How to save during self-isolation

Use your extra time to straighten up your savings.

03 Apr 2020 | Personal finance | Share:
How to save during self-isolation

It is admirable how so many of us have bunkered down to self-isolate in order to help keep each other safe and stop the virus from spreading.

As this may continue for the foreseeable future, the extra time at home could be the perfect opportunity to tidy up your finances and kickstart your savings goals.

Here are some simple ways to save money while practising self-isolation.

Lockdown your budget

Lockdown is forcing many cutbacks, and while it can be difficult to adjust to this new way of life, it can also be a good opportunity to save money.

Consider creating a budget to keep yourself accountable – and try not to overdo the online shopping to fill your free time. While retailers are throwing mid-season sales, it can be tempting to indulge, but every bit of extra discretionary spending adds up.

Focus on your finances

According to a recent report, around 8 million Australians are paying more for their services than they need to, and could shop around to make some serious savings.

If you think you’re paying too much, comparison websites can help you check that you’re getting the best deal from your utilities, internet and telecoms providers. With some spare time, you might be able to hunt down a better deal.

And, for any high-interest credit cards, you may want to consider consolidating this debt with a personal loan.

Earn some extra cash

You may also want to explore ways to use your extra time to earn some extra cash. You might consider selling unwanted items through online marketplaces, or even look into online tutoring or freelancing.

For more ideas on how to save during self-isolation or for help consolidating your debts, contact a Liberty Adviser today. We are self-isolating with you too!