How to Make Your Cash Stretch Further During Lockdown

As well as being a global health issue, this current pandemic has also put a strain on many families financially. At least a quarter of the British workforce has been put on furlough leave, and even more, individuals have seen their hours reduced or, regrettably, have lost their jobs entirely. It has never been more critical to be smart with your money, but thankfully, there are countless tips to help your family make their potentially limited funds go further.

The first is to cancel all subscriptions and services that you can’t use because of the current government restrictions. This seems like a no brainer, as there’s no point paying for something that you’re not using, but countless Brits are still sending their money away each month to facilities such as gyms or leisure centres, who haven’t opened their doors since March.

By merely cancelling your monthly direct debit, you’ll save money in the future, and for those that may have paid for services upfront, you could be entitled to part refunds, giving you an instant cash injection. Do note that you’ll have to be proactive in this yourself and that some companies might be tricky getting money from, for instance, travel agencies, but ultimately know that it’s your right to get your money returned.

Another good way to save money is to be clever in the way you shop. With more people being at home for a more extended period, most households find that their most significant expense during this time is their weekly shop. There are many techniques to save some pennies when you do brave the supermarkets, with one being to opt for cheaper alternatives to branded goods. However, if you’re desperate for your Heinz or can’t bear the thought of Sainsbury’s own brand cola, you can also save money by using discount codes and vouchers. Depending on the specific deal, these codes and vouchers can end up saving you a significant portion of the total cost, and some codes can even be stacked on top of others, maximizing the benefit. There’s plenty of codes to choose from, from John Lewis, Tesco and even Argos Discount codes.

A significant financial aid for people suffering significantly during this time is to make sure to claim the benefits you’re entitled to. There is a lot of governmental support out there to help families overcome the financial strain that this pandemic can bring, but they’re not going to hand it out without you asking. You need to claim it.

Common support ranges from mortgage holidays to council tax support to even Universal Credit. It’s worth doing your research though before claiming for anything so that you fully understand what you might be getting into, as some of these schemes might remove some other benefits you already have. A good mine of information on stuff like this is the official government website.

One final often overlooked tip to help save money is to look into switching your energy providers. As more of the family will be in the house for more of the time, they’ll be using more gas, water, and electricity than before. It’s for these reasons that you want to make sure you have the best prices available to ensure that there’s no nasty spikes in your upcoming bills.

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