you should take a look at three aspects related to your vehicle: How to save fuel. You should also take a look at the price of your annual insurance. Do you need the car? If it's essential, maybe you can sell the one you have and buy a cheaper, second-hand one with less consumption. If it's not essential, public transport is much cheaper.

5º- Reducing shopping expenses in times of crisis You want to lower your expenses, you'll have to look more at what you're buying every week in the supermarket. The time has come to switch to some white labels, which tend to be much cheaper. Or, simply, you can analyze what type of meat is cheaper per kilo, and what type of cut. Here's an article that will help you.

https://www.ideasyahorro.com/como-ahorrar-compra/