The shift that the pandemic brought upon our world was very drastic. One of the main changes that we’ve seen is that a lot of business shifted from office-based to work-from-home set ups. This change enabled different businesses to continue functioning while providing security for their employees.

If you are one of those who have been given the opportunity to work from home, you may have noticed that the way you use money has changed as well. Money you would usually allot for gas or commuting are left untouched. At a certain point in time, you may have had extra money to spend on other things because you no longer needed to travel to and from work. This surplus gave you the spending power for other things which you didn’t consider before.

With that being said, all that spending may have driven you back to living paycheck-to-paycheck with nary an opportunity to save.

Here are a few tips that might help you navigate your way back to a more secure financial standing.

1. Budgeting
   One might think that budgeting comes second nature to most people but it doesn’t. Budgeting allows you to track your spending and allocate your money to the most important (like utility bills, rent, and food) to the least important (like eating out and shopping). A monthly budget will give you an overview of your income and how it should be used.

2. Track Your Spending
   Piggybacking on No. 1, tracking your weekly expenses helps to keep yourself in check. You can create a simple Excel File that will deduct your expenses from your income. At the end of the week, you can review the itemized expenditure and see what you need to cut back on. For example, track your spending so you can see how many times you’ve ordered from food delivery apps and how much it’s costing. This will help you make better choices moving forward.

3. Automation
   A lot, if not most, banks offer online and automated services. Enroll your utility bills like electricity, water, and rent on automatic pay. Automation helps ensure that you take care of your responsibilities first before using your hard-earned money on other things that you can go without

4. Set Aside For Personal Savings
   Automation is a good ally. Start transferring a predetermined amount of money from your payroll account to your savings account automatically. Secure your future and create a good track record by saving money habitually. The more that you see your savings grow, the less likely that you will touch it. As a matter of fact, it will even encourage you to continue saving MORE for a bigger goal/plan you have for yourself or your family (like a new house, a family vacation abroad, a new car, etc.).

5. Live Below Yours Means
   Don’t spend everything you make from your job every month. This is easier said than done in these times because temptation is a mere tap away on your mobile phone. Delete your food delivery and shopping apps so you are not tempted to order food or things that you don’t need. Remember, always set aside a part of what you earn for your savings. You should disburse the rest of it towards your monthly payables. A good rule of thumb is to set aside 20% for your savings and then live off the remaining 80% of your income.

6. Create Or Follow A System
   Create or follow a method of budgeting/saving that will best suit your needs. Properly track your cash flow and securely transfer money to the correct vendors by automating your bank account. In other circumstances, a person might prefer to manually manage their budget. Regardless of the system, stick to the one that would work for you. Remember that there is always a system for every person.

7. Baby Steps
   A financial overhaul is not immediately possible. Start small. For example, start tracking your expenses weekly and see what you can cut back on or completely cut off. Then you can move on to setting your monthly budget and choose between automating it or not. As stated earlier, baby steps. Track your expenses to prevent overspending on things and activities that you don’t need. Think first before tapping on “Add to Shopping Cart” and remember that you’re saving for a trip in December.

The benefits that you can reap by simply working from home and taking control of your money can set you on a road to financial freedom.