I believe it’s safe to say that we are all guilty of spending too much money on things we do not need. However, with the pandemic causing financial distress for millions across the globe, many people are left with the perplexing question of whether they need to spend that extra $5 on a cup of coffee or add it to their savings. In other words, the pandemic has thrown us a curveball that might allow people to reassess their needs.
At the beginning of the pandemic outbreak, and as lockdowns were put in place, many people were forced to reprioritize their lists of wants and needs. Many started saving in case the situation became worse. And the best way to save is definitely to spend less!
Below are 5 things we recommend people to stop spending money on in 2021:
One of the things that people tend to lose track on is how much they spend on daily coffee. If a cup of coffee costs $3 then that is$90/month and $1095year! If working at home has taught us anything is that we can survive without our daily to-go coffee.
Just like with coffee, buying takeaways can be costly if done daily. With remote working and social distancing taking place, now is your chance to learn how to cook healthier and cleaner meals.
Plastic Bottled Water:
Bottled waters are one of those things you spend money on without noticing the cumulative amount spent. However, not only is it cheaper to go for filtered water but it is also safer. Plastic bottles sometimes contain harmful chemicals suggests Harvard T.H. Chan School of Public Health. Furthermore, by buying plastic bottled water you’d be contributing to the global warming crisis! The nonprofit Container Recycling Institute says that about 60M plastic bottles are thrown away on a daily basis in the US alone.
As lockdowns took place in most countries, many people turned to buy fitness equipment to workout at home. It is reported that there was a 55% increase in downloading fitness and health apps in the MENA region in the first half of 2020 as compared to the same period in 2019. According to Arab News, there was a 600% increase in sales of gym equipment in GCC alone. With the fear of catching the virus still in the air and the importance of social distancing as a preventative measure, more people are opting for fitness at home.
BBC reported that more than 1M people have stopped smoking since the pandemic’s outbreak. From those who have quit in the first 4 months, 41% say they stopped because of Covid-19. The health scare that people might patiently face from the virus has pushed people to quit smoking. There is no denying that quitting smoking is a win-win scenario; it is a major milestone towards a healthier lifestyle, and results in saving a lot of money!
The main key to saving money is to differentiate between our needs and wants. And if we want to find a silver lining to this pandemic is that it gave us the opportunity to learn how to prioritize our needs and differentiate them from our wants.
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