As we head into week seven (I think?) of isolation, it’s becoming pretty apparent just how much lockdown is affecting our household costs. From cooking all our meals (and all that banana bread) at home to spending hours days on end binge-watching TV, we could all benefit from keeping a close eye on the ever-changing costs we incur, particularly when so many people’s employment statuses and financial situations are so precarious RN.
To help you monitor your household costs and – crucially – keep them as low as possible, we’ve enlisted the advice of Clare Francis, Director of Savings & Investments at Barclays, to share her top tips and practical hacks on how to be financially-savvy at home.
Check your bills and rework your budget
Take advantage of the extra time you have at home to do some financial admin and check which tariffs you are on for your household bills. Doing some research to make sure that you’re not being charged more than you should will avoid surplus spend. To help you save some cash, keep an eye out for deals by using bill comparison sites, such as My Utility Genius or Compare The Market, and switch to a new provider every so often. You can even call your existing supplier and ask to be put onto its cheapest deal and save hundreds, as shown by research from Moneysavingexpert.com. By taking your household bills through a much needed MOT, you’ll create a better picture of what your finances look like and can rework your budget accordingly.
For example, you may be paying for things you no longer need or use at the moment, such as a rolling gym membership. Take a close look at all your direct debits and standing orders, and have a think about whether all of them are essential to you at the present time or if there are any you can cancel. It’s important to monitor your spending. You can do this through some mobile banking apps or a budgeting tool via The Money Advice Service, that works alongside your bank accounts and track your purchases.
Meal planning
Cooking provides the opportunity to learn new things, keep you entertained and to get creative with other members of your household during lockdown. With many of us spending more on grocery shopping at the moment, it’s important to plan your meals carefully to avoid waste and make your food – and money – go further.
By using a meal planning app, such as Mealime or Paprika, getting organised for your meals has never been so simple.
As well as planning your meals in advance, batch cooking is another great way to help you to stick to a budget and it also means you can have a day off cooking by enjoying leftovers once or twice a week!
Consider purchasing frozen produce instead of fresh where possible. Not only can this be cheaper (especially with out of season produce), but it will also last longer, avoiding waste and additional costs. If you make a big batch of food and don’t fancy eating the same meal for several days, then pop a few portions in the freezer and enjoy them the following week on a day when you don’t fancy cooking.
Grow your own
The extra time you have at home provides a great opportunity to try your hand at new skills, such as gardening so you can grow your own food. All you need is a window box and a few seeds and you could soon be enjoying fresh vegetables and herbs that you’ve cultivated yourself. This can also be good fun if you have children as it helps them learn about where food comes from. We’re having a go at growing potatoes, tomatoes, lettuce, radish and beetroot.
You can even get some inspiration from the green-fingered @annagreenland, who grows her own organic produce and offers seasonal gardening advice via her social channels.
DIY
While many of us are turning to online shopping to keep us entertained, it’s important to ask yourself: “Can I afford this item right now?”. If you’ve still got your heart set on that online purchase, then get creative and try to recreate the item from your own household goods. Instead of splashing out on cosmetic products, try a DIY approach. There are lots of recipes online for the likes of organic, homemade face masks and lip balms, which will give you that ultimate lockdown glow. You can find some quick and easy cosmetic recipes via @rhian_truman_therapies or @scottsapothecary.
Put your usual commute (and other non-pandemic) spending into a separate account
A major expense that many of us are saving on during lockdown is our monthly commute – which can chalk up to hundreds of pounds per month! Although saving during this time may be trickier than normal, putting aside some of the money that you’d usually spend on travel will help ease increased costs elsewhere. Simply create a separate account or organise your money with a Pingit jar, and pop your usual commute costs directly into this.
You can even apply this simple saving technique to the money you would have spent on non-pandemic activities, such as those trips to the pub, meals out with your friends or drinks with your colleagues. If you’d like to learn how you can save a little bit of money here and there, then you can chat with a Barclays Money Mentor, who will offer a free and impartial mentoring via video or phone – whether you’re a Barclays customer or not. This service is designed to help answer any financial questions (during this time and beyond), clear up money concerns or help people pave the way towards their financial goals.
The £5 saving challenge
We know that the 5-5-5 challenge has taken social media by storm, so why not apply this new trend to your finances? Any time you have that bar of chocolate or glass of wine – or something similar – that you told yourself you wouldn’t have, put £5 aside into your savings account or pot. This way you can have the treat you very much deserve right now, while also saving yourself some cash for a later date.
Want to talk about money with other like-minded Glamour readers and financial experts? Then join our Money Matters Facebook group. From ideas around ways to manage your money in these challenging times, to saving for that dream honeymoon you’re planning for when this quarantine is over to questions and issues around employment, salaries and yes furlough, this group is a place to chat, ask questions and share your experiences. And that’s not all. Each week, Glamour will offer you the chance to do a one-to-one Q&A session with an expert, from employment lawyers to life coaches, to give you the expert insights and advice you need. It’s time to talk money, and to finally throw this final female taboo right out of the window.
