Not going out can afford some financial benefits while the spare time (if you have any) can be put to good use finding better deals on products like streaming services and insurance.
Here are top lockdown money saving tips…
1. Limit online shopping
While you’re stuck inside, the temptation of online shopping can feel too much. With just a click of a button you could easily spend your month’s budget without it feeling like you’ve spent any money at all. If you can’t help yourself put restrictions on certain websites that you’re drawn to and make the checkout process more time consuming by not storing your payment details. If you find yourself tempted, give yourself time to consider by leaving items in the basket for at least day. Limit screen time if you can so you’re only using your computer for work or chatting with friends.
2. Make the most of free entertainment
There are lots of free, fun things you can do at home. For example, do your research and learn how to cook your favourite dinner from scratch, play or invent your own games to play as a family, or get crafty and creative with your hobbies.
3. Streamline your streaming services
Streaming platforms such as Netflix, Amazon Prime or ShowMax have done incredibly well during the pandemic but do you really need them all? Or can you share with a friend?
4. Make sure you claim all your work expenses against tax
Many people are completely unaware they can claim for things like costs associated with working from home, washing uniform or travel – and that’s both if they’re employed or their own boss. This can bring down your tax bill substantially. If you’ve not done this before you are probably owed a refund.
5. Shop around for the best deal
Make time to research the best deals on everything from household items, phone deals, energy providers and holidays. In today’s modern age, 3.5 billion people worldwide own a smart phone so there is no excuse not to!
6. Pay off your loans
Lots of people have both savings and loans but the rate you pay to borrow is always more than the rate to save. So, take some of that money saved up to pay off your loans – it will make you feel so much better and will save lots of money in the long term. But make sure you leave enough in your savings for emergencies.
7. Take out insurance
In these unprecedented times, anything could happen so make sure you get insurance so you’re not at risk.
Use the quiet time of lockdown to budget and look at the areas where you’re spending the most money. See where you could cut back.