4 tips of post-pandemic saving routine

There is no question that the COVID-19 pandemic has had a great impact on people’s financial status. While millions of people lost their jobs or received diminished wages due to reduced hours, others continued to earn regular paychecks because they could work remotely, ending up with a boon to their wallets.

Whichever group you fall in, there is a good chance that you probably changed the way you look at money. During the pandemic, you learned how and where you spend, how you invest, the importance of an emergency fund and whether or not you are living within your means.

However, as the world economy is slowly reemerging, businesses are reopening and basic pleasures like traveling, shopping and eating out are available again, people often find themselves struggling on how to spend and save after the pandemic.

To assist you in these transitional times, we are giving you four post-pandemic saving strategies to help you be reasonable with your money.  

Make use of coupons and discounts

Consumer prices have undoubtedly risen in the past couple of years, causing households to spend more money on basic living necessities such as food and medications. However, the good news is you can save money on these expenses by making use of coupons and discounts.

For example, if you got infected with COVID-19 during the pandemic and developed post-COVID symptoms afterward, you will probably have to take medications to manage the symptoms and maintain your health. Because these meds can be costly, you can rely on discount RX cards to shop for the lowest prices on your prescription drugs and save more money.

Shop online less

One of the worst spending habits many individuals developed during the pandemic was buying stuff online. This was because most shopping malls and retail shops were closed down, so online shopping became quite popular. In fact, people began to buy things they want, but don’t actually need.

If you are still one of those people, it is time that you take a mindful approach to your online purchase and ask yourself the question - do you really need it? If that doesn’t help, then you should consider removing the shopping apps from your phone and save your money. It may be difficult at first, but you will soon notice the long-term benefits of doing so.   

Create a simple budget

Creating a simple budget is another effective way to keep from overspending after the pandemic. This budget will serve as a plan for your money, giving you permission to buy the things you need while still allowing you to purchase the stuff you want.

For example, a budgeting method that has proven to be quite helpful is the 50/30/20 rule. This rule states that 50% of your income should go towards essential expenses such as rent or mortgage, utilities and food, 30% towards nonessential expenses such as dining out, shopping and travel, and 20% towards savings including deposit accounts or retirement funds.

Keep in mind you can tweak the percentages to your needs to better meet your financial picture.

Open a savings account

Opening a savings account is a very important part of your financial plan post-pandemic. This way you will be able to separate funds from your normal spending and save money to achieve specific short and long-term goals.

Because you will be most likely balancing between these goals, you should work them around your usual expenses. Firstly, focus on needs like food and shelter, then contribute money to your emergency and retirement funds and lastly, allocate the rest towards your savings account.

This will also allow you to cover expenses for the next possible crisis as well as a more promising future.  

Final thoughts

There is no doubt that the COVID-19 pandemic has financially affected everyone. However, the silver lining of the situation is that people changed the way they look at their money and began to spend it more reasonably. Not only did this help them create a budget that covers their needs and wants, but they also learned how to save it for another possible world crisis as well as a better future for their family.

If you are still struggling with saving your money post-pandemic, follow the tips from our post and fatten up your wallet in no time.