Being forced to stay inside during the coronavirus lockdown can unfortunately bring about a lot of anxiety, cabin fever, a lack of social connection and a disrupted routine for many people. Doing what needs to be done for the greater population and to minimise the spread of the virus may have you feeling negative, however there are some financial positives in the situation that can be reaped.
We give you 5 ways to save money during coronavirus lockdown:
- DIY beauty and services
If your hair salon, nail parlour and waxing studio have been temporarily closed in lockdown you may be fretting about the state of your appearance when you’re released from your home. While it is inconvenient, the beauty industry covers a huge sector where you’d normally be spending a vast majority of your pay cheque each month, meaning lockdown has done your bank balance a favour here! Thankfully, you can use this time to learn how to do these services for yourself, potentially sparking a new hobby or future career interest, or even just prove to you that perhaps you don’t need to be spending hundreds of dollars on your blonde highlights each month, and instead the $25 packet colour will do.
We’ve listed below some figures to look at the numbers and work out just how much you’ll be saving when you compare pre-lockdown services to DIY:
- Your $45 manicure can be as cheap as a $14.95 nail polish from Mecca bringing the price down even further when it could account for numerous occasions in a 13.5mL bottle.
- A $50 full leg wax can be completed for a mere $17 with Nair wax strips from Woolworths.
- Swap your $250 facial for a temporary, at-home DIY treatment. Beautybio Glass & Gloss is $65 from Sephora and claims to provide a professional-grade at-home facial that quickly delivers velvety-soft skin and a visible lit-from-within glow that lasts for days.
- If you want to be really frugal you can swap out your in-salon hair treatment for a DIY condition using foods from your kitchen. You can hydrate your hair with yogurt, strengthen your hair with olive oil or increase your hair shine with tea.
- Freeze your food
Although we are allowed to leave the home for essentials, such as to grocery shop, perhaps you’d rather stay in to avoid the crowds or to limit your chance of exposure. You may already freeze the obvious like bread and meat, but there are a whole list of things that are able to be frozen to help avoid them going bad before they’ve been eaten. Avocados, fruits, most vegetables and garlic – the list goes on. Do some research and save some money by throwing whatever is about to expire into the freezer for another day.
- Review your subscriptions
With more time than ever now at home we are saving valuable hours in commuting, giving us a chance to use that time elsewhere. Use this new-found window of opportunity to look into your direct debits, especially your subscriptions. Most busy, working professionals have their payments automatically deducted and therefore never go back to review their statements or notice the money flowing out. It’s a good time to send an email, chat with the online service or get on the phone and ask about your payments. Often to receive a discount you simply have to ask or threaten to cancel your account. The worst case scenario is they simply say no and the best case is that you’ll get a reduced ongoing price!
- Start a new bank account
When it comes to budgeting for a house, holiday, car or other large expense, it can help those that are visually inclined to have a separate, labelled bank account. That way you can see your funds rising to the goal which will both keep you motivated and keep it at the forefront of your mind. Consider your usual weekly bills that you’re no longer funding during lock down (petrol costs, train fares, lunches in the city and daily morning coffees) and funnel the money you’d usually spend there into a separate account. Not only will this allow you to review just how much you spend week to week, but it will also give you a little cash reward to spend when we are allowed to roam around freely again.
You could label it something as simple as “post-lockdown surprise” and spend the money on a holiday or on a flashy new item, giving you something to look forward to!
- Add up your work expenses for the tax man
How often do you get a chance to prepare for your tax return at the end of the financial year? For most of us, receipts have been thrown in a drawer somewhere, we’ve forgotten what items we purchased for work over the past 12 months and we haven’t sat down to assess our earnings, tax payments and superannuation. Not only that, but working from home means there will be additional expenses that your accountant can claim in your return such as internet expenses, phone bills and at-home office equipment. Do some research into what items you can purchase at the last minute to reduce your assessable income (link Ben Johnston’s article here) and arrive at your tax return appointment prepared.
