While your costs might already be down by not travelling and not buying overpriced lunches at work, there are some extra steps you can take to really maximise your savings during this time.
Cook your meals, snacks and desserts
While we all have a little more time than before, cooking presents a 2-in-1 positive. Not only are you saving money by cooking your meals from scratch, but you’re also provided with the calming and methodical process of cooking and baking. Another benefit is that you get to improve your skills in the kitchen, and who knows, maybe in 2021, you can audition for The Great British Bake Off or MasterChef?
Buy supermarket own brands
If you’re a lover of brand names, then it’s likely your weekly shop is quite expensive. Supermarket own brands have come a long way and offer great value without skimping on quality. It’s definitely worth trying the cheaper alternative to a lot of your brand name favourites to see what foods you can buy for less.
Buy food at the end of the day
You can also buy products near the end of their shelf life for a heavily discounted price. These foods are usually displayed at the end of the day and can provide a lot of savings. Just make sure you use the food straight away, so you don’t waste the food or your money.
Buy frozen fruits and vegetables
Typically, fresh fruits and vegetables cost a lot more than their frozen counterparts. This is usually the more nutritious option too because these foods retain more of their nutrients than fresh, as they are picked and frozen fairly quickly.
Cancel direct debits you don’t need any more
We’ll understand if you want to hold on to your television streaming service though, what is life without the occasional (or frequent) TV binge? With a slower pace of life, it might be worth looking at the direct debits you currently have. A lot of us are at home for most of the time, so we might not need as much data as before. Some phone providers give the option of downgrading their plans.
The more obvious ones include the gym, but also any subscriptions that you might have forgotten to cancel. It’s so easy to leave these monthly fees for years without realising they are there. Have a look at your bank statements often, if not every day then at least weekly to see your outgoings.
Switch your bank account
Many banks want new customers, so they offer money incentives or sometimes electrical gifts if you switch to their bank. Some even offer money to you if you leave after a certain amount of time, provided you tell them why you aren’t satisfied with them. You can make around £100 depending on the particular bank and their deal, for very little effort.
Declutter and sell
You’ve probably already started decluttering your house and have a few piles for the charity shop. It’s worth considering if you could sell those items online instead. Platforms like Depop, Etsy, eBay and Vestiaire Collective to name a few, make selling your unwanted goods easy and simple.
Don’t buy things straight away
It’s always good to wait a little while before committing to a purchase. A lot can change in just a few days, you might find a better deal somewhere else, or you just might just realise that you didn’t want that thing as much as you first thought you did. Resist the urge to impulse buy.
Keep a separate savings account
Savings can be used for items you want to buy as well as any emergencies that might happen, like home repairs. It helps to have your savings account separate to your current account, which means you won't miss that money or be tempted to withdraw it. It helps to set up a standing order so that you have a set amount of money that automatically goes from your current to your savings account. Make sure the amount you save each month is an amount you can comfortably forget about.