7 Things You Should NOT Spend Money on During 2020

Published May 10th, 2020 - 03:00 GMT
Things You Should NOT Spend Money on During 2020
Saving money will be the number one and most important step we can take to survive the crisis. (Shutterstock)

Looking at the world during and post the pandemic, we can easily spot the looming economic crisis that has started rocking our world.

In order for anyone to survive this crisis with minimum financial damage, one will need to give up on many unessential things they love to spend money on, at least for the time being.

While it's hard to predict the scope or the magnitude of the 2020 economic crisis, this doesn't change the reality, that we need to prepare ourselves as much as we can.

So far, we have seen companies laying off masses of employees. Stock and oil markets have plunged to historic lows and despite what appears to be a slow recovery, everything is still bound to the possibility of a new wave of the novel coronavirus which we haven't been able to treat or prevent yet.

Consequently, saving money will be the number one and most important step we can take. But don't worry, you can do this without sacrificing any of your basic needs.

During the last few years, humans have been pretty generous spending money on absolutely unnecessary items and experiences. While it was fun and enjoyable, at times as hard as these, I think we can cut back on those activities to survive the crisis as strong as we can.

1. Vacations

Not only is it unsafe to fly anywhere around the world right now, but it could soon be quite a costly activity too, since airlines are expected to raise ticket prices to make up for their huge losses over the last few months.

Additionally, tickets are expected to double in price in order for airlines to maintain social distancing rules, keeping an empty seat between every other passenger, a solution you'll be charged for.

This year, make a change and take some time to explore the hidden gems in your area. Road trips can be even more fun than traveling abroad, and it's safer!

2. Shopping for high-end brands

Unless it's a major sale, save yourselves a few bucks and head to an average store to buy your daily outfits. 

You might have to spend most of 2020 at home anyways, so don't risk wasting your money on over-priced name tags.

3. Bank Loans

Maybe 2020 was the year you've been planning on buying a house or a new car, but COVID-19 doesn't think so.

Try to postpone your plans for a year or two, until we know for sure that the economy is recovering.

You don't want to apply for a huge loan a few months before you lose your job to downsizing. 

4. Daily Coffee Shop Trips

Maybe your branded coffee house cup tastes better than the ones you make at home. But if you do the math on the amount of money you can save only if you buy yourself a french press and prepare your coffee every morning, you will realize how much it's worth it.

5. Movie Theaters

I too prefer to watch a movie on a huge screen with a large audience, but for the price of one ticket for one movie, you can invest in a decent streaming service that grants you access to thousands of shows you can watch at the comfort of your house, at any time and with the audience of your choice.

6. Gym Memberships

Unless you actually go to the gym often, you need to cancel the membership you really make no use of.

If you're trying to get yourself to commit to a workout, maybe try a less-costly workout app subscription that helps you get physically active at home. And hey, it keeps you safe until the danger of the coronavirus ends.

7. Food Delivery Orders

Remember when you've ordered your dinner from a different restaurant every other night? You sure enjoyed trying all the different cuisines one phone call away, but maybe slowdown on this habit for a while?

Cooking is soothing and a fun home-activity once you try it. Schedule a maximum of four deliveries a month for the foods you can't really prepare at home, like sushi.

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