The United States is the Mecca for Capitalism, a place where anyone can make great fortunes if he/she works hard and is determined to succeed. However, during times of Corona the American Dream has been heavily tested and the culture of capricious spending has proven to be catastrophic. On top of that, the average American is not used to having enough savings for a rainy season, which has brought lots of vulnerability to people who have suddenly lost their jobs as well as those who “live paycheck-to-paycheck”.
Minorities on the other hand, tend to save more, consume less, and are not too familiarized with the concept of debt. Something that has kept us in better shape during these past couple of months.
Right below are some useful tips from a minority like myself (living in the U.S.), on how to be a bit more frugal and conscious with your wallet.
- Don’t waste your hard earned money on material things, unless they are utterly indispensable for your well-being or survival.
- Save and allocate your money on high interest savings accounts.
- Take advantage of the quarantine to learn a technical useful skill for today’s market and/or a foreign language. Times are changing, while the world is becoming more technology-driven and interconnected.
- Don’t eat out or go on unnecessary vacations! This will save you lots of money and decrease the chances of getting COVID-19.
- Look for side-hustles, part-times or freelance work…even if you already have a full-time office job.
- If you already have a job that keeps you busy, hold onto it and be grateful for what you have.