The novel coronavirus pandemic that we’re currently experiencing around the world is having a profound effect on our day-to-day lives.
Anybody who is not an essential worker during this time is either working from home or furloughed, and many people have been unable to continue working as normal or running their own business as the global crisis unfolded. And while the lockdown measures in the UK are slowly relaxed with non-essential stores, zoos, and theme parks opening soon with strict social distancing measures in place, for many people, the coronavirus crisis has meant pinching the purse strings a little.
Whether you’ve been forced to apply for universal credit during this time, have been working in a keyworker role for a lower income than you are used to, or are furloughed on 80% of your usual pay, you might be wondering if there is anything that you can do to save money and cut back your monthly expenses. The good news is that there are lots of things that you can do to cut back on what you spend and save money during the pandemic.
Mortgage and Credit Holidays:
First of all, if you have found yourself in financial trouble due to COVID19 and are struggling to make payments like your mortgage, rent, bills, or loan repayments, it’s important to get help with this as soon as possible. Don’t struggle on or miss payments without saying anything since this won’t help your financial situation in the long run, even if you do find work or go back to your old job.
If you have a mortgage, UK banks are offering mortgage holidays to help homeowners financially, and if you’re renting, this has been extended to landlords so that they can provide you with some rent relief if you need it. Contact any creditors or companies that you pay bills to and get an arrangement in place sooner rather than later.
Find Cheaper Deals:
When it comes to most of your regular monthly expenses, the good news is that you can often find a better deal. For things like gas and electricity where you aren’t tied into a contract for any length of time, you can usually switch to a cheaper deal whenever you like, so it’s worth spending some time comparing offers and seeing where you can save. Utilities like broadband might be a little trickier if you are tied into a contract, but if there’s no way you can change to a different supplier just yet, it might be worth calling your supplier to see if you can downgrade to a cheaper package.
If you’re coming to the end of your contract and free to go elsewhere, spend some time shopping around for the best broadband deals. This site – usave – is a great place to compare broadband; all you need to do is enter your details and you’ll get a list of broadband deals to compare, helping you find the best one for you at the right price.
Sell Some Unwanted Stuff:
Buying and selling online is still bigger than ever and if you want to make a little extra cash during the lockdown, you can always buy and sell your unwanted stuff on sites like Schpock, Gumtree, eBay or Facebook Marketplace. Whether it’s an old gadget that you don’t use any longer, household items that have been gathering dust for a while, or clothing that you haven’t worn for ages, everybody still loves a bargain. If you’re worried about safety, it’s best to sell on sites like eBay, where you can offer a postage option and send your items to buyers through the mail. You can still sell online and meet in person with some extra social distancing – ask your buyer to pay using bank transfer or PayPal rather than with cash and place the item on the floor for them to collect at a two-metre distance.
Get Cashback on Shopping:
Whether you’re heading out to the local supermarket for essentials or shopping online for items while on lockdown, there are plenty of ways to make some money by spending on the things that you need. Download apps to your smartphone that you can use to scan your receipts and earn cashback for spending on your regular groceries. Use a site like TopCashBack or Quidco to get generous cashback deals on things like signing up with a new energy or broadband supplier.
Take Your Car off the Road:
If you have a car that you normally use to get to work and make social visits, chances are you might not really need it during the lockdown. If you can just get in the car with a member of your household when you need to get essential supplies and aren’t really using your car for much else, it might be worth saving some money by taking it off the road.
To do this, you will just need to register your car as SORN on the Gov.uk website, and you will either be refunded tax that you have paid for the rest of the year, or you won’t need to make any more tax payments if you pay monthly or quarterly until you declare that you are driving again. To make sure that it’s legal, you should keep your car on private property like a driveway or in a garage and do not drive it on the roads while it’s SORN. You might want to consider cancelling your insurance, but this isn’t advisable since you will not be covered if your car is stolen or damaged.
Reduce Your Energy Use:
Sometimes it’s the smallest changes that you make that can add up to make the biggest differences, and reducing the energy that you use around the home will not only help you reduce your carbon footprint, but also help you trim your energy bills too.
Simple tasks like making sure to switch off lights when you leave a room, turning off any appliances or electronics that aren’t in use, and using appliances like the washing machine or dishwasher in eco mode can make all the difference. Some energy suppliers will even send out a smart meter to you for free so that you can better track where your energy is going and take steps to reduce it.
Plan Your Meals:
Hopefully, by now, everybody has realised that COVID19 isn’t going to lead to a massive shortage of food and are buying normal amounts of groceries rather than taking a lot more than they would usually get. To make your money stretch further with food, spend some time meal planning.
Restaurants aren’t reopening just yet, so it’s worth using the situation to your advantage if you are doing a lot more home cooking than usual. Consider whether you really need certain name brands when shopping or if you can get a cheaper version that works just as well. By having a list of the ingredients that you need for meals for the weeks ahead, you can avoid overspending when you go out for essential grocery shopping. And don’t forget to take advantage of any keyworker discounts that you or a member of your household might be eligible for.
The COVID19 crisis has left a lot of people living on a reduced income, but thankfully, there are plenty of savvy ways to save money that you can continue benefitting from even when things go back to normal.
