For many people COVID-19 has negatively impacted their financial situation and for some it has helped them to save money with an instant low-buy year opportunity. But for whatever your situation is, there are a few easy ways in which you can save more money. You may be taking advantage of not having meals out or drinks with friends or saving up for a holiday when you can finally get away. Your financial goal can be anything you want and saving money could be through lockdown could be a long-term financial strategy!
Update your savings goal
You may already have a month budget which you set aside for your savings but make the most of your lockdown life and set little more aside. It doesn’t matter how much it is, it can be £50, £100 or more a month but setting some money aside while you can be a great idea. For many people there is a lot of job uncertainty at the moment, if that applies to you then having a savings fund can be really beneficial, just in case!
Choose a fake away over a takeaway
During lockdown it can be so easy to reach for your delivery app or takeaway menu. If you’re missing having meals out, then why not treat yourself to a takeaway! But you can make something just as good on a budget! If you’re cooking for yourself or a couple, why not make a meal for 4 and freeze the leftovers for another night? Then when the local takeaway is calling, you won’t be as tempted!
Cancel any direct debits you don’t need
During lockdown, we’ve probably watched more Netflix than we care to admit but are you guilty of having multiple streaming services that you don’t need? Or are you paying for a gym membership that you aren’t currently using? A great place to start is having a look at all your outgoings and see which ones you actually need. You should cancel your subscription on the company’s website and not just cancel the direct debit as you may incur some cancellation charges, depending on what you are cancelling.
Take a payment holiday
If you are struggling to make ends meet and need to hold off some of your outgoings for a while, then you could consider a payment holiday. For example, a car finance payment holiday could allow you to delay some of your payments. However, you will have to pay the amount off at some point, it does not clear the debt. If you have a bad credit car loan and you are worried about your credit score, a payment holiday won’t affect your credit score. If you continue to miss payments on your loans, then it will negatively affect your score. If you are unsure of what is the best way to proceed then it’s best to speak with your lender to see how they can help.
Get a second income
Being in lockdown or self-isolating means that people have more time at home. There are loads of ways in which you can make money from your living room and if you want to boost your savings. You could become a delivery driver, dog walking, become a freelancer, take online surveys, sign up to cashback websites and much more!
Sell your old stuff
Lockdown is a great time to have a big clear-out. Whether its clothes, technology or children toys. There are so many ways in which you can sell your old stuff in a safe and COVID friendly way! Use eBay, Facebook Marketplace, Depop, Music Magpie and loads more! You can also consider recycling old gadgets too. Things like printer cartridges can be recycled at a number of places for a fee!
See if your eligible for any government grants
Many people have already taken advantage of the government grants available during COVID-19. There are grants for working from home, self-employed, small business grants, furlough and more. You can use the GOV.UK website to find out more information.