Money Saving Tips During Self Isolation
If you’re anything like you’re me, you’re trying to save some money during this global pandemic. It also helps that I have an accountant for a dad and he’s very encouraging about me, and my siblings, saving some money.
As such, I thought I would share some of my money saving tips as a way to progress this.
Move-in with family
This is probably a bit of a redundant tip since many of us are back to living with our parents or other extended family members right now. On the day of lockdown, my dad came to get me and I’ve been back at my parents since then. I’m still paying my rent on my flat in London, which is a bit of a bug-bear, but I’m no longer having to buy all of my food, pay my bills (or at least most of them) or travel card. That’s about £400 saved right there.
It’s so easy right now to go online and shop your heart out right now. There is nothing much else to do, and since we can’t go out online shopping is the next best thing. But honestly, do you need anything? Probably not. Aside from food and the essentials you really don’t need to be thinking about buying your summer wardrobe or getting a new pair of shoes, headphones or car paraphernalia.
Put yourself on a spending lockdown! Since we’re not going out we’ve reduced our ‘impulse buy’ purchases by half, so why not try to reduce the other half by not shopping online for at least a month and putting the money into savings.
Reduce your overdraft
My main aim for this whole pandemic is to reduce my overdraft. In just two months it’s down £750 and I intend to get it down by another £500 in the next month as well. Since I’m not going out and not spending online I can use this allocated ‘spending’ money to pay off my overdraft instead. It’s very satisfying and doesn’t take any effort as I can just reduce my overdraft on payday and that’s it. Done!
Have a clear-out and see what can be sold
Right now we’re all stuck in our houses and probably itching to have a re-decorate and clear out. While it’s not so easy to do that right now, since charity shops and waste centres are shut, we can still prepare to get rid of some items and even think about selling them online.
Apps like Ziffit and We Buy Books are great for selling items like books, DVD’s, CDs, records etc. eBay and Gumtree are always great for selling everything! And then there’s Etsy for things that you can make if you’re super creative.
Start a budget
It’s quite difficult to food budget right now, since many items are not available and alternatives are offered in their place, but now is a great time to start thinking about your budget for the next few months. We have no idea how this pandemic is going to hit the economy, but I imagine things will be tough for a little while at least. As such, it’s good to be prepared and have an idea of where your money is coming and going so you can prepare for any worst-case scenarios and save.
Have you got any money-saving tips during self-isolation? Now is a time to communicate and help others, as much as ourselves after all.
Get saving, and don’t spend!