As 15 days to kill the spread has now turned into infinite months of lockdown until the virus is exterminated from every aspect of life, we have started to become accustomed to this “new normal”. Like all bad things though, there is always a bright side. With a lot of us working from home, we can now spend more time with family and without the commutes, we can spend more time getting healthy and saving money. Saving money is the one thing I really want to focus on today. After starting Quarantine in March, I took a look at my budget and started to break down all my expenses. Then I highlighted the expenses I no longer had to worry about due to being stuck at home. Here are the 3 major expenses, that most of you might also not have to worry about.
Now that a lot of us are working from home, we can finally say goodbye to road rage-filled commutes and mad max like highways during rush hour. The greatest thing about not having a commute is no more expenses! I personally spend nearly $500 a month in commuting between train fare, highway tolls, and gas. Once I saw the number, it caught me off guard how much money was going to just to get to work.
The next step for me was to start moving that $500/month into my investment account. Instead of paying all that money to go to work, it was now time for that money to work for me. Investing your money is the best way to build wealth over time and now that we have some extra cash make sure you put it work!
GOING OUT TO EAT
We all love a great meal with some friends and family but with quarantine still in effect, most of us are still stuck eating at home. So again I took a look back at my budget and eating out for me equaled about $200/month. Then, the same as the commuting expenses, I moved the $200/month into my investment account. As much as I love saving money, I cannot wait until we are back to normal and are able to enjoy a night out and some delicious food.
Student loan payments are probably the most painful each month but luckily the government allowed for the forbearance of payments under the CARES Act. For all us Federal Student Loan debt holders out there, we are free from making payments until September 30th. Same deal as the other unneeded expenses, my usual monthly student loan payments went straight back into savings.
Well although quarantine has been a drag on all of us, at least we can now take a step back and try to utilize the situation to our advantage. I challenge all of you to look at where you are no longer spending money because of the lockdown and start saving or investing the excess cash. Although we are facing some uncertain times, we can now reevaluate our personal lives and make sure we are not only financially healthy but also physically and mentally healthy as well.
I hope you all are taking care of yourselves and are staying safe and healthy!
If you ever have any questions feel free to comment or email us.
FITNESS + FINANCE = FREEDOM!
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