While some countries are able to manage now the damages brought about by the COVID-19 pandemic, the ripple effects of this global crisis are seen to be continuing issues of to be faced by many nations for years to come.
Thus, the most logical thing to do is to save up because the future is uncertain. We can never be sure if there will be another surge of this health crisis, a new virus will spread again or other equally disruptive scenario will happen anytime soon.
In a recent article published by BBC about budgeting and personal finances, it discussed about the reality of people spending more during lockdowns. Based on the study of research group Resolution Foundation, they found out that respondents spent more on food, energy and entertaining children through transactions with online shops and community stores. The purchases, whether products or services, during the pandemic more often come with a higher price tag than during normal times.
It is because of this reason that I decided to manage our family finances more carefully and smarter than ever before. I became a wiser buyer and make sure that I get price comparisons of anything that we will get for our home without sacrificing quality, of course.
My wife and I also decided to make a list of the regular items we get from grocery stores and categorize products to “Need” and “Want” to save extra cash.
We also avail special promotions via coupons or vouchers, discounts and freebies because when they all add up, they can definitely be big savings for our monthly expenses.
Talking about monthly family expenses, I want to share a great discovery I found online. It’s a Savings Calculator and to be honest I never thought I can find something like this for free that helps me check and analyse possible value of my monthly savings and investment. It will all depend on the different compounding intervals on specific times that you will input.
It is so easy to use. If you want to calculate the future value of your monthly investment, all you have to do is to enter the beginning balance, the monthly cash amount you plan to deposit, your expected interest rate earning and last but not the least, the number of years you intend to make monthly deposits. Review your details, click the “Calculate” button and Viola! You’ll get the result instantly.
The amount of money you plan to save may be big or small but the more important thing is that you acknowledged the fact the need to save up because of all the uncertainties in the future.
Start saving now and live a better life with your family someday!