How to save money during lock down
How to save money during lock down at the beginning of the government-issued lock down period, you might have been fooled into thinking that you would save a significant amount of cash.
the money that you would have spent on commuting and meals out is now going towards additional groceries for the family during the working week and increased electricity bills. So, in order to help you make some savings during your time self-isolating, we’ve put together a few handy savings tips.
1) Create a new budget
While you’re in lockdown, don’t assume that your spending will stay the same. Your spending might fall in some areas and rise in others and your income might drop, so make sure that you set time aside to sit down and create a new budget for the period you’ll be self-isolated for. Now that you’ll be spending more on water, electricity, heating and groceries, you need to set more realistic limits for your expenses and set new targets for how much you’d like to save every week or month.
2) Plan your food shop
It might be tempting to grab as much food as you can from the supermarket now that the shelves are bare and the queues are long, but it’s important to keep a clear head and not shop impulsively. Before you head out to buy groceries, write out a meal plan for the week with ingredients that you would prefer to cook with and some substitutes in case they are not in stock. Set a budget for yourself so you don’t end up picking up items without thinking about it and ensure that you only buy the essentials.
3) Don’t be afraid to ask for help
If the coronavirus pandemic has left you out of work or you’ve experienced a pay cut and you’re struggling to make ends meet, don’t be afraid to ask for financial aid from the government. You might be able to get rid of any overcharges from your bank, ask for a rent reduction or a mortgage holiday or apply for job seekers’ allowance or universal credit. Get in touch with your employer, HMRC, your bank or any companies that you pay regularly and let them know about your financial situation.
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