Lockdown spending: 6 ways to make your money go further

Young woman sat on sofa looking in package

With many of us hit financially by COVID-19, we’ve been thinking about ways we can get a little more wiggle room in our monthly budgets. From reducing your electricity bill to pausing monthly subscriptions, here are 6 savvy ways you can get your pounds to stretch that bit further.

1. Switch off electronics

With many of us spending more time at home, it’s likely we’re going to see a spike in our electricity bills over the next couple of months. If you’ve got a home school or office set up, switch your computers off overnight instead of leaving them on standby.

Think you’ll forget? Try using one extension cable for all your devices and simply switch it off at the wall when it’s not in use.

2. Hunt for better deals

Did you know that the average household can save over £350 per year by simply changing their energy supplier? If you’re currently on your provider’s standard variable tariff, there are big savings to be made by finding a better deal. And it’s not just energy. Switching to cheaper broadband and mobile phone contracts can also go a long way in making your money go further.

3. Refund unused travel tickets

No matter if you’ve got a train season ticket or you had a holiday booked in the coming months, you should be able to claim back some of the value of unused train or cancelled plane tickets. Check your travel provider’s refund policy to find out more.

4. Pause unused memberships or subscriptions

Currently paying for something you’re not using? Apparently us Brits waste over £250 a year on subscriptions we don’t use. So, whether it’s a gym membership, snack box subscription or an unused streaming service, you may find you can save money by temporarily pausing or cancelling your contracts.

5. Avoid the temptation of online shopping

Now, this one can be particularly tricky – especially with all the deals and discounts available at the moment. However, buying out of boredom is not a healthy money habit. If you really can’t resist, give yourself a maximum shopping budget each month to keep your spending within limits.

6. Try not to buy more food than you need

When doing one big shop per week, it can be easy to get carried away in the supermarket. To combat this, plan your meals in advance and write a list of what you need. That way, you’ll be less likely to find yourself throwing out food at the end of the week.

Have you been able to save more during lockdown? Let us know your tips and tricks on Facebook and Twitter.

We hope you’re staying safe and well during this difficult time. If you’re worried about your finances, there’s lots of information about payment holidays and ways to find financial help on our COVID-19 support page.