According to one’s report of economic times it is a family of viruses that can cause many kinds of diseases in humans beings that is including the common cold and more severe forms like SARS and MERS which may be a threat to your life.
The virus is named after its shape which takes the form of a crown with protrusions around it and hence is known as coronavirus.you can also read more on the official website of economic times. Click here to read more
How did the recent outbreak occur?
According to the report of Chinese health authorities, the outbreak of coronavirus in the world is believed to have occurred in a market for the use of illegal wildlife in the China city of Wuhan. There is no specific vaccine that can treat the coronavirus.
While on the other sight, according to the WHO, “Many of the symptoms can be treated & therefore treatment based on the patient’s clinical condition”. However, it has already killed more than 7 million people all over the world.
Its a type of common virus that infects the health of humans beings, In simple words, is an Upper Respiratory Infection (URI.) Now At this time, 7 different kinds of coronavirus have been identified. Most people will be infected with at least one type of coronavirus in their lifetime.
Viruses are spread through the air by coughing and sneezing, close personal contact, touching an object, surface contaminated. The Disease may be caused by a runny nose, sore throat, feeling unwell, cough, and fever.
This virus began to spread from China and today it widespread around the whole world. According to a Google report, more than 7 million people are suffering from the outbreak at this time all over the world, of which more than 30,000 died.
It’s been Coronavirus has destroyed the entire world’s economic system, and people have become so fearful that they feel afraid to leave their homes.
It is said that China is a factory of the whole world and more than 90% of countries of the world import goods from China, and this is the reason behind the destruction of the economic system of the whole world.
Every business around the world is infected with the Coronaviruses, no matter what business it is, such as a travel agency, Manufacturing Companies, even the banking system also destroyed.
According to a once-hidden report, If this epidemic is not overcome, the entire world will end in the next few years.
Top 10 frugal tips to follow during the coronavirus crisis
At this time, the economic crisis has spread so much throughout the world that you can guess that it is becoming increasingly difficult for people to meet their basic needs, Now in this critical situation people not enough resources to buy food for themselves and pay their utility bills.
In this article, I am going to tell you how you can survive in frugal living, and also tell you about frugal living tips and money-saving tips that help to meet your basic needs.
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1. Check Your Utility Bills
If you want to get out of the economic crisis, so you should adopt some money-saving tips, it doesn’t matter to you whether or not your job was affected by the Coronavirus. First of all you should check the utility bills of your home.
Look at the bills, and indicate what the deadline is to pay the bills. Whether the bill is waived by the government or has its deadline been extended.
If so, then you do not have to pay the bills right away. You should wait for things to improve and then pay your bills because the money that you spend on paying utility bills You can buy the basic food items.
In many countries, the government has waived utility bills for a limited period or extended its expiration date so that people can easily pay their utility bills later when they have money available.
All the countries of the world are facing a livelihood crisis and in fact the government wants people to meet their basic needs first, such as foods because human beings cannot survive without them.
2. Do not spend money on unnecessary things
As you know, there is an economic crisis all over the world right now, and 3/4 people of the world are salary people. They live only with a fixed salary, and they don’t have enough bank balance to meet their daily needs.
That’s why these people follow the money-saving tips for full fill their desire and also need to spend their money on only the things that are most important.
It is also money-saving tips to cook food in your home rather than ordering food from expensive restaurants and also do not waste your money on branded clothes because your salary is very short.
3. Use of credit card
If you’re already losing income and having difficulty paying your debts so than you need to know about frugal living tips, so you should immediately reach out to your credit card providers.
Generally, credit card providers are also offering for hardship programs, and some also will even provide a small period for non-payment.
Most of them have issued statements regarding their willingness to work with cardholders who are facing financial strain due to the coronavirus.so you may also want to consider opening one up for additional flexibility.
Please consult with a financial counselor to ensure this makes sense for your financial circumstance, that may be very helpful for your frugal living.
4. Loan For student
Federal student loans come with several already-existing options. There are two ways that can help you and your children’s education during coronavirus are following under the below:
a. With the help of deferment, you may be able to avoid interest accrual, while with forbearance you won’t, which means your debt will grow. A best practice during forbearance is to pay down the interest portion so that the debt will not grow.
However just days ago, the Department of Education has also announced that it will waive interest accrual for deferments and forbearances for the foreseeable future. This will be very helpful for those who have no other option but to suspend their payments temporarily.
b. There is another option though. Federal student loan borrowers can consider transitioning over to an income-driven repayment plan, which will be very lower the payment to a certain percentage of their income.
Your Suspending or adjust payments can be done by reaching out to your student loan servicer. Private student loan borrowers do not have access to the same programs provided by the Department of Education but can still reach out to their services to determine if there are any hardship programs being offered.
5. Remove auto-debit payments
this is also one of the best money-saving tips during the coronavirus. If you think you will experience a frugal living, so you should consider removing auto-debit payments for your bills and other utilities. This way is also very best for frugal living because it is also one of the very best money-saving tips, in this current coronavirus situation.
6. Be aware From the scammers
At this current situation of coronavirus Lookout for price gouging and scams related to the Coronavirus. It is illegal for businesses to take unfair advantage of consumers by selling goods or services that are “vital to the health, safety, or welfare of all consumers”.
If you see any price gouging, you should file a complaint regarding it. Services that offer products that can “cure” the virus should be avoided.
7. You should Cancel Unnecessary Subscriptions
Your family may have more time to use digital video and music streaming apps during a self-quarantine. You should first be Reviewing all your monthly spending and budget that is a prime opportunity to cancel all your unnecessary subscriptions that are not giving you any benefits. because unnecessary subscriptions may be creat more crises for you during coronavirus or lookdown moment.
This tip is an easy way to save your money. As a quarantine is affecting many paychecks (not everyone can work from home), temporarily cutting expenses can be an act of necessity to pay your bills. If you’re on unpaid leave with your regular job until business returns to normal, you can search for a temporary gig with minimal public exposure. These extra funds can spare you from dipping into your emergency fund.
8. Please Don’t waste food
At this time when the economy of the whole world is destroyed and people are looking for frugal living tips because they are facing a crisis of economy so you should not waste food that you can freeze food leftover so that it can be consumed later. You should only cook as much food as you need because its also a money-saving tip.
9. Use Digital Payment Apps For keep away from coronavirus
Now that public payphones are no longer commonplace, paper money is one of the dirtiest items you can touch. Even if you keep the recommended six feet of separation between strangers in public, you can pass germs along by paying with cash. Writing a paper check can be more sanitary, but you’re still making a physical payment.
Not every business accepts check payments forcing you to pay with cash, plastic, or your phone. You can always pay with a credit card or debit card instead of cash or check as well because the transaction fee is free with the digital app and its also money-saving tip for you.
Digital wallet apps like, PayPal, Cash App, or Apple Pay permit a germ-free transaction. Some stores let you pay with digital wallets. Third-party apps and most bank mobile apps let you send money to friends for free.
Banking apps also have a feature to remote deposit paper checks. If your employer doesn’t offer direct deposit, download the bank app. It takes about a minute to take a picture of the front and bank of your check using a smartphone.
10.Invest for Yourself
this is also the very best money-saving tip in frugal living, When you have mobility and the financial means, it’s easy to solve many of life’s problems by calling a service provider. Use this time to learn more about the various parts of your home and see if you can stretch those DIY muscles.
You won’t be able to do everything but you’d be surprised how much you can do. One example is learning how to make your own cleaning supplies, as some may be out of stock in your local grocery store.
Now you can make your own homemade hand sanitizer? If you need more ideas, search the internet or DIY platforms like Pinterest. The amount of creative ideas is astonishing. Take advantage of free educational resources to bulk up your knowledge in areas you feel weak in.
In this above article I discussed the Top 10 frugal tips to follow during the coronavirus crisis that is very helpful for you increasing your knowledge please share this article to your friends. God bless you all of you and also save from the coronavirus.