Ways to save money during lockdown and create saving habits that will last a lifetime.
Although coronavirus and multiple lockdowns may have brought many challenges for most, it has also presented opportunities. Some people have had the opportunity to spend more time with family. Others have made home improvements to their homes and a good few PCCU account holders have found that isolation has been a brilliant opportunity to increase their savings.
PCCU account holders alone have saved a total in excess of £1.47 million since March 2020.
And while we appreciate that this opportunity hasn’t been presented for all. Socialising, beauty and leisure activities being restricted has allowed some people to decrease their outgoings and have a little extra to put aside in their PCCU savings accounts. So now we see ourselves in a similar situation for a little while longer. Why don’t you take advantage of it yourself?
To maximise your saving ability here are 10 ways to save money during lockdown:
- Budget- decide on a manageable saving amount through budgeting your outgoings in relation to your income.
- Set a target – in mind of the amount of total money you would like to save in a certain timeframe and its purpose. Having this in mind can really help you to be consistent with your savings habits.
- Prioritise your savings account – As soon as you receive your income for the week/ month, set aside your manageable savings amount from your usual current account. This can be done automatically through a standing order or manually.
- Think before you buy – we understand that boredom can hit during lockdown and with companies such as amazon at your fingertips it can be difficult not to buy unneeded items once payday hits. Therefore we recommend before each purchase waiting at least 24 hours before buying. This can help you really think about if you need this item or not.
- Watch your bank balance – keeping a close eye on your bank account can help you become more aware of your finances. Better yet identifying your largest regular outgoings can help you cut back on your spending in this areas.
- Rehome unwanted items – Take use of the extra time at home to sort through your cupboards and sell items online that you no longer have a use for.
- Fakeaways – Tackle recreating your favourite takeaways at home. It will likely be not only cheaper but healthier too.
- Upcycle existing furniture before buying new – This could save you hundreds of pounds when redecorating. There’s lots of free online resources that will show you how too.
- Save what you would usually spend – each time you don’t follow your usual spending habits transfer this money into a savings account e.g. if you would usually save £50 on a family takeaway at the weekend and only spend £20 on a homemade alternative put £30 into your savings account.
- Lastly, reward yourself – each time you hit a significant figure with your savings treat yourself to something you really want. Saving can be hard and sometimes restrictive, allowing yourself a reward for your efforts is likely to encourage you to keep going.
We hope these tips will help you to up your saving game this lockdown whilst also creating habits that you can stick to in the future. If you are looking for a savings account then PCCU have a range of different accounts designed for all our account holder’s needs such as a long term saving account, easy savings, a Christmas savings account and a young savings account for your little ones. If you wish to learn more about which free account is the best for you, call our knowledgeable team on 01282 691333.