The economic scenario in the short and medium term is full of shadows due to the drop in activity that has led to the coronavirus crisis. The state of alarm and the consequent closure of businesses along with paralysis in many companies, the increase in unemployment and the stagnation of consumption have led to a drastic reduction in income in many Spanish households. In this situation, we review some tips that will help us save and protect our money in times of coronavirus:
Uploads on the electricity bill
The electricity bill will increase by up to 50%, about 26 euros, during confinement, according to calculations made by Selectra. To try to spend as little as possible in this game, from Bulb they recommend controlling the temperature of the refrigerator, trying not to put hot food inside, washing clothes with temperature programs below 30 degrees and using the dishwasher only when it is full. For his part, the CEO of Watiofy, Arturo Cardenal, points out that it is better to cook in an express pot or with a lid and to extinguish the stews and roasts a little before time to take advantage of the thermal inertia of the fires or the oven itself. Likewise, they remember that it is necessary to try to take advantage of natural lighting and to extinguish unnecessary lights; Dishwasher and washing machine programs should be set at lower temperatures and on fast programs, Cardinal added.
It is also a good time to review our electricity bill, the power or if it compensates us to have a rate with time discrimination, as indicated by Cardenal. For this, we can use energy rate comparators on web platforms, where they also help in the process of changing the electricity supplier.
More spending on heating
By spending more time at home, we will need to turn on the heat more often. Therefore, both in times of coronavirus and in normal situations, it should be remembered that programming a stable temperature of 21 ° C is sufficient to have a feeling of comfort throughout the day. At night, as they warn from the Institute for Diversification and Energy Saving (IDAE), it is much more efficient to turn off the heating «since when you are lying down and wrapped up, heating is not necessary and with 15-17ºC it is enough to sleep comfortably ».
Return of Income
The Income campaign can be an extra income for the family economy. This is one of the arguments put forward by the Ministry of Finance to maintain the calendar of the income statement despite the state of alarm. From the Treasury they have stressed that about 70% of the declarations go out to return and that those that go out to enter only begin to be paid at the end of the campaign ». The Income statement can start to be made from April 1 and returns will begin to be issued two days later, on April 3.
The amount for the activities paid, but not consumed during March, must be reimbursed and this money will also help our pocket. OCU spokesman Enrique García explained to ABC that the consumer “is entitled to reimbursement of the proportional part of the activities not consumed” for the suspension of classes, academy and gyms and any type of face-to-face activity. March compensation may be made by refunding the money or the discount on future monthly payments.
In addition, most schools, colleges and children’s centers are already communicating to their clients that they will not pass the receipts during the month of April and while the state of alarm lasts.
Mortgages and rentals
Without or with a reduction in income due to the coronavirus crisis, paying the mortgage and rent payments can be very difficult. For this reason, within its shock plan, the Government is considering forgiving tenants the payment of the lease for two months, at the same time that it plans to compensate the owners 100%.
The Government has also approved a moratorium on mortgages for the habitual home of vulnerable consumers. The first requirement to apply is that the mortgaged is unemployed or has lost more than 40% of his sales if he is a self-employed or professional. The bank will also not be able to grant this measure of grace to its clients if the mortgage payment, plus basic expenses and supplies do not reach 35% of the family’s net income.
Less leisure spending
The confinement in our houses has obviously led to less spending on leisure activities, such as going to the movies or the theater. The disbursement for eating in restaurants has also been reduced, although some continue to register orders thanks to “delivery.” Now we also buy fewer luxury products and superficial goods and, consequently, we dedicate our budget to purchasing essential items, such as food and hygiene products, as María Miralles, partner of Commerce and Goods, pointed out yesterday in a virtual press conference. of Consumption of the consultant Oliver Wyman.
BBVA Mi Jubilación encourages us to plan our budget for the coming months, including situations such as one of the household members becoming unemployed or suffering a decrease in income. Along these lines, BBVA experts advise the conversion into cash of all the assets that are possible and that we need in case we cannot face our invoices, redirect our investments towards a conservative profile and flee from risk and reconsider our investment profile within of the pension plan. Likewise, it is recommended to continue with the contributions to these plans if there is no fear of employment and the current salary is maintained. .