Money Saving Tips

7th April 2020

It’s an uncertain time, but there are things we can all do to tighten our belts if we are facing financial challenges (and we have the time to do them too!)

  1. Freeze your mortgage/ agree a plan with your Landlord

The government have asked all lenders to offer mortgage holders a 3 month payment holiday. If you do not own your own property, your landlord will be able to apply for a holiday on their Buy to Let mortgage if they have one. Pick up the phone, have the conversation, make a plan!

  1. Apply for a 0% Credit Card

If you have current credit card debts that you may now struggle to pay, you may be able to apply for a 0% card to transfer the balance to.

https://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards/

If you are not able to apply for one of these. SPEAK to your lender. It is always better to make a plan with them than to wait until it is too late.

  1. Freeze Subscriptions

Your gym has closed, the weekly class that you signed up for is no longer running. There are no sports to show on TV. Take a look at your monthly subscriptions and see which ones you can freeze for now. Sky Sports are allowing customers to freeze their subscription online and if you can’t get a slot with your supermarket for a month, you are probably due a refund of that delivery pass you pay for.

  1. Check your energy rates

Always meant to get around to doing this but didn’t have the chance? There are lots of online comparison and switch tools and call centres will have staff working remotely so now is the time to check you are on the best rate. It may save you money now and in the months to come.

  1. Check your mobile plan

We need all the WIFI we can get right now, but you may be due an upgrade or a contract change that you now have the time to action. Apple is closed, so instead of upgrading your phone you can downgrade your monthly outgoings to a SIM only plan and save.

  1. Meal Planning

For many of us, the additional time at home just means more food! Plan out what you are going to make for each meal for the week. Write your list accordingly and buy what is on your list – there is enough to go around if we are all sensible. Do an audit of the food you have in already – even the chametz you have in and plan around using that, not selling it! Set up a snack box for each child every morning so they know what they have to eat across the day and don’t eat you out of house and home. Be economical and community minded at this challenging time.

Stay safe!