Time is money... even in lockdown If you’re working from home, use what would have been your time commuting get a grip on your finances, writes TRICIA PHILLIPS
MONDAY mornings are usually spent getting organised for the week ahead. If you apply this mantra to your finances you could be making some serious savings.
If you find it tricky to save and keep track of incomings and outgoings, an app such as Money Dashboard is a good place to start.
By linking your current and savings accounts, it groups your spending into categories such as bills, groceries, food and drink.
Over time it will analyse your preferences and become a personal financial assistant.
As well as being a handy and free tool, Money Dashboard claims its members can expect to save around £200 a year by taking control of their finances and seeing exactly where their money goes.
Another app worth a look is Chip. Many people struggle to remember to add to a savings account, but Chip does it for you.
Using an algorithm, it monitors your spending to calculate how much you can afford to put away.
Then, every four days, it sets aside a sum that’s enough to build meaningful savings, but not enough to leave you feeling short.
You can set goals for your savings, too. It obviously depends on your income and spending habits, but Chip claims its members save an average £1,800 per year.
TUESDAY
NOT a glamorous or fun task, but spending your Tuesday commute time reviewing and possibly switching your bills and bank account could save you big money.
Start tracking your energy usage via apps. The six big providers all have their own apps which can help you do this. Another valuable money-saving feature these apps offer is meter submission – simply take a photo of your reading with your phone and send it in.
The Meter Readings app is a handy alternative, and it lets you compare with other customers and providers in your area.
If you’re in a position to switch without paying a penalty fee, use an accredited energy price comparison website to compare deals and maximise savings based on what you use. Energy regulator Ofgem provides a list of these.
Another great way to make a saving when switching is to do your switch via a cashback website. Sites such as TopCashback are paid a commission by providers. However, instead of keeping the commission, they pass it back to you as cashback.
It is not uncommon for those who switch energy suppliers to save at least £250 per year.
For further savings on bills each month, the Santander 123 Lite bank account costs £1 per month but offers up to £15 cashback per month on your bills.
This is not limited to utility bills either – it includes broadband, mobile, television, council tax and more.
WEDNESDAY
ONE person’s trash is another person’s treasure and you can put all that unwanted stuff – from household bits to clothing, books and tech – to good use. There are lots of people willing to take items off your hands, even things you may have thought were worthless – hello empty gin bottles selling on eBay. Do some research before you upload items, however:
eBay deserves its own category because anything and everything can be sold here – just make sure you are realistic with your expectations.
Download the scanning app or click the advanced search button, and then ‘sold listings’.
Be timely with your listings and consider the current climate.
For example, now may be a great time to offload that gym equipment gathering dust. Sunday evenings are said to be one of the best times to sell, so calculate your auction to end at 7-9pm when it’s busiest.
Gumtree is great for bulky items such as furniture and gardening equipment that needs to be collected.
MusicMagpie, Amazon Marketplace, Ziffit and WeBuyBooks are the places to offload phones, DVDs, Blu-rays, games and books in bulk. It may take slightly more time than your usual commute, but if you want to maximise your cash, you’ll need to shop around to get the best price offer. However, at time of writing WeBuyBooks will give you a 5% bonus when you make £25.
For potentially collectible antiques, ValueMyStuff or WhereToSell are worth a try for any vintage items that could be worth a bit. With ValueMyStuff you have to pay a £20 fee for experts to provide an estimated valuation. WhereToSell connects you with nearby buyers of antiques, from sale rooms to national auctioneers or independent buyers.
THURSDAY
IF YOU don’t mind answering questions about yourself, or giving your opinions, sign up to some paid-for surveys.
Swagbucks.com pays users between $0.05 and $2.50 per survey. If you qualify to participate (not always a guarantee) they take in the region of 10 minutes to complete. There is potential to earn around £5 per hour.
Toluna (uk.toluna. com) gives you points for completing surveys which can be transferred into rewards such as Amazon vouchers.
The points can vary massively, between 1,200-50,000 points per survey, which last between 10 and 20 minutes.
When you hit 80,000 points you get a £15 voucher so, roughly speaking, you’ll be making £3.75 per hour if you qualify for surveys and check in regularly.
One Poll’s surveys take less time to complete (around three minutes) but their availability can be random.
Some days there are no surveys, other days there are loads.
If you fit the criteria to complete a survey you’ll receive 20p on average, which roughly works out at £4 an hour.
The Viewers (theviewers.co.uk) gets you involved in TV focus groups which take a couple of hours, or online surveys which are shorter.
Focus groups pay around £40, online surveys and reviewing from home pays £1-£10 depending on the length of the programme or survey.
FRIDAY
CONGRATULATIONS, you’ve nearly made it to the weekend, and weekends for most of us (hopefully) mean some kind of fun or relaxation – even in isolation.
This morning’s commute involves signing up to and making use of free things.
Here are some of the top websites and apps that will help keep you entertained and save you money too:
Project Gutenberg and Many Books are just a couple of the sites that offer thousands of free books. Libby is another free app where you can access e-books and digital audiobooks from your public library. You’ll need a library card that’s compatible with Libby, but it’s quite straightforward to sign yourself up.
Check out Netflix and Amazon Prime which both offer free 30-day trials to watch their content. Disney Plus is currently offering a free sevenday trial. If you’re already signed up for these services, why not revisit an older box set on BBC iPlayer – the broadcaster has recently added lots of series from its back catalogue. Commercial broadcasters ITV Hub and All 4 have free content too.
For free culture, watch a streamed play, musical, opera or ballet via YouTube. The National Theatre London, Andrew Lloyd Webber and the Royal Opera House are just a few of the many individuals and organisations currently offering their visual arts for free.
For anything we’ve missed... regularly check the likes of Wowcher, Groupon, Vouchercloud and the cashback sites to make savings on a whole range of activities – though some will be for after lockdown.