{"id":1505,"date":"2020-11-25T10:20:19","date_gmt":"2020-11-25T06:20:19","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=1505"},"modified":"2020-11-25T10:20:31","modified_gmt":"2020-11-25T06:20:31","slug":"save-money-in-covid-19","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/","title":{"rendered":"Save Money in COVID-19 Era, when parents are expensing &#038; kids are losing jobs"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The ongoing pandemic has cost people their lives, health, and jobs. And as a result of this, the financial crisis that it has brought along to the world has made it difficult for the people to make rational choices when it comes to money management. Old retired parents are taking care of their unemployed babies and finances may soon be hitting rock bottom. So, in this article, we have formed a <\/span><\/p>\n<h1><span class=\"ez-toc-section\" id=\"list_of_tips_and_ways_that_you_should_follow_to_Save_Money_in_COVID-19_era\"><\/span><span style=\"font-weight: 400;\">list of tips and ways that you should follow to Save Money in COVID-19 era.<\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<figure id=\"attachment_1887\" aria-describedby=\"caption-attachment-1887\" style=\"width: 633px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/hello-i-m-nik-qttkfb23nbc-unsplash\/\" rel=\"attachment wp-att-1887\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1887\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/09\/hello-i-m-nik-QtTKfb23nBc-unsplash.jpg\" alt=\"Save money in COVID-19\" width=\"633\" height=\"424\" \/><\/a><figcaption id=\"caption-attachment-1887\" class=\"wp-caption-text\">Save money in COVID-19<\/figcaption><\/figure>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2329008fbdd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2329008fbdd\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#list_of_tips_and_ways_that_you_should_follow_to_Save_Money_in_COVID-19_era\" >list of tips and ways that you should follow to Save Money in COVID-19 era.<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Pump_up_your_emergency_fund\" >Pump up your emergency fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Control_your_spending_habits\" >Control your spending habits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Cancel_non-essential_subscriptions\" >Cancel non-essential subscriptions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Take_a_loan_to_avoid_immediate_difficulties\" >Take a loan to avoid immediate difficulties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Hold_on_to_your_current_job\" >Hold on to your current job<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Try_to_earn_extra_cash\" >Try to earn extra cash<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Check_your_insurance_coverage\" >Check your insurance coverage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Make_a_plan_to_be_future-ready\" >Make a plan to be future-ready\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Do_not_panic_sell_your_stocks\" >Do not panic sell your stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Dont_go_overboard_with_buying_stocks\" >Don\u2019t go overboard with buying stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/moneymall.ae\/credit-blog\/save-money-in-covid-19\/#Do_not_withhold_payments_without_intimating_lenders_or_credit_card_providers\" >Do not withhold payments without intimating lenders or credit card providers<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Pump_up_your_emergency_fund\"><\/span><b>Pump up your emergency fund<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You could be facing an actual emergency such as a job loss or pay cut and have no or less income to pay down your bills. So, this is the time to beef up your emergency fund. Financial experts recommend having at least three to six months\u2019 worth of living expenses in your emergency fund.\u00a0 One way to increase your emergency savings quickly is to repurpose forgone spending. If you are working from home, you can redirect the money you save on the commute, meals, dry cleaning, and so on, towards your emergency fund. Moreover, since you are not indulging in any leisure activities such as movies, concerts, and restaurant meals as a result of quarantine, you can put this money towards your rainy-day fund.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Control_your_spending_habits\"><\/span><b>Control your spending habits<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you are feeling insecure about your finances during the ongoing financial crisis, take a closer look at your expenses. Try and spend only on essential expenses and reduce your non-essential expenses to a bare minimum. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Your monthly bills have to be a priority. The rest can wait. Prioritize essential monthly bills like electricity, rent, insurance premiums, EMIs, etc.\u00a0 <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Try to buy products in bulk. Look for ways to buy maximum items in minimum price.\u00a0<\/span><\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Cancel_non-essential_subscriptions\"><\/span><b>Cancel non-essential subscriptions<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As a result of staying at home all day, Amazon Prime and Netflix may seem like a necessity. But keep in mind they are luxuries, and if you are not financially secure, you may not be able to afford them. Rather stick to free media platforms like YouTube, read books you already own, and be satisfied with these forms of entertainment. These small steps can ultimately help you save during these difficult times.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Take_a_loan_to_avoid_immediate_difficulties\"><\/span><b><a href=\"https:\/\/moneymall.ae\/apply-now\/\">Take a loan<\/a> to avoid immediate difficulties<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you own a business, your cash flow might have been disrupted. But you have to pay your bills. If you are facing income disruptions as a result of no pay or reduced pay, you can <\/span><a href=\"https:\/\/moneymall.ae\/credit-blog\/personal-loans-or-personal-savings\/\"><span style=\"font-weight: 400;\">consider taking a short-term loan<\/span><\/a><span style=\"font-weight: 400;\"> to cover your bills. Although taking a loan may be an easier option right now, consider it as your last resort. You do not want to take on debt when you are not sure whether or not you will be able to repay it, considering your current situation with less or no chances of drastic revival.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Hold_on_to_your_current_job\"><\/span><b>Hold on to your current job<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you\u2019ve got a job amidst this COVID-19 crisis, guard it with all your might. The current pandemic had led to wide-scale layoffs, so, companies would throttle hiring to keep their operating costs low. If you are unhappy with your job or your current position, don\u2019t consider switching. Hold on to it for the next few months and then make the switch.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Try_to_earn_extra_cash\"><\/span><b>Try to <a href=\"https:\/\/moneymall.ae\/credit-blog\/prepare-for-a-recession-10-things\/\">earn extra cash<\/a><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Come up with ideas where you can earn extra. Consider selling off things you are no longer using, take up freelancing projects, or get a part-time job. The money that you will earn from these activities may be small, but these small amounts can add up to something significant over time.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Check_your_insurance_coverage\"><\/span><a href=\"https:\/\/moneymall.ae\/credit-blog\/credit-shield-insurance\/\"><b>Check your insurance coverage<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An insurance cover can help you prevent an upcoming financial crisis. Make sure that you have adequate insurance cover and not just the bare minimum. This applies to all the insurance policies you have or plan to own \u2013 health, life, disability, etc.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Make_a_plan_to_be_future-ready\"><\/span><a href=\"https:\/\/moneymall.ae\/credit-blog\/improving-your-credit-score\/\"><b>Make a plan to be future-ready\u00a0<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The COVID-19 crisis has shown the fragile nature of our economy and healthcare system. Note down all the struggles you are going through right now. Is your emergency fund enough? Do you have adequate insurance cover? Are you too much in debt? Is your job stable? Make a meticulous plan to cover these struggles.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Do_not_panic_sell_your_stocks\"><\/span><a href=\"https:\/\/moneymall.ae\/credit-blog\/shares-using-a-credit-card\/\"><b>Do not panic sell your stocks<\/b><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is difficult not to react to the recent stock market crashes, tempting you to sell your stocks. However, history tells us that markets have always recovered over time. If you make the financial mistake of selling your stocks now, you will lose the opportunity to participate in the market recovery. Panic-stricken selling of your stocks may lead to significant capital loss and unfulfilled financial goals.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Dont_go_overboard_with_buying_stocks\"><\/span><b>Don\u2019t go overboard with buying stocks<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Many investors jump in to buy stocks when the market crashes. It\u2019s a good move if it\u2019s done in a measured way. Due to the fear of missing out, do not make a financial mistake of investing haphazardly. Look at your financial situation and decide what sorts of risks you can take comfortably. Make sure that you have enough stashed in your emergency corpus before investing big in stocks.<\/span><\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Do_not_withhold_payments_without_intimating_lenders_or_credit_card_providers\"><\/span><b>Do not withhold payments without intimating lenders or <a href=\"https:\/\/moneymall.ae\/credit-blog\/savings-account-in-uae-bank-charges\/\">credit card providers<\/a><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you are not able to make your essential payments, you need to reach out to your lenders or providers and ask for help. The lenders may offer you a moratorium, which will allow you to defer your payments for a few months until things get back on track.\u00a0 On the other hand, if you stop making payments without informing the lenders, you will be considered a defaulter, and be left with a nasty mark on your credit report. A drop in your <a href=\"https:\/\/moneymall.ae\/credit-score\">credit score<\/a> will also make it harder for you to borrow when this crisis ends.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ongoing pandemic has cost people their lives, health, and jobs. And as a result of this, the financial crisis [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[473,472],"class_list":["post-1505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saving-money","tag-money-in-covid","tag-save-money"],"_links":{"self":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/1505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/comments?post=1505"}],"version-history":[{"count":5,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/1505\/revisions"}],"predecessor-version":[{"id":1889,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/1505\/revisions\/1889"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media\/1886"}],"wp:attachment":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media?parent=1505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/categories?post=1505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/tags?post=1505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}