Use lockdown to get your money matters in shape

With many people’s finances under stress during Covid-19, Vicky Shaw suggests ways to save cash

A household budget can be like a leaky bucket of water – things may appear OK on the surface but perhaps there are some holes allowing the precious contents to escape.

In many cases, these same budgets are under considerable pressure as a result of the coronavirus pandemic.

There is, therefore, no better time to go through your outgoings to check if any money is “leaking” out unnecessarily.

Andy Barr, co-founder of online price-tracking website Alertr.co.uk, has highlighted 10 examples of where you may be spending more than you need to.

1 Gym membership

Exercise is important, but many people may be still spending money on subscriptions to a gym they rarely, if ever, set foot in even before lockdown started. You may find it works out cheaper to pay for the gym on a oneoff annual basis when it reopens, or cancel altogether if you were hardly going at all. There are also home workout options online, many of which are free.

2 Gas and electricity bills

It’s easy to set your bills up when you move home and then forget them. But if you don’t check every few months to see what else is on the market, you could be overpaying – particularly as many people are now working from home and may be using more electricity than usual.

3 Broadband and TV packages

Be sure to check comparison sites regularly and talk to your provider once your contract is up, rather than just renewing.

4 Entertainment

With cinemas and theatres off limits, many people have ramped up the number of subscriptions they are paying for during the lockdown. But do you really need them all? Even if you do, you may be able to share the cost of the account with a family member, to save money.

5 Online shopping

Shopping online has been a great comfort to many people who have been stuck inside, but there’s a risk of paying more than you need to. Prices of clothing, electronics and other such items fluctuate frequently. Websites such as Alertr can notify people when a product they are interested in falls in price.

6 New clothes

With fewer occasions to wear a new outfit, you may be buying less clothing anyway. But you could try saving money by buying second-hand, or even “shop your wardrobe” by putting items of clothing together in a way you haven’t done previously, to create a new outfit.

7 Insurance

Whether it be car insurance, life insurance or anything else, if you are not regularly checking to see if there is anything cheaper, you could be losing out.

If you find a cheaper deal, get in contact with your current provider as they may well lower their prices.

If you’re using your car much less than normal, this could bring down the cost of your premium.

8 Takeaways

Takeaway food is a comfort during these tough times but you may be paying more than necessary. Consider making your own but if you have a real desire for something that wasn’t made in your own kitchen, shop around and see what vouchers and deals are available.

9 Branded items

Groceries, and particularly medicines, can be much more expensive when buying in stores if they’re branded. If you can forego buying a big name, you will be saving yourself pennies that will soon add up.

10 Travel

If you’re not using a season ticket because you’re no longer commuting, consider claiming back the money for the unused portion of your ticket.

EFFICIENCIES: With many home workout options available free online, you could consider cancelling that neglected gym membership