See Tips to spend less and save more money during lockdown

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In times of economic downturn, unemployment and financial crisis like this, it is pertinent to know those simple tricks that can actually help you to save more and spend less. In Nigeria currently, everyone is trying to adapt to this new system of staying at home so as to stop the spread of this deadly virus called Covid 19. But the truth is, Nigerians cannot continue this way for long without their essential needs. 

That notwithstanding, I have been able to come up with 5 tentative tips that can enable you to spend less and save more money in this lockdown. Trust me; you will enjoy this one. This is actually to educate us all on how we can manage the little we during this lockdown. So, what are tips to save more money and spend less in this lockdown?

1. Kill the urge to splurge

If you really want to save more money in hard times like this, the first thing you have to do is to kill the urge to splurge on you. In other words, you must stop spending extravagantly.

A wise man once said that; to become rich, you don't only have to be concerned about how much you earn, but also how much you spend. This is one of the most difficult things for some people but you really have to start doing it if you want to save more money in this lockdown.

Conversely, in trying to spend less, I recommend you to always make a list of the things you will need everyday before starting your daily activities. Anything you did not budget for does not deserve to be spent on. I practice this a lot of time and it has been helpful to me. Trust me; it will work for you if you try.

2. Cancel all unnecessary payments

Another tip that will help you to save more money in this lockdown period is to cancel all your unnecessary payments. Decide your priorities and go for them. If you used to pay a food seller N500 just to send you food everyday, then you should consider cooking for yourself now. Trust me; this will be difficult but it helps you to save a lot.

The truth is that, nobody knows when things are going to get normal again. Even if this whole lockdown stops, things might not be the way they used to be again. So, you must prepare for the worst. Save as much as you can this period.

If there is anything you don't really need, don't pay for it. Focus on those things that will really fetch you little money not those that will take money from you.

3. Swap to cheaper alternatives

If you have noticed, the price of everything in the country is gradually rising now. In fact, a Dollar is no longer N365 when converted to Naira because the country is apparently heading to recession. One of the tentative tips to save in times like this is to swap to cheaper alternatives. In other words, go for the things that are less expensive.

By doing this, you will save more than you can imagine. Take for instance, while the cost of Indomie noodles is now about ₦ 1,800 – ₦ 2,400 (per carton) depending on the size, you can decide to go for Tummy Tummy Instant Noodles that are far cheaper.

Forget about whether you really like the noodles or not. As long as it will enable you to save more money, especially now that you do not know when this whole pandemic will end, do it. It will help you a lot.

4. Consider starting an online business

For those that don't know anything about the internet or believe that it is possible to make money working from home, this might sound absurd to you. But the truth is that; it is actually possible to make money working from your home. If you doubt me, then you should ask Azeez Makinde. 

There are many things that can fetch you money on the internet. For example, you can start a blog, affiliate marketing etc. These things may not be giving you up to 50k - 100k every month as a beginner, but the little you can get from it now can keep you while this pandemic lasts. 

By starting an online business, i do not mean that you should join GiftedWorld or pay 1k to get a 10k gang. I am not also postulating that they are all fraudsters anyway.

5. Don't waste food

If you still consume food any how or throw away food in this lockdown, then you are wicked. The reason is because many Nigerians are currently crying because of hunger. Frankly speaking, this is not the time to waste food. It is bad even in a normal situation because it is against good conscience.

The last time I personally allowed my food to spoil in the lockdown, It was hell for me because I knew how much I would have saved if I had taken my time to preserve the food.

Believe it or not, this is one of the most tentative ways of saving money in this lockdown. If you learn how to manage your food, eat when you are supposed and give out when you are supposed, you will see that you even save more money than you ever thought.

Wrapping up

Now that you know the 5 tentative tips to save money and spend less in this lockdown, I enjoin you to inculcate them into your daily activities from today. Make sure that, in everything that has to do with money during this time, you always consider the tips above. I mean, let them ring in your head at every moment. Trust me; if you follow this for just one week, you will see yourself saving more than you ever expected.

Hope this was helpful? I would like to hear your comments on this work below.

Author: Edeh Samuel Chukwuemeka ChMC, is a 300L law student at the University of Nigeria, Nsukka (UNN). He is also the founder of https://bscholarly.com. You can check out his blog today.

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