Whether you have experienced a pay cut, retrenchment, or even had to close your small business due to the Coronavirus pandemic, it might seem like saving money is impossible.

But according to the budgeting app 22seven there are ways to ration your money and potentially even save some on top of it regardless of your situation.

Here is how:

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Have an emergency fund

It is critical to have an emergency fund you contribute towards in times like this. You’ll eliminate a lot of financial stress with a fund that has at least three months’ worth of salary you can turn to.

You should only tap into this fund during emergencies such as a sudden job loss, medical bills or repairs for your house or car. If you can’t contribute one month, you’ll still earn interest on what’s already there. Just make sure to avoid the temptation of using it unless it’s a real emergency.

If you aren’t in a position to set up an emergency fund or contribute towards it, that’s not the end of the world. But it does become more important to do proper financial planning to conserve what you currently have or expect to receive in future.

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You can do that by following these tips:


Make an active decision to regularly take a look at your income and spend – daily, if possible. This should not take longer than a minute or two if you use the 22seven app, since it gives you a quick overview of your spending in relation to your budget and income, as well as an overview of your investment performance.

Keeping track of your money will allow you to predict your financial position for the next few months so you can properly plan. You may need to dip into your current savings if you expect additional expenses in the next month, for example.

Cut back

It’s now time to take a critical look at all your current expenses, which you can also use 22seven for. You may already be spending less money on things like transport to work, travel and weekend entertainment as a result of the “new normal.”


Use this as an opportunity to pay off debt or boost your savings. When you create your budget, make sure you only include expenses that you consider essential during a pandemic.

Start a side hustle

Side hustles have become more and more popular in recent years. COVID-19 has limited or reduced many people’s income, but new opportunities arose to earn money on the side. If your current job and lifestyle allows it, a side hustle can contribute towards essentials, pay off your debt or even increase your savings.


By applying some of these tips, you can take small steps towards peace of mind and even financial freedom during this time of crisis. Just make sure to do thorough research and planning so you set yourself up for success.