With many of us stuck at home with much less income than before, little to no business, or having to survive on small furlough payments, we aren’t just worrying about our health but our money finances too. As the pandemic rages on we still need to pay our bills, buy food, cover our debts and try to save for the future. This is why we’ve collected over 50 tips to save money, earn some extra and help not just survive this period but even thrive!
Let’s dive in!
General tips to save money
Once you have paid all your bills and allocated money for food, leave the rest in a savings account and try not to spend it.
Save on fuel - don’t take the car if you don’t need to. Try and freeze your travel card if you can.
Cancel unnecessary subscriptions like gym memberships, Spotify and Amazon Prime.
Ask for a refund for any holidays you have booked in full.
If the company is not willing to refund you, ask for your holiday to be postponed till next year, or try and receive credit in the amount you had already paid.
Skip the temptation and unsubscribe from any newsletters from online shopping brands.
Use free trials for Netflix, Amazon Prime, Disney+ or Audible to keep you entertained.
Try to downgrade your phone package.
If your income changes each month, sign up for the Wollit Income Promise - our income stability tool which enables you to take home the same amount of money each month even if your hours or earnings fluctuate.
See what benefits you can claim from the government.
Try negotiating your rent or mortgage: ask for a delayed payment, discount or a mortgage payment holiday.
If you are troubled by your credit card debt, do the best you can to keep up your minimum payments and try asking them for a payment holiday.
Check with your bank to see if they can provide support with interest-free overdrafts for 90 days up to £500.
Avoid payday loans if you can - their interest rates and repayment schedule are difficult to navigate and often cause more harm in the long run.
As a last resort, if you need to withdraw money from a fixed-rate savings account do ask the bank first if they can lift or decrease the penalty.
Do not take anything out of your pension. This can destroy your longer-term interest rates and financial safety net.
Tips to save money at home
Eat the food you already have in your cupboards instead of buying more.
Make food from scratch instead of buying ready-made meals.
Do not give in to take out offers.
Use a teapot instead of individual cups of tea and save on teabags.
Buy and cook in bulk when you can and freeze leftover meals.
Limit sweets and junk food - better for your wallet and your health.