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The COVID-19 pandemic has affected us all in different ways. A lot of people lost their jobs and those who were able to keep theirs, still had to adapt to the new normal that has made it difficult to go about our daily routines. But no matter your financial status, one thing is clear, these are hard times and we must do what we can to survive.

save money

illustration by Krestovskaya Anna

Here are a few tips that all of us would do well to observe these days. Things are definitely going to turn around, but until then, we’ll have to meet our challenges head on.

1. Choose Quality

When you are trying to save money, it is easy to go for the cheaper product than to choose the superior option. What you don’t realize is that always going for the substandard alternative will actually cost you more in the long run. We need to get the things that will truly last because these will give us the most value. It is also more sustainable and greener for the environment. Read more reviews when you can, and get feedback from people who have used the products you are eyeing.

2. Shop Online

It’s not just cheaper to purchase what we need via the internet; it’s also much safer because there’s a lesser chance of exposure. Almost anything you can think of under the sun can now be sourced via eBay or Amazon. The internet also opens doors for more deals and savings. For example, you can’t get Macys cashback shopping at their physical store, but you certainly can when you choose to add to your cart online. Brick and mortar rent can also be passed down to consumers especially those who exclusively shop at physical stores. Online shopping is one of technology’s little perks and we should make the most of this opportunity.

3. Cash Is Not Always King

Don’t get us wrong. Cash is king but only if you can hold on to it. When emergencies and other difficulties strike, you’ll want to have enough cash around because it can become hard to get the physical stuff. For purposes of saving money and creating more value for your purchasing power, however, it is wiser to go with credit when you are acquiring the things you need. This is best to do when you actually have the money to pay for your purchases, and you are just going for the credit option. Your money can stay longer with you and possibly earn interest depending on where you put it, and at the same time, you can reap the rewards from your credit card that you just won’t get when you buy using cash.

4. Prioritize Needs

Falling on our knees can be really rough but this gives us the opportunity to grow. When this happens, it makes us see things in a different light, appreciate what truly matters, and set our priorities straight. At this time, get only the things that you really need and try to avoid temptation. This will be the hardest to do but we promise that you’ll be the richer person if only you can set your mind to do it.

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