Lockdown Debt – How to Stretch Your Money

Written By Alla Levin
June 10, 2020

Lockdown Debt – How to Stretch Your Money

With the exception of a handful of countries that announced lockdown measures in April (2020), the majority of the world’s nations declared varying degrees of lockdown in March – in many places, the lockdown response to Covid-19 is not over yet, including America.

Initially, there were reports that people were stockpiling food, water, hand-sanitizer, and other toiletries, and parents began to home school children despite being required to work from home where possible.

With so many immediate concerns over home and family life, the situation regarding the finances of laid-off staff and furloughed workers were lightly reported, but not given headline status.

As we now head into what feels like month 15 of lockdown, where the days have blended into one, and the inside of our homes has started to give us the impression of what it may be like to serve time in a minimum-security prison, we look at ways to stretch your money if you have been financially affected (click here for info on redundancy and your debt arrangement).

Plan your meals

Buying in bulk isn’t just for industries looking to benefit from economies of scale to boost their revenue, buying in bulk is for individuals, too.

By planning your meals around food that you can buy in bulk for a much cheaper price tag as compared to the price on the shelf in the supermarket (for example, this could include rice, noodles, canned goods, pasta/spaghetti, and cooking sauces), you can begin to cut corners on your weekly and monthly food bill.

Perishable goods such as meat, dairy, bread, and fruit can only be bought in bulk where the food is able to be frozen – beware that some foods are not recommended for freezing.

Can you get by with a single household vehicle?

Nobody wants to give up their car. A car is a freedom.

A car means you can go anywhere, at any time, without having to wait for a bus or a train or for someone to give you a lift.

But if your monthly payments and fuel costs are doubled because you and your partner are running two cars when really one of you could walk or cycle to work within, say, 30 minutes, that’s a huge saving that will total in the range of hundreds of dollars each month and thousands of dollars per year.

Last tip… Quit being a brand snob

A trip to the supermarket is a step into a marketing warzone. Brands that cost the most are placed at eye level.

Lower priced brands that look and taste and smell the same and do almost entirely the same job are placed on the lower shelves, out of sight.

Scan the lower shelves for easy savings.

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