By Alejandra Garcia, Dental Assistant at Sbenati Dentistry
Not wasting your money is essential in these times of economic uncertainty. The number of activities that we can do during the quarantine is reduced, However, we have few options like walking the dog, going to a medical center (if is necessary), visiting the branch of our bank, buying food and, of course, being at home. Efforts to curb the number of coronavirus infections will have a side effect on the finances of everybody: most of us will spend less. Of course, many will also see their income decrease. Whatever our situation, it may be a good time to start saving. Here are seven tips for growing your savings account and for responsible consumption during the weeks of confinement.
- Set a budget: Use excel spreadsheet or an app like Mint (by intuit) to keep track of your budget and your expenses automatically. The Mint app allows you to effortlessly monitor your assets and liability across multiple accounts.
- Set aside money for taxes. The EI or CERB benefits that the government is giving is taxable, so it’s best to set aside $500 of the $2000 that they give you in a separate account. Scan the QR code below to read more on this.
- Turn electrical devices off when not in use. They have the potential to increase your electricity bill by up to 12% on a monthly basis.
- Fill your pantry responsibly. Our government has assured us that we will not run short of essential supplies, and so hoarding is not necessary. Shop once a week during very early hours to avoid congestion and large crowds.
- Opt for home-cooked meals. Foods that are pre-prepared are usually more expensive and often less nutritious than food that is prepared at home. Opt for cooking at home and use YouTube to look up your favourite recipes. Our favourite site is NoDairNoCry.com – a site dedicated to healthy and delicious food that is allergen and kid-friendly.
- Be aware of online commerce. It’s extremely easy to fall into the trap of buying things that we do not necessary need. By setting a budget, you will be able to control your spending and not buy sporadically or due to different emotional states.
- Canceling subscriptions. Go through your subscriptions and try to eliminate as many as you can, these little monthly fees can add up substantially over a few months.