The past few months have been a challenge to us all. We’ve all either had our income reduced, gone on extended unpaid leave or unfortunately, lost our job. As we weather the storm, we’ve put some tips together to help you save money.
- Examine Your Expenses
When it comes to what we’re spending on, there may be things we can do without. It comes down to want versus need. It may be worth cancelling the sport’s channel subscriptions, gym membership fees, and do you really need to be subscribed to three media service providers?
Have a look at debit orders that have gone off your bank account. See which of those you can cancel. There may even be something going off that you’ve forgotten about.
- Shop Carefully
Whether you’re looking for insurance, home-office furniture, or even a new laptop, it’s advisable to shop around. Some providers have raised prices, while others haven’t. If you shop online, the best way to shop safely is in “incognito mode” in Google.
This will help you find the right product at a great price as they can’t see you looking – and bump up prices because they know you need it! Look at your energy and gas providers and see where you can get some savings by making that switch.
- Keep Cooking
After being in lockdown for so long, you may start craving the foods of your favorite restaurant! Instead of eating out, why not challenge yourself to your own “Master Chef” cooking challenge for the next few months? Get creative in the kitchen – you can cook healthier meals and save money.
- Get Creative With Home Entertainment
All you need is decent internet speed to learn how to play a musical instrument, or take online virtual classes. You can also blow the dust off those old board games and start family game nights. There are endless ways to keep the kids (and yourself) entertained!
- Be Accountable
We recommend having a financial accountability partner – your spouse or partner. This way, you can drill into the “want versus need” before making that purchase. “Sale, 50% off” may seementicing, but do you really need a new pair of heels or a T-shirt? Keep track of your spending and create a budget with your partner – and stick to it.
- Refinance
We’ve all heard about credit card companies who have suspended their services. If you’re one of the fortunate ones who can still use your credit card, speak to your provider about a payment holiday or extending the term of the loan, providing this wouldn’t increase your debt.
If you have an overdraft facility, you can arrange to increase the limit or request to pay no interest for three months, but this will still have to go through affordability checks.
Conclusion
There are ways to save money again after lockdown. We just need to trim the fat sometimes. For any assistance, Friendly Finance is here to offer a helping hand.
