I’m Aggressively Saving Money During this COVID-19 Crisis
I’m a finance writer. I write about this topic all of the time.
Money. How to wisely and efficiently use it.
And most importantly how to save it.
It’s my job to give you prudent financial advice.
But times have changed. I am taking my own advice, but on a new level.
I am speaking for myself when I say I am freaked out about being caught short on money during this COVID-19 crisis.
People who aren’t able to telecommute are losing their jobs left and right.
I have socked away over $175 this month, which is better than I do most months. Not a lot. But I live alone, and it goes far if I live below my means.
Believe me, I practiced saving money before COVID-19 appeared.
But now, I think it is financially irresponsible of me not to save every possible penny whenever possible.
I used to be a teacher. I know many people who work the service industry. Many are now out of work.
Now, I can’t take anything for granted. I am on lockdown, like many of you, and I can’t pretend that my supplies will last forever.
And, I can only get supplies if I have money.
For the foreseeable future, I will be saving at least 20% of every check I make.
I work freelance, so my pay is on a set schedule as long as I hit my deadlines.
However, for other clients, pay and assignments are irregular, so I can’t afford myself too many luxuries in this time of crisis.
A month from now, local governments might reassess their situations and extend lockdown periods.
Right now, I am on lockdown for a month. I am on lockdown for a month. It could easily be extended for another month after reassessment
Saving Money and Supplies
So, when I go outside on supply runs, I avoid other people and I only get essential items to make my finances last as long as my household supplies.
I am well stocked on rice, oatmeal, tuna, pasta, proteins like ground beef, bread, instant coffee, ramen noodles, and so on.
You know, I love beer like Homer Simpson, but it is not a priority for me (too much).
I am a grown adult and I keep thinking to myself, “Is it worth the chance of exposure to get a six-pack? Or some snacks?”
So, I make a supply list and try to go out once a week or biweekly.
I am OK on supplies and I only get essentials.
What I am worried about is being short on money at an unwelcome and obscenely inopportune moment.
Especially when it comes to a looming existential crisis like the world is grappling with now.
I live alone and telecommute. So, maybe this is easy for me to say when there are so many people with large and/or extended families who are having a harder time dealing with this crisis.
I can only tell you what I am now committing to do with religious zeal.
Saving every possible penny I can.
I can live without enough beer at the moment (sorry Homer).
However, I really don’t want is to get into a pinch during this crisis and be low on funds.
Who knows how long this lockdown will last, or be extended, after future reassessments?
Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.