13 May Money saving tips in lockdown: You can save up to £496
CORONAVIRUS (COVID-19) is having horrific consequences across the world, causing loss and grief to hundreds and thousands of people, as well as having a financial impact on millions. As the UK lockdown continues, some people may wonder if there are ways to help them to save money during this time.
Prime Minister Boris Johnson announced a UK lockdown on March 23, in a bid to try to slow the spread of coronavirus (COVID-19). With the stringent measures having been extended this week for at least another three weeks, some may be looking for ways to cut costs during these unprecedented times.
With so many sadly struggling due to the financial impact of the epidemic, making some simple switches could be welcome news.
And, it seems that many people are on the look out for ways in which to make their money go further.
In the past month, Google searches for “budgeting tips” have increased by 39 percent, suggesting that Brits are trying to take a more frugal approach at the moment.
In a bid to help, financial experts thinkmoney have come up with a list of money saving tips.
From working at home to being furloughed in lockdown, these budgeting suggestions could lead to significant savings over the year.
Having added up the annual savings of each tip, thinkmoney has said that a total of £496 could be saved over the course of the year.
Putting the kettle on will be a course of habit for many, however, doing so will come at a cost which can add up.
The financial experts suggest boiling the kettle only when needed, potentially saving 2.5 pence per cup.
According to thinkmoney, doing this threee times over the course of the day across the year could lead to annual savings of £27.
Another suggestion is turning down the central heating by one degree – something which could save £80 per year.
While leaving plug switches on is something many will do without realising, it could be coming at a cost.
Namely, 27 pence per day. Turning off one unnecessary plug over the course of the year could then add up to save £99.
Similarly, switching off unnecessary lights and lamps could lead to annual savings of £170, while stopping leaving items on standby could mean billpayers save £30 per year.
Another suggestion is to switch internet tariffs – a tip which is said to save £69 per year on average.
While many will leave their laptop on standby without a second thought, turning it off after use could lead to savings.
Doing so overnight – for the equivalent of 10 hours – saves two pence, and over a year, this would amount to £7.
With leisure centres and gyms closed, fewer people will be washing their hair post work-out outside of the home.
Those looking to save money in the home may want to consider leaving their hair to dry naturally.
That’s because a low-power hair dryer costs 3.5 pence for 10 minutes’ worth of use. Stopping doing this every day, means a person could save £13 over the year.
By Jess Sheldon
PUBLISHED: 15:22, Sun, Apr 19, 2020 | UPDATED: 15:22, Sun, Apr 19, 2020