Whether you believe it or not, the rough times are already here and may linger after the pandemic. Therefore, it is important for both individuals and businesses to spend wisely. This will go a long way in making life less difficult while the crisis lasts. So, stay safe not just in terms of your health, but also in terms of your finances.
Prioritize Your Needs
You should focus on your needs rather than your wants in the season we are in. In essence, when you make budget for each period, you should focus on your needs such as your insurance, rent, utility bills, and mortgage. Other needs include your recurring medical expenses, groceries, gas and insurance. Pay less attention to non-essential needs, especially if you have not covered your essential needs.
Use Approaches that Cut Back Costs
A business owner should look for techniques that will save more cost. For instance, you can focus on online advertising (which is highly effective and cheap/free) than the conventional advertising channels.
Seek to maximize the cyberspace in promoting your business, even if it is not in operation right now due to the virus outbreak. Also, a business owner should increasingly outsource tasks such as customer service and admin tasks instead of hiring the employees on a full-time basis.
Shop Around
The internet has made shopping around completely stress free. With just a click of the button, you can compare the prices offered by different brands on a product or service in few minutes. While it is good to be a loyal customer, this time calls for being a smart buyer. So, before you order, check the price offered by other sellers – you may get a better deal and save more as a result.
Another reason to shop around is that you can discover an alternative to the more expensive option you have been used to. It is most likely that the alternative would offer the same result or even surpass your previous brand. This is one of the best ways to spend wisely now and hereafter.
Pay with Cash
You may discover that paying with cash can help you stick to your shopping list and as a result avoid spending unnecessarily. To avoid the lure to become extravagant, do not take your card with you when you go shopping in a brick-and-mortar store.
Finally, you should keep an eye on your spending. In essence, try not to spend more than you are earning. Use any approach that appeals to you better to keep an eye on your spending.
For instance, you may want to use a money-monitoring app for this purpose. Also, cut off any needless spending such as going to see a movie – you can make do with your home theater.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
Torey Severino says: 
The Best Way To Spend Wisely During And After The Pandemic
Whether you believe it or not, the rough times are already here and may linger after the pandemic. Therefore, it is important for both individuals and businesses to spend wisely. This will go a long way in making life less difficult while the crisis lasts. So, stay safe not just in terms of your health, but also in terms of your finances.
Prioritize Your Needs
You should focus on your needs rather than your wants in the season we are in. In essence, when you make budget for each period, you should focus on your needs such as your insurance, rent, utility bills, and mortgage. Other needs include your recurring medical expenses, groceries, gas and insurance. Pay less attention to non-essential needs, especially if you have not covered your essential needs.
Use Approaches that Cut Back Costs
A business owner should look for techniques that will save more cost. For instance, you can focus on online advertising (which is highly effective and cheap/free) than the conventional advertising channels.
Seek to maximize the cyberspace in promoting your business, even if it is not in operation right now due to the virus outbreak. Also, a business owner should increasingly outsource tasks such as customer service and admin tasks instead of hiring the employees on a full-time basis.
Shop Around
The internet has made shopping around completely stress free. With just a click of the button, you can compare the prices offered by different brands on a product or service in few minutes. While it is good to be a loyal customer, this time calls for being a smart buyer. So, before you order, check the price offered by other sellers – you may get a better deal and save more as a result.
Another reason to shop around is that you can discover an alternative to the more expensive option you have been used to. It is most likely that the alternative would offer the same result or even surpass your previous brand. This is one of the best ways to spend wisely now and hereafter.
Pay with Cash
You may discover that paying with cash can help you stick to your shopping list and as a result avoid spending unnecessarily. To avoid the lure to become extravagant, do not take your card with you when you go shopping in a brick-and-mortar store.
Finally, you should keep an eye on your spending. In essence, try not to spend more than you are earning. Use any approach that appeals to you better to keep an eye on your spending.
For instance, you may want to use a money-monitoring app for this purpose. Also, cut off any needless spending such as going to see a movie – you can make do with your home theater.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.
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