Even in financially challenging times, there are easy ways to spend smart and save more. Here are our 6 best tips on how to save money at home during coronavirus.
6 min read
As cities around the world continue to respond to the ongoing coronavirus, there’s no doubt that our lives as we know it are changing. Perhaps you’re transitioned to working shorter hours or you’re working from home, or you’re now carefully adjusting your budget for the next few months—whatever the case, we at N26 understand that this is a financially challenging time for many. And we know how important it is to make every little bit count.With only essential services remaining open in most areas, you may have already noticed yourself spending less than usual. Whether you’ve started to use Spaces to set aside some savings or you’re using other smart budgeting tips to come up with a new game plan, there are still other easy ways to make every penny stretch as far as possible. Ready to free up more cash in your day-to-day life? Here are the 6 easy life-tweaks that can save you more money while you’re at home right now.
1. Release your inner chef
With many restaurants and food outlets staying closed, a sure way to save money at home during coronavirus is to get in touch with your inner chef. By cooking more at home, you’ll not only reap the reward of true self-satisfaction as you savor the delicious results of each recipe, but you’ll also save on large overhead costs that often inflate the true price of each meal when you order the same dish from a restaurant. Extra points if you learn how to create some basics from scratch, such as baking bread or making pasta!
2. Plan your meals and shop smart
To save even more money at home, consider meal planning for the week ahead. Not only will this save you from the daily dilemma of what to cook for each meal, but you’ll also break the habit of frivolous spending at the grocers by knowing exactly which ingredients you should buy for the upcoming week, and how much. If you have extra space in your pantry or fridge, buying bigger bags of produce that can be kept for a while or pre-chopped and stored in the freezer is an easy way to save even more time and money. Bigger bags of items such as onions or potatoes will usually be cheaper than picking out just a few here and there, and if you pre-chop the ingredients and store them in the freezer, you’ll also easily save time when it’s time to cook. If beans are also on your grocery list, consider buying bulk bags of dried beans as these always work out to be much cheaper than their canned counterparts. Your health will also thank you in the long run, as you’ll be avoiding the extra added preservatives that are usually found in canned food.
3. Get around town on your bike
If you do step out for necessary appointments, give public transport a miss and ride your bike instead. Not only will avoiding public transport for the time being help #FlattenTheCurve, but it’ll also be friendlier on your wallet by saving you the cost of a monthly transport ticket. Riding your bike is also better for the environment, and you may even be pleasantly surprised to discover that riding directly to your destination is faster than taking public transport. If you already own a bike, it’s free—and even if you don’t have one, many bike-sharing apps nowadays allow you to easily rent a bike for a price that’s usually much lower than the cost of a public transport ticket.
Save up with Spaces
Use N26 Spaces sub-accounts to easily organize your money and save up for your goals.
With many gyms and workout studios staying shut, it may make sense to put your membership on hold for the time being or cancel it altogether. However, that doesn’t mean that you’ll have to automatically give up on regular exercise! With many fitness instructors and workout studios switching to virtual classes, you can easily keep up your health streak with various free workout programs online and save even more money at home without sacrificing your important daily dose of healthy endorphins.
5. Share subscriptions with your household
With more time to spend at home than ever before, you and your housemates may have found yourselves burning through some entertaining Netflix shows together. Next time that everybody is back on the sofa again, why not take a second to ask about their existing individual subscriptions? With many common streaming services such as Netflix, Spotify and even Amazon Prime offering premium ‘Family’ subscriptions, it could work out to be cheaper for you and your housemates to share a single ‘Family’ plan together, rather than bearing the total cost of multiple subscriptions individually. Many services also offer individual logins as part of the deal, so fear not—your personal preferences and settings will stay the same, just the way that you like it. If you’re an N26 premium customer, you can also easily set up a Shared Space for the whole household. With this handy feature, everybody can easily add their share of the monthly costs to this shared sub-account directly within the N26 app, making it easier than ever to make necessary household payments together with friends and family.
6. Barter among friends and neighbors
With many feeling the pinch of the coronavirus on their wallets and savings, it’s time to get extra creative with your many talents and declutter your possessions. Perhaps you’re a hobbyist baker and your friend is a great cook, or your neighbor has a flourishing herb garden and you’ve got a library full of books that you no longer need. Whatever the case, you may be able to find a winning solution to save even more money at home by bartering among your friends and neighbors. Perhaps your friend would happily prepare a few tasty meals to go in return for a few fresh loaves of homemade bread, or your neighbor would like to gift you a small pot of mixed herbs to grow in your own kitchen in return for an entertaining book or two from your overflowing library—all with contactless delivery, of course. By swapping your talents or extra items for things that you need, you’ll stash away a few extra pennies, while also honing your skills and keeping your place extra tidy.
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In these continued months of uncertainty, we understand that money can be a stressful subject. Although nobody can fully control these ongoing circumstances, N26 gives you the power to stay in control of your money. With our handy Spaces feature, you can set up a spending budget and put money aside for personal goals, helping you handle your finances in a way that suits you best right now.If you feel overwhelmed, remember that all you have to do is take it one step at a time. Begin to implement some easy ways to save money at home from today, and you’ll be sure to have a little saved up in the future, slowly but surely.
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Ready to take advantage of high interest rates and watch your money grow? Then you’ll need to choose the right savings product to suit your needs. We can help.
