As the world begins to open up again and we enjoy the pleasure of brunching with friends, sipping a G&T indoors and not under a heater, you may have noticed that those lockdown savings are starting to dwindle.
As tempting as it is to accept every invitation to dinner, drinks or a weekend away, now is the perfect time to make those lockdown savings habits a lifelong change.
We’ve got some simple tips for you to follow to help you save in a post-lockdown world.
Create a budget
Whatever you have planned for the month or even year ahead, you should create a budget to help you understand when to save and when to splurge. The basic budget follows the 50/30/20 rule of thumb and can be applied to nearly everyone. 50% of your expenditure should go on ‘needs’, like food, fuel, household bills, etc.; 30% on ‘wants’, like your Netflix account, dinner with friends, and that new outfit you’ve had your eye on; and 20% on ‘savings’.
Understanding and managing your finances can help not only give you a bit of extra cash for those rainy days but can also help provide you with a bit of peace of mind.
Cut down ad hoc purchases
The majority of office-based workplaces will be embracing a combination of home and office working, but that doesn’t mean when you head into the office you revert to your daily coffee habit.
The odd drink here and a lunch there might not seem like a lot at the time, but cutting down on these ad hoc purchases can help you save across the whole year
Pre-book
As places begin to open upyou might find that booking in advance will also give you some super savings. From advance train tickets to early bird discounts, sometimes having a plan can pay dividends.
And don’t forget to shop around. You might find that some magazines have discounts for restaurants, and local radio stations have discounts for nearby attractions.
Do you really need it?
Pre-pandemic we were spending over £1,000 a year on new clothes, a third of which we never wear. Now is the perfect time to ask yourself if you really need to buy something. Whether it’s a new pair of trainers, the latest iPhone, or a last-minute holiday,take the time to consider your purchase.
If possible, take 30 days to decide. If after 30 days it’s something you still want to buy, consider your finances and think about how you will make the purchase and what the impact will be on your budget.
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