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Feeling the financial squeeze? Lockdown money saving ideas

Enable’s IFAs of Bishop’s Stortford know that wages have been cut, contracts have dried up and finances are being stretched by the lockdown. So can you do anything to help you through these uncertain financial times? The BBC has compiled a list of 6 key areas to help us all with lockdown money-saving ideas. 

1. Use tech to shop around

Use price comparison sites to track and compare prices at thousands of shops, as well as displaying lots of reviews. “Shopping around for the best price is easy when you’re doing it online,” says Andy, who writes the Be Clever With Your Cash blog. 

2. Chase refunds for services you can’t use

The gym membership or subscriptions to restaurant clubs or other services. “Know your rights and stick up for them,” says Iona Bain, founder of the Young Money blog.

3. Claim the benefits you are entitled to

Financial support from the government may be there for you, but you are likely to need to claim it. There are benefits such as statutory sick pay, employment and support allowance, jobseekers’ allowance, and personal independence payments.

4. Clear the credit card quicker

Many people have been given payment breaks for rent, mortgages, or other debts – but they will come to an end. A good approach is a money detox to reduce spending and simplify your finances – track down unwanted direct debits, cut utility bills and build a small emergency fund.

5. Review your rainy day savings

If you already have savings, don’t just leave them in an old account, but check the best buy tables to see if a bank or building society will give you a better return, says Anna Bowes, from comparison service Savings Champion

6. Return items – even if shops are closed

Helen Dewdney, who blogs under the name The Complaining Cow, points out you are entitled to return an item that you bought from a store if it is faulty if it’s not as described when sold, or has not lasted a reasonable length of time.


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