The pandemic’s financial uncertainty has caused most of us to reflect more mindfully about money and our spending habits. As a result of Covid, 70% of families are making changes to reduce outgoings and make monthly savings. Whether it’s cutting-down grocery shops, reducing take-out meals canceling media subscriptions, there is a broad range of money-saving techniques. While it will help to cut down on your spending, it is helpful to think of how you spend money as a whole. Here are five tips on how to spend money during the coronavirus.
Save For Emergencies
The current crisis has been a wake-up call to all of us, that nothing is predictable! If you have been able to keep or resume a steady income despite the pandemic, now is the time to consider creating a savings pot. Try to put a little aside of your paycheque each month to create a rainy day fund. To be able to feel secure that you have something to fall back on if an emergency, start saving little by little – anything is better than nothing.
Spend Loyalty Points
Approaching the holidays is a great time to spend loyalty points that you’ve accumulated. Loyalty points can help you out in what is often the most expensive time of year. You can put them towards food for all the visiting family or even presents for the kids. And, look for any bonus offers that might make your points go further. Have a look at our guide, where we break down the simple ways you can shop well while on a budget.
Ask For A Price Match
Many supermarkets use the price match policy. This means that if you find a lower price elsewhere, they will beat it. This isn’t the case at all retailers, but it’s always worth checking at your favorite shops. You may end up making significant savings! You can find out about the stores you regularly use by researching online.
Track Your Money
Tracking what you spend is more likely to prevent you from overspending. You can download free budgeting apps to your smartphone or tablet to help you keep track of your spending day-to-day. The app can help track your finances all in one place and available on the go. This should give you an overall understanding of how much you’re earning, how much you’re spending, what you’re spending it on, and where you may need to make changes. You may not have realized that so much of your money goes on clothes shopping, eating at restaurants, or other activities you can cut down. Once you understand where you are overspending, you can start to control these areas. Find out more about How To Use Budgeting Apps.
Shop Own Brand
Switching branded products for own-brand options is an easy way to lower the cost of your shop. Wherever your preference lies, brand names are almost always more expensive than the supermarket’s own-brand equivalents, from cereals and pasta to teabags and washing up liquid. Sometimes the store-brand match is different from the branded product, but often they are the same or very similar. Look at your shopping list and see which products you wouldn’t mind switching for their cheaper alternatives. If you’re worried about lower quality products, you could try a ‘blind’ test on your family to see if they notice a difference! You may find that you are comfortable with the differences, which could quickly become a nice permanent saving on your weekly spending.