How to keep up your positive lockdown spending changes
The pandemic forced us to look at our finances, says TRICIA PHILLIPS, so how can we avoid slipping back into our old habits?
WE DIDN’T have much choice about changes to our spending habits in lockdown – we’ve been forced into saving money. Many of us have been desperate to hand over cash for a haircut, a pint or two down the pub, or a holiday.
But as the weeks have gone by, and we’ve spent considerably less than normal, something remarkable has happened – a shift in our attitude towards our finances.
And now research shows many of us are starting to realise we can maybe make some of these changes in spending permanent – and save a small fortune in the process.
A lockdown study by investment firm Hargreaves Lansdown reveals only one in five of us plans to ramp up our shopping back to pre-covid levels.
A third of those questioned said they would spend less in future and that lockdown had taught them having a financial safety net was more important and useful than a lot of the stuff they buy and never use.
Sarah Coles, personal finance analyst at Hargreaves Lansdown, says: “We have realised just how much we’re wasting each month on things we don’t really value, and we’re keen to cut back.”
Here are the top five changes people are expecting to make based on the study:
32% PLAN TO GO OUT LESS
PEOPLE of all ages agreed the lockdown had made them realise that while they need to get out on a regular basis – it doesn’t have to be quite so regular.
31% PLAN TO SPEND LESS ON IMPULSE PURCHASES
WE haven’t been immune to these during lockdown – some people have kept delivery drivers in jobs with their online spending.
But the temptation to pick things up while out and about has been far lower for many people due to worries about catching the virus.
30% PLAN ON BUYING FEWER CLOTHES POST LOCKDOWN
WE’VE missed out on almost an entire season of shopping, and we’re starting to realise we really didn’t miss an awful lot. Many of us have found we’ve already got enough clothes to see us through all the seasons.
21% PLAN ON BUYING FEWER TREATS
WE’VE realised how much these things add up, and by cutting out things we normally hardly even notice buying we can save significant sums of cash.
18% PLAN ON COMMUTING LESS
THIS could be a major cost saving if we can convince our employers to continue to let us work flexibly from home in the future.