Sitting at home for extended periods of time during the COVID-19 lockdown is, for basically all parties involved, incredibly boring. The bad news is that when people are bored, they tend to spend a lot of time online. And when they’re online, they then may make inadvisable purchase decisions. After all, if you’re in a decent financial state, it might seem like a great idea to spend extra capital right now. However, you should always be smart with how you spend your money –– particularly during such an uncertain economic time. Thankfully, these four tips will help you avoid regrettable purchase decisions. Check them out here:
Want to do something good with your money? Then consider giving a donation to a charitable organization. Many charities are in desperate need of funding at the moment, and even a small contribution can make a big difference for people affected by COVID-19 in some way. Note also that charitable donations are tax deductible and some businesses will even match donations made by their employees.
Since you’re going to be at your house for at least the foreseeable future, now is a great time to invest into some home-improvement projects. Spending money on improvements like a chimney repair, for instance, are savvy investments because they can increase the value of your home over time. Additionally, you may consider some DIY projects too, such as planting a garden. These kinds of activities are great ways to spend time and money during the lockdown.
Just as it’s a wise idea to improve your home, it’s also a smart play to improve yourself during this period of isolation. Purchasing books, audio-files, newspaper subscriptions, or other pieces of gated content can help you learn new things and develop new skills. Particularly ambitious people may use this time to sign up for online college classes. Picking up a professional certification right now could be hugely beneficial later on.
Going to the gym under the best of circumstances can be a slog. Now though, most people don’t have access to basic exercise equipment. As such, it’s completely reasonable to purchase items like a yoga mat, a set of weights, athletic shoes, or even a treadmill. People who work out on a regular basis will use these products well after the lockdown ends, so they shouldn’t feel guilty about splurging on them now.
Managing your money closely will help you avoid a potential financial emergency. However you choose to spend your money, track and monitor your purchases and stick to your budget at all times. Now is not the time to be reckless!