How to save money during lockdown times

Friday, 24 April 2020

It's week 5 of London lockdown. We are slowly getting used to the new normal, finding out the best places to buy fruit and vegetables, household supplies, adapting to working from home and being in the same space with your family, partner, flatmates for extensive periods of time. This is a time of both uncertainty and reflection and many have been affected financially, whether that be being made redundant, furloughed or on a reduced working hours contract which means reduced pay temporarily.

Here are a couple of things which may help you save money and reduce your spending during lockdown times:

  1. Pause/cancel unnecessary subscriptions and direct debits - whether that be your contact lenses, apple music, spotify, Netflix - if it's just you watching, have you switched it to the Basic £5.99 plan compared to the Standard £8.99 plan? You'd save £3 a month if you downgrade and that means £36 a year which may not be much but it's still money!
  2. Reduce your phone bill - for those of you who are on a pay monthly contract, if you have finished that pay monthly contract, you can usually reduce the price as you've finished paying for the phone! 
  3. Commute money - unless you're a key worker, you most likely no longer need to commute on public transport which means you're saving money. Put this money in your emergency savings fund or use this money towards your monthly food shop instead!
  4. Check holiday/concert/events/travel refund options - see if you're able to get your money back
  5. Before you order from an online retailer, ask yourself - do you actually need that item?
  6. Budget - work out how much money you need to use per week and stick to it!

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