Whether you are furloughed, on reduced hours, working from home, or still going out to work, you are likely to be concerned about the state of the economy post-coronavirus – and your longer-term financial prospects.
There may be no time like the present, therefore, to think about some of the ways for making your money go further.
Once you have drafted out your income and principal household expenses – stripping out the luxuries from what appears to be essential spending - you may be ready to tackle specific target areas:
- when everything is well with the world, simple inertia means that we are likely to continue with the same bank accounts as always;
- but not all accounts are the same, and it is worth checking whether your current account and any savings accounts are offering the most suitable solution for you. You may find some bank accounts offer cashback incentives on certain bills or for paying in a minimum amount each month;
- remember to cancel any credit cards you no longer use and cancel those subscriptions that might have fallen by the wayside – including, for example, that gym membership you can no longer use during lockdown or for magazines/newspapers you no longer read (or can view online, sometimes for free);
- you don’t have to wait until the next renewal dates to review your insurance cover;
- whether it’s motor insurance, your home building and contents insurance, holiday home insurance, or landlord insurance (if you own buy to let property), a careful review never goes amiss;
- policies and their respective terms and conditions are changing all the time, new products come onto the market, and better or more competitively priced deals may be available. So, you want to be sure you are getting good value for money on the premiums you are spending;
- when carrying out your insurance comparison, make sure you check the product features and benefits on a like-for-like basis, so you can get a true cost comparison;
- if you need assistance with reviewing your property insurance, don’t forget that we’d be delighted to help! Simply call us on01325 346 328 today;
- once you have organised the financial imperatives of bank accounts and essential insurances, you can turn your attention to the nitty-gritty of household bills;
- for an overview of savings you might make on your utility bills, the energy regulator Ofgem has a useful step by step guide to help you compare what’s available, and if you choose, how to switch suppliers;
- to save money on your metered water supply, try using less of it – a website such as SaveWaterSaveMoney offers tips and free water-saving devices;
- mobile and fixed-line telephone services and broadband have probably taken on an even more critical role in your household because of social distancing, so compare what you are getting and how you might save money by switching providers by looking at comparison websites;
- make sure you are not paying too much Council Tax – an estimated 400,000 households in England and Scotland are doing just that – by making use of the free tool offered by the Money Saving Expert;
- if you are no longer making a daily commute but are instead working from home, consider whether you qualify for a refund on the unused portion of any season ticket; and
- with grocery shopping, you are likely to be buying a lot more online – so, sign up to websites such as TopCashback or Quidco and earn cashback on your spending via the Internet and some in-store purchases.
We hope these quick tips have given you some ideas on making your money go further and helping to set you up to face whatever the future holds with more confidence.