We’re all in an unknown, unexpected and in many ways incomprehensible situation. The devastation of the Covid-19 outbreak is sweeping the world and with that, taking lives and ruining livelihoods. I want to focus on those who are losing jobs here because the way to battle back against the loss of life is to simply stay at home to reduce the spread of the virus. I’m reading about so many friends and acquaintances in various industries who have been plunged into unemployment. Photographers who have lost clients. Musicians who have had gigs cancelled. As we all have bills to pay and mouths to feed, how can you save money right now?
Mortgage Holiday
This is a well published one, the mortgage holiday. Your mortgage lender will likely allow you to take a mortgage payment break. It’s not free, you’ll still have to pay the mortgage off. What you don’t pay will be added onto how much you owe. If you could do with that mortgage payment to make the next few months easier, contact your bank today. Read more about this over at the Money Advice Service.
Change Utility Suppliers
You’ll likely be able to save money by switching your utility supplier. If you’re out of your initial 12 or 18 month contract, you’ve probably been shifted onto a higher-than-you-need-to-pay rate. A quick comparison online and you can save a few quid every month. Be sure to click through a cashback site too! Think about your TV package too. Do you need it? Freeview is full of amazing stuff so if you need the money, cut the cable or scrap the satellite. Swap your broadband, change your mobile phone tariff. Save money from the first swap, the more you swap the more you’ll save!
Down-Switch Brands
I know it’s been buy-the-food-you-can over the last couple of weeks. Hopefully the ridiculous unnecessary panic buying is subsiding. If you can switch down your brands, do it. You’ll be surprised how much you can save. Why pay £1 for a bag of pasta when a couple of shelves down it’s 50p, or 29p? Supermarket own brands are generally cheaper than branded goods. They’re good quality, sometimes better than the branded stuff! Buy what you need, instead of pre-packed stuff you won’t use. Shop more locally and you might see cheaper prices at markets and specialist shops like butchers. This will help you to save money on your food shop.
Swap Your Bank
Does your bank show you much loyalty? Probably not. The state of banks has tanked and you get next to nothing for your savings and pretty much the same for having a current account with them. There are incentives to swap though and the swap is done for you. It’s easy and you could earn over £100 for simply switching your current account to a new bank. How does £175 for switching to HSBC sound? That could be a vital wad of cash during this time we’re living in.
Use This Time
This time needs to be used well. Not only to spend with your immediate family that you live with but to put to good use. Fix those things in the home that need fixing, rather than chucking them and buying new. Do that DIY project yourself that you were going to hire someone to do. If you’ve got skills, knowledge and talent to share, why not write an e-book? It’s pretty much free to do, apart from your time, and it could be a constant source of income from the moment you publish it. Think outside the box and figure out ways you could save money during the pandemic and beyond.
In regards to social distancing. Please don’t be an idiot. This is more serious than you think. Do you want it to take the death of a loved one to realise that?! Stay at home, it’s not asking much.
