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Effective Methods of Being Money Savvy In 2020

Savings, Thrift & Investment	1036 VIEWS
Savings, Thrift & Investment
1036 VIEWS

Wednesday, April 01, 2020 / 05:30PM / Sponsored Post / Pete McAllister / Header Image Credit: House Beautiful

While there are plenty of methods of being money-savvy, the current global crisis that has resulted from the infamous Covid19 virus outbreak has some underlying lessons for everyone. Unfortunately, some may only focus on how the negative impacts of the virus outbreak have influenced our day to day lives, although, there are several silver linings waiting to be discovered.

In previous years, being money-savvy meant stretching every penny and searching for methods of maximizing earning potentials and profits, while this year it could be agreed that these money-savvy methods may no longer apply. If you're after financial security, the following effective money-savvy methods will help you through the year and establish a future worth working towards.

Alternative Investments Are Trending

Previously, it was a solid solution to rely on the stock market as a traditional means of investing, although, considering the massively concerning hit the stock market has endured from international lockdowns, many have cashed out their investments and wondered where their hard-earned funds would be safest. Oddly enough, many investors ran towards the US dollar, resulting in a staggering increase in value.

However, it would not be the wisest solution to rely on the US dollar as an investment as the financial future is somewhat uncertain on a global level. Therefore, people are considering alternative investments now more than ever, and the Bitcoin price may have fallen, although when considering this controversial digital currency does not obtain value the same way traditional currencies do, it would be a wise move to safeguard your savings by investing in the currency now or opting to earn in crypto, while the price has gone down.

If you are wondering where to buy Bitcoin in South Africa, it would be best to consider an internationally recognized platform rather than a local one as there are very few legitimate platforms in the sea of scams.

Adapt to An Essential Life

Countless people around the world have fast discovered that their personal idea of essential items is vastly different from what essential items really are. This may be one of the most notable silver linings of the lockdowns and communities and professionals are finally learning how to latch onto a simple life.

While everyone is somewhat wasteful in some way or another, adapting to a life where only essentials are considered should be carried out even when lockdowns are lifted. This is simply because you will be able to heal your spending habits and save significantly long term. Items that are considered non-essential by governments, could be removed from your budget altogether and you could allocate your spend towards smart purchases such as alternative investments and a safety net of savings.

Remote Employment

While remote employment is a relatively new method that businesses utilize to cut costs, the concept saves everyone a fortune in travel costs among other expenses. If you are not yet employed remotely, there is no better time than now to start searching for methods of earning an income from the comfort of your own home.