How to be a savvy saver in lockdown
THESE 10 TOP TIPS SHOULD HELP TO MAKE YOUR MONEY GO FURTHER
GROCERY prices are going up while supermarkets ditch special offers – so it’s no wonder millions of families are feeling the financial pinch at the checkout.
Supermarkets have ditched popular promotions such as buy one, get one free, to ensure that shelves are not stripped bare. But parents are feeling the squeeze with prices increasing by 3.1%.
Figures from market analysts at Kantar reveal in February, 31% of sales were promotion-based.
This dropped to 25% in April, and then to 17% in May due to the number of offers being slashed.
Meanwhile, workers have suffered wage cuts and redundancy due to coronavirus, around 1.8 million householders have taken a mortgage holiday, and 1.5 million have taken a credit card and personal loan holiday.
Citizens Advice reveals that 11 million people are struggling to keep on top of household bills and have either missed or will fail to make a payment soon on rent, council tax, mobile phones and broadband bills.
No wonder parents are feeling the strain of keeping households running on limited budgets with a higher cost of living. That’s why we’ve compiled a guide to give you our top 10 tips on how to save money across the board.
1
PLAN meals and write a shopping list, then stick to it. That way you won’t be tempted by special offers that could prove to be wasteful if you don’t use the food.
Plus, you’ll spend less time in the supermarket as you’ll be able to get around the shop quicker.
Readers tell us this saves them from £10 to £20 on their weekly shop.
2
USE up any leftovers by freezing on the same day to use for another meal, or turn them into lunch the next day.
3
COOK slightly larger portions and freeze one to eat another day –it’s like a healthy ready meal. Plus, you can always bulk out a chilli or curry with a few extra vegetables when you defrost the extra portion to use.
4
KEEP an eye on your energy bills, since most of us are likely to be using more power as we spend more time at home.
When your current deal ends, make sure you find a new one.
Don’t end up on your suppliers’ standard variable tariff – these default tariffs are the most expensive. Switchers can save around £300.
5
THERE are no rewards for loyalty so ensure you don’t simply accept renewal quotes for all of your financial products, including car and home insurance, broadband and your mobile phone.
Comparison site Compare the market.com says people who switch their car insurance can save an average of £282, and on contents and building insurance, the average saving adds up to £105.
6
GO THROUGH your bank statement and assess whether subscriptions you have signed up to are really worth what you are paying out. You might even find some older ones you’d forgotten about that can be ditched to make instant savings.
7
IF YOU have credit card or other debt, see if you can transfer it to a 0% introductory deal so you can get it paid off quicker – and for less.
TSB offers 0% over 30 months, Virgin Money 27 months, MBNA 20 months.
8
TRY money-saving challenges such as the one-penny challenge – you don’t need to put a fortune away, small amounts such as your loose change or saving 20p pieces, for example, can build up to a decent amount in time.
You save what you saved the day before, plus 1p. One reader started with 1p on January 1 and so far is on track to put away £670 by December 31. This can be a fun way of saving with the children too.
9
IF YOU’VE noticed the house is looking a bit cluttered, you have clothes and accessories you know you won’t ever wear again, or games and CDs gathering dust, head online to sites such as eBay, Gumtree, music Magpie or WeBuyBooks to see if you can find a new home for them. Make some money to help the household budget.
10
USE sites such as Topcashback.co.uk where you can get money back on your everyday spending without being lured into spending more than you need to – it’s an easy way to build up that financial safety net to give you some peace of mind.