How to overhaul your monthly savings during lockdown
The current coronavirus crisis is very worrying on all manner of fronts. If you’re not feeling anxious about health, employment, education and society at large, you’ve probably been in a coma for the last two months. One aspect of life which is equally plagued by worries is finance. With so much unpredictability at work in the world, it’s difficult to know whether you’ll have a job in the next month, whether you’ll be able to meet mortgage repayments, whether the cost of living is likely to sky-rocket and how your money will add up in a post-Covid economic downturn.
Concerns and negativity are absolutely natural at this bizarre moment in time. However, for some people, there are financial upsides to the current lockdown measures. If you’re fortunate to have job security at this worrying time, lockdown life is surprisingly good for saving. With no holidays to take, no dinners out to enjoy, no gas prices to balk at and no wine to consume, lockdown is a great time to look more closely at how to save money monthly. Once this is all over, these monthly money-saving steps could help sweeten your savings account and trim your monthly spending.
H2: Monthly money-saving tips
If you’re ready to see how much you could save during lockdown, we’ve taken some inspiration from this guide on how to save more money each month…
- Set a minimum savings goal
Giving yourself a realistic minimum monthly savings goal can have a huge positive impact on your finances. Simply setting yourself limits ensures you’re less tempted just to have a little splurge on non-essential items, and improves your commitment to your budget. Set an achievable minimum goal, based on a clear budget, but always strive towards going above and beyond. If you’re a competitive person, why not try to beat your savings month on month.
- Invest in tech
Sometimes you have to spend money to make money. One very solid investment is a good piece of personal budgeting software. This technology will allow you to see exactly where your money is going, and where you can economise. Look for an app you can use on your phone to make your personal accounting accessible anywhere. There are lots of free options, some of which have extra sophisticated paid features. There are also paid services which offer more complete packages. Why not explore Spendee, 22Seven (both of which can sync with your bank account) or MoneySmart to get started.
- Cull lifestyle expenses
Lockdown is a very good time to take stock of what you really need and what you simply want. Does a costly dinner in a restaurant really make you happier than cooking for friends and family at home? Do you really need to spend thousands on a holiday abroad in order to relax, or could you get just as much rest from a staycation (and save those environmentally unfriendly airmiles, too!)? Do you really need those luxury food items, or can you make do with kitchen cupboard essentials? Challenge yourself to find as many ways to minimise your monthly spend while in isolation, then apply these changes to your everyday life when the lockdown ends.