With these surreal days showing no signs of easing off anytime soon, you might be worried about the long term effects of Covid-19. We all know about the health risks, but what about the risks to our finances and lifestyle? As the economic climate looks increasingly uncertain, we may begin to worry about our job stability, our ability to find a new role, and our chances of being able to move house in the future. This means that you might be keen to keep a closer eye on the purse strings. During a pandemic, there are some easy things you can do to keep your finances in the black and save money. Read on to find out how.

Switch

There are so many things that we set up direct debits for that we simply take for granted. We rarely check the best deals because we are complacent and don’t think that it’s worth the hassle. However, by heading to an online comparison site or a broker, you can save hundreds of pounds by switching companies. If you are near the end of your first year of car ownership, check out more suitable cheap car insurance deals rather than just renewing your premium. Building up your no claims bonus should result in cheaper car insurance, so don’t be willing to pay a more expensive premium and seek a new provider.

The same goes for your utility bills, home insurance, travel insurance, bank accounts, mortgage provider, and broadband. The competitive nature of these industries means that providers want to attract new customers. When your services come up for renewal, check out the competition to get the best deal, and save money.

Credit Cards

Credit cards are not always evil. It can be an astute financial decision to have a credit card, as it can enhance your credit score, showing financial companies that you are a responsible borrower. However, if you are slipping into uncontrolled debt, you need to get a grip on your money. Consider swapping to a credit card with zero percent interest on balance transfers. This means you won’t just be paying off the interest each month. Don’t spend anything else on your card and try and save cash elsewhere on luxuries. Remember, the money that you spent on fuel that you would have been putting into your car can now go into paying the debt off your card.

Food

You aren’t heading out to restaurants as much, you won’t be venturing to the cinema, and you aren’t hot-footing it to see pals or making long journeys. This should give you some extra money to play with. Don’t consider using it to renovate the home and instead top up your savings.

Get into good habits when heading to the supermarket. Rather than going for high-end food, opt for the more sensible and cost-effective options. Look out for deals on bulk buy items that you know you will use, such as toilet roll, washing powder, and bin liners. Buying in greater quantities will mean a larger outlay initially, but the cost of each unit is much less.

The pandemic that we are currently living through is resulting in many challenges. However, follow this guide and your finances won’t be one of them.

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8 Comments

    1. Thank you Rebecca. I know what you mean. It has made me realise how I need to be better with money. 🙂

  1. I’ve certainly found that I’ve been saving more money during lockdown. The debt free community and blog posts like this have really helped me kick start my journey to financial freedom.

    1. Saving money is so important right now. Even a small amount, even I could do better with my savings. Thank you for reading Hong 🙂

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