Economies all over the world is facing a hard time in keeping the smooth cash flow. With the Coronavirus pandemic hitting the globe, many individuals are losing job or facing a financial imbalance. The affected sectors not only include big industries but include small industries as well. As the govt is observing lockdown, handling personal finances at home has become quite challenging.
However, if you manage the finances consciously, you will get better results. To make sure your financial indicator does not go off the road, below are some of the smart ways that you can follow. It will ensure that you remain adequate all the time when it comes to finances.
Stick to 50/30/20 rule
When it comes to managing personal finances, the 50/30/20 rule is always useful. It states that 50% of your money should be spend on essential things (food, grocery and education), 30% on your other activities like movies, and fun. 20% should be savings and should be used in mutual funds. By adhering to this principle, you can manage your expenses easily without a financial turbulence.
Make Different Dishes At Home
Generally, on weekends it happens that individuals spend a lot of money in the restaurants. However, if you utilize these weekends, cooking at home, then you can save a significant amount of money. Try out making exotic dishes at home with the help of You tube. On a normal day, you can stick to regular meal.
Watch Movies On OTT Platform
With the rise of digital medium, all the blockbuster movies can be seen through the popular platforms like Netflix and Amazon Prime. Rather than going to theatre, you can watch your favorite movie at home. Also, you can create a theatre like environment, like you can eat popcorn with your friends and can watch movie while laying on bed.
Analyzing The Membership, You Undertook
Keep a track on all the club fee you have paid to have access to various clubs. Monitor the fee you paid for attending the social clubs, like rotary club. If you are not a frequent visitor to this club, you can skip the club. Also, if you rarely go to any sport club, then you can save that money too by reducing it on a monthly basis.
Sell Age-Old Items
Do not hoard old things as it is rarely useful. By selling old-age items, you can add extra bucks to your account. If you possess a condemned bike, you can sell it on the online platform like OLX. This is how you can earn money from the old items.
So, if you want to make the best move in personal finance, follow the above steps, it will be helpful.