Money you saved in Quarantine.

- By Saurabh Parab

It is possible to cut back

 While more than a third of Indians are worried about their finances as a result of the COVID-19 crisis, others have experienced a significant boost to savings. At the end of the day, it's all about the mentality. Whether you want to believe it or not, lockdown because of the COVID-19 pandemic has led to savings that are otherwise not noticed by us.

Inability to save, worries about economic conditions, and the struggle to pay household bills are the top concerns of Indian adults during the lockdown. But while many households are struggling, some have been able to save more than usual in recent months. 

Why? Perhaps because we’re spending less.

Ahold on holidays and Movies.  

Unsurprisingly, spending on non-essential items fell as a result of government-imposed lockdown. So, Indirectly the government is giving us the people some guidance about money savings. Sarcasm!!!, Anyways Analysts suggests that a typical Indian household could be spending 35% less in lockdown compared to 'normal' times.

Although spending on items like tea, chocolate, energy, and TV subscriptions rose slightly, overall it does not add up to a significant portion to spend money. This was likely offset by reduced outlay in other areas. These include eating out, holidays, new clothing, going to the cinema, trek and hairdressing and beauty services. This reduced the overall household spending.

Work from Home.

It's no secret that working from home comes with many perks and benefits. But perhaps chief among them is the financial savings over the long term when compared to working in an office or some other location outside the house. In fact, the savings can be substantial, adding up to thousands of rupees a year. Hard to believe? 

 Let's take an example of an average person residing in Mumbai. He works in a company located in Thane. So let's track his daily traveling routine. He goes to the railway station by bike so that costs him 800 per month for the fuel. From there he boards a train to Thane which costs him 30 rupees (return ticket).So now if we calculated the money he's going to save, it will be around Rs.1500/month and Rs.18,000/year. 

Prepping Meals on your own.

Is ordering food online during the coronavirus lockdown worth taking the risk? The delivery persons are taking necessary precautions like wearing gloves, masks, and initiating contactless deliveries but that is not enough to avoid exposure to the coronavirus.

We all spend far more money on food when we're working outside the home. Everyone is aware that eating out is both unhealthy and costly, but people still do it. So, eating home-cooked food is the best option to save your health as well as a few bucks and plus you learn some new dishes every now and then.

Those Pricy Gyms!

Pricey gyms are not the only way to stay fit. Anyone who tuned into Youtube Fitness Section will know that keeping in shape does not have to involve expensive gym membership fees. There are workouts aplenty on free mobile apps on both iOS and Android phones to help spur you on. 

The on-going health crisis has changed the way we live our lives. All of us have to adapt to new ways of living - be it working from home, stepping out only for essentials or maintaining distance from others. As we all count down the days till the lockdown ends, let’s take a moment to reflect on what we’ve learned during this period and how this is going to impact the rest of our lives.

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