The pandemic has significantly affected not only our daily lives but also our finances.

There are things you can do yourself to save money without spending it. Here are eight ways to save money during a lockdown.

1. Create a Budget

If you haven't created a budget yet, it's the first thing you should do. Budgeting means consistently monitoring your income and expenses. You can do this monthly based on your regular income. If your income fluctuates, you can try different budgeting approaches and see which expenses you can cut.

2. Build an Emergency Fund

If you want to avoid financial stress, you need an emergency fund. While the size of this fund can vary based on your monthly living expenses, you should aim to cover at least three months of costs. An emergency fund can lighten the burden of unexpected events such as job loss or medical expenses. You can build this fund by putting money into savings or keeping cash. Netcapital Financial Group also has a high-yield savings product that can help you build an emergency fund and earn a return on it.

3. Reduce Energy Consumption

Even though the government is subsidizing electricity costs, you should still try to reduce your energy consumption as much as possible. Since you're at home 24/7 during a lockdown, you'll use more energy. It's important to be mindful of your electricity usage. Get into the habit of turning off lights when you leave a room and unplugging appliances that are not in use. Every small effort contributes to reducing your bill.

4. Invest in High-Yield Savings

One of the best ways to invest your money with low risk is by using a high-yield savings account. You should look for institutions that offer a monthly interest rate of 1.1% or higher. As a recommendation, government and corporate bonds are among the highest-yielding and lowest-risk savings options. A lockdown can be a good time to let your money rest rather than circulate, giving you the opportunity to review your budget.

5. Contact Your Service Providers

Many service providers offer assistance and discounts to people affected by the COVID-19 pandemic. For example, they might modify loan agreements or renegotiate terms for individuals and businesses whose income or operations have been interrupted. Contact your service providers to find out what options are available to you.

6. Control Your Purchases

Do you find yourself browsing Facebook or your favorite retail websites when you're bored? This habit can drain your savings during a lockdown. One way to avoid online purchases is to focus on what brings you satisfaction. Satisfaction comes from doing things that don't cost money but still bring joy. Instead of online shopping, a much better option is to remember the plans you made during the lockdown and read a book on your Kindle or a physical book.

Buy in bulk, but avoid overstocking. Buying in bulk is cheaper per unit and can save you a small amount of money. You don't need to buy excessive amounts of snacks. Instead, make a list of essential groceries before you go out and stick to it. Also, when you shop, make sure to use your discount cards and rights to get promotions and register your VAT receipt to receive your 2% refund.

7. Find Ways to Earn Money

You should research ways to earn money online or from home. This can help you add to your savings or cover small, ongoing expenses.

8. Cut Your Hair at Home

If you don't like having long hair, you'll need a haircut. Look for ways to dye, cut, or style your hair at home. Before you do, we recommend watching some YouTube tutorials.

Save money and spend your time at home productively. Whether you decide to cut expenses or set up automatic savings, you should start building your savings. Taking control of your finances during uncertain times can help you stay calm and support your well-being.