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Some spend less, others more as COVID-19 changes lifestyles
COVID-19 has significantly changed many people's regular spending habits.
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Additional expenses amid the COVID-19 pandemic might cause a dent in your savings. (Shutterstock/Samsonova Karina)
T
ime moves on. More than a month has passed since the coronavirus outbreak happened in our beloved country. During this uneasy time, much has changed. To survive, companies are forced to downsize their workforces and apply work-from-home methods. To ensure students still get education, schools are conducting online classes—there’s still homework, don’t worry. To stop the spread of the virus, we have drastically adjusted our daily activities.
At their core, the adjustments are made to cope with the virus. However, they also affect our finances in the form of changed expenses. The following are examples of these changes.
Transportation costs
Despite the situation, I still need to go to work. Am I scared? Honestly, yes. But I'm trying to be positive and grateful that I still have a job. Fortunately, my office enacted a work-from-home policy, so I don't need to go to the office every day. Rather than using public transportation as usual, I decided to use my car when it is my shift to be present at the office. It made me realize that the gasoline, parking fees and tolls add up to staggering transportation costs. This might be a good time to review our transportation options and choose the best one for our current circumstances.
Delivery costs
Aside from going to work or driving around the neighborhood without getting out of the car, my family and I pretty much stay at home. We buy food and other necessities through various shopping apps, a blessing enabled by our smartphones. Some applications offer free delivery, others include delivery fees in their services. From experience, it is better to buy in bulk to minimize the delivery fees.
Internet costs
For some people, being cooped up in the house for a long time can lead to severe boredom. Some may demand virtual entertainment, from browsing, streaming movies, online gaming and participating in group chats. Beware of how our valuable internet quota can easily deplete along with unwanted additional charges. Checking whether our existing data packages still cover our needs is advisable.
Health costs
Nowadays, wearing a mask when going outside, frequently cleaning our hands with hand sanitizer or soap and consuming vitamins are imperative. These measures are needed for us to maintain our health, especially for those who are required to work outside the house. Some of these items don't come cheap, so try to grin and bear it.
Grooming costs
My hair is a mess right now as it has not been groomed since February. But I don’t have the courage to go to a barber shop for obvious reasons. As a solution, I bought my own hair cutting kit, and now I'm mustering the courage to use it. To make this purchase worthwhile, I have steeled myself to stop going to a barber and do all the cutting myself, even after the virus goes away.
I am sure there are other changing costs, and in general, while our income stays the same, many have experienced an increase in their monthly expenses.
Money management is now more crucial than ever to ensure we have sufficient financial immunity to withstand the changed expenses, as only time will tell when this outbreak will end. If you haven't done so, start writing down your financial activities. Manage your priorities, get rid of unnecessary expenses, make the best of your investments, prepare an emergency fund and last but not least, give a helping hand to those who are greatly impacted by the virus. I hope you stay physically and financially healthy. (wng)
