The world isn’t the same as it was three months ago and neither is our spending.
With the lockdown in place, saving your money seemed simple enough. Yet, the truth is saving during a crisis is hard. So how can you keep money in your pocket during the pandemic?
1. Cut your spending
This seems obvious but it can be deceptively difficult. When 68% of Brits have reduced their spending it’s unlikely you’re out buying artisanal coffees or avocado toast. However, staying home means more energy usage and a rise in energy bills. To cut costs, make sure you’re switching off lights and not running the water tap. You’ll also save on the environmental bill.
2. Claim your refunds
The best way to budget is to know exactly how much money you have. If you’re working from home you’re likely entitled to claim tax relief for work expenses. That means you claim £6 a week without submitting evidence and even more if you’re willing to do the paperwork.
There’s a good chance that you’re entitled to a refund if you overspent on your energy bills in the last twelve months. Make sure you check with your supplier if you’re in crest so you can get your money back.
If your travel season ticket is going to waste, your regional rail service will refund some of the money. Unfortunately, the refund policies, like the services, are not as consistent as you’d like.
3. Find financial relief
Admittedly, there are only so many lights you can turn out before you’re reading a book by candlelight. Reports show at least 13% of households are struggling to pay their bills due to the pandemic. Cutting the cost of your bills can make a significant impact on your outgoings. Thankfully, many service providers are providing payment relief. This means you can ask your suppliers for help and receive discounts or bill holidays.
4. Get some money guidance
It’s okay to be a little worried about your finances. Speaking to the right people can help reduce stress and place your focus where it needs to be. Using free money guidance services can provide the support you need. They help you get a handle on your finances, regardless of your financial status. Find out more from them below:
By cutting costs, you can regain control of your finances and help someone less fortunate.
Share with the Community how you’re saving money during quarantine with #MonaddSavings