Asteria Lending Inc. 14th Floor, World Center Building, 330 Sen Gil Puyat Ave, Makati, Philippines
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Office Hours: 9:00 am – 7:00 pm
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The year 2020 will be remembered as one of the most pivotal economic periods in human history. The stock market fell more sharply than during the wall street crash, unemployment rocketed to levels that haven’t been seen since the 1980s and businesses shut down at a rate that is unprecedented in peace time. You would be forgiven for thinking that saving money during this period was totally impossible, but that’s not the case. The team at Asteria have put together a few different ways that you can save money, even during these economically uncertain times.
Whether you drive to work, catch a bus, a tram or a train, the chances are that you will have at least some transport costs every year. Now that the vast majority of the developed world has been told that it can no longer function as normal for the next month or so at least, it would make sense to use the money that you usually spend on transport as way of saving up. Even if you end up using this lump sum to pay for a season pass or monthly ticket further down the line, you will get a sense of satisfaction knowing that you took the time to prepare for the future, rather than squandering the extra cash on things you didn’t really need.
Going out costs money and as leaving the house for the purposes of entertainment is now strictly forbidden in most countries, it would make sense to make some dramatic cuts to the amount you spend on entertainment if you are hoping to save a bit of money. Your regular bar, restaurant or nightclub will have been forced to close, meaning that you will need to find other ways to entertain yourself in the home until the lockdown gets lifted. The positive side of this is that you can use any money that you would have ordinarily spent on things like going out for drinks with friends or having meals with the family towards your savings instead. You don’t necessarily have to use it all but putting even a small amount to one side will be a good way to make sure you have a little spare cash in the future.
Though for some people, things salary loans are unavoidable, if you want to save money in 2020, one of the best things you can do is to avoid taking out more credit and focus on paying off what you already owe. Though this might seem counterintuitive, it will make a massive difference to you over time. Once you have fully paid off your debt, you will suddenly find yourself with a great deal of spare cash that can be put directly into a saving account for use whenever you need it. If you do need to borrow, make sure that you do so in a sensible fashion and always consider things like the interest rate and the terms and conditions you are offered by your lenders.
This might sound like a strange thing to include in a list of money saving tips for 2020, especially with abundance of cheap and relatively healthy convenience food that is available, but studies show that making all of your meals from scratch is generally far cheaper than eating out or buying readymade food. Stocking up on large quantities of raw ingredients with the intention of making large batches of healthy food is a great strategy, as is using locally sourced, seasonal ingredients. It takes time and a little practice to get the results you want but, in many cases, the meals you make at home can be far more satisfying than anything you pay for in a café or restaurant. As most people now have a little extra time due to being confined to their houses, cooking rather than eating take outs and ready-made microwave meals could a be a good strategy.
In the modern world, most things cost money. From attending live music concerts to enjoying a swim at the local pool, you will have become accustomed to spending money when it’s time to enjoy some free time. Changing this habit can be difficult but in the current climate, it may be a little easier than you think. Rather than signing up to another subscription service that you probably won’t watch or listen to nearly half as much as you think, consider taking up pass times that don’t cost anything, or at least require minimal expenditure. Things like yoga, creative writing, singing, dancing and online gaming can all be done from the comfort of your own home and with just the bare minimum of equipment. Walking can also be a good option as practically anybody who doesn’t suffer from mobility issues will be able to do this by simply stepping out of their front door and taking a stroll. (The rules on walking outside may be different in your area, so please check before you do this.)
If we’re honest with ourselves, we all have a lot of “stuff” lying around that we never really use. Old games consoles, childhood toys or sports equipment that just never got used will generally end up occupying space in an attic or garage. As we’re entering spring, why not combine your annual cleaning session with a virtual yard sale. Even though you can’t go outside, you can still sell any unwanted goods you have on platforms such as eBay and Amazon. Using the proceeds as a way of starting a savings account is something you will definitely thank yourself for in the future and you may also enjoy having the extra space around the house.
2020 is an unusual and challenging year, especially for those who need to save money, but with the right preparations and few lifestyle changes, you can still put a little something away for a rainy day.