How can you save money during the lockdown?

One of the main advantages of the lockdown is how much money you can save from your time spent at home. There are a few clever ways that you may not have thought of before, that can see you come out of the lockdown with a newfound savings account. Here’s our guide looking at the best ways you can save money in the next few weeks and months.

Cut down your Sky bill

If you’re a sports fan, you are likely to have access the Sky Sports. Usually costing upwards of £20 a month, Sky has offered an incentive to sports fans by letting them pause their subscription. This means you get to keep your sports package but you won’t pay for it. It’s simple to do, all you need to do is call the Sky customer services number and they’ll pause your subscription. The pause will end when live sport is back. This could potentially save you around £50-100 over the next few months. 

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Set up a Monzo savings account

With Monzo, you can set up numerous Pots with various purposes. For example, if you want to set up a Savings account to save for a Holiday you can set up a pot with a weekly direct deposit to help you save over time.

You can also set up a pot which rounds up the amount you’ve spent and add the rounded up money into a pot. So, for example, if you make a purchase at £3,45, £0.55 will be added to the pot. So if you’re regularly using your Monzo account for bills and shopping, you can find yourself saving a nice amount of money every month which you can put towards a holiday once lockdown is over. 

If you want to set up a Monzo account then make sure to contact the Monzo customer services team who will be happy to help you.  

Cancelled holidays

If you’re able to get money back for a cancelled holiday then why not put it into savings? You could be looking at £1000-£2000+ in savings that could be used for a holiday later in the year when flights are back on or for 2021. 

If you’re looking for refunds, then make sure to get in touch with your flight company to see what they can do for you. Take a look at our Coronavirus Travel Guide for more information. Here you’ll find everything you need to know about contacting flight companies and what your refund options are moving forward. 

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Take a mortgage holiday

The government recently announced a mortgage holiday for homeowners in the UK. Banks have confirmed that a 3 month mortgage holiday will be handed to homeowners to help lighten the financial load during the Coronavirus lockdown. This saving can then be used towards food shopping and other essential items. 

You do need to be careful because they do have their downsides. Although you’ll be having a break from paying your mortgage, the interest will increase. This then impacts you when the payment holiday comes to an end. This is due to your outstanding mortgage balance and payments being higher than they were before the holiday

If you want to find out more about Mortgage Holidays, take a look at our blog analysing what a mortgage holiday could mean for you and your family.

Travel expenses

Normally, in a working week, we spend a lot of money on transport. Whether it’s a £60 monthly bus pass or £120 monthly train travel, travelling too and from work can be an expensive commodity. Seen as we’re all stuck indoors, we’re actively saving a lot of money not travelling to work, so this is a great opportunity to start saving. Even just adding £60 a week into a savings account, after 3 months you’ll end up with nearly £600 put away in savings. 

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These are some of our top savings tips for the lockdown period. Why not turn a negative into a positive and come away with a healthy savings account once the lockdown period is over. You can then choose what you do with it, whether you save money or it gets spent on a holiday, make the time we have at home count!