You need a Financial Cushion

The current COVID-19 pandemic has truly allowed many to fully appreciate the concept, often espoused by financial experts, that everyone needs to have an emergency fund.   This fund should ideally consists of 3-6 months of living expenses, or more, if possible.   Even with this cushion in place it is necessary to be frugal, always ensuring that maximum benefit is derived from every dollar spent.

In this “Season” , do not engage in panic buying which is often due to anxiety, uncertainty and rumors that items may become scarce. The tried and tested discipline of preparing a shopping list will ensure that you will get what you need.  On a tight budget, here are some ideas:

Be practical – use substitutes wherever possible:  It is still safe to drink our tap water but if in doubt, boil or treat tap water with a few drops of beach as a cheaper alternative to bottled water. 

Be creative:  Add vegetables, peas and beans to enhance your meal, increase variety and “stretch” to provide more servings. Also, skip the luxury brands:  “brand-name” items are usually more expensive.

Conserve:  It is never OK to waste resources – money, food or utilities.  Enroll every member of the family in the “conservation class.”

As we navigate these challenging times, remember to be grateful.  Consider opportunities to lend a helping hand. We are all experiencing this together!