A lot of us out there are worried about our financial situations at the moment. Even if you’re not losing income, you may be worried about the value of your property or investments. It’s unclear at the moment exactly what the Covid crisis is going to do to the economy. And I’m trying not to worry about it. Even if you’re financially sound, there are still reasons to look at ways to save money right now to stabilise your position.
Look at all your monthly fixed costs
There are some fixed costs like our mortgage/ rent, council tax, and bills that we have to continue paying but could we be getting better deals. Perhaps you’d save some money moving to a different energy supplier. Or you’re paying through the roof for your mobile as you’re out of your contract period. Look at all of your fixed costs and spend some time investigating if you’re getting the best deal.
Then look at your other fixed costs to establish if they’re needed. Can you share a streaming account with a friend so you don’t need to pay out every month? Are you actually reading the magazine you’re subscribed to? While you don’t want to cancel everything- we all need some joy in our lives- think about the value it adds to you and your life.
Save money right now by planning a no spend week/ month
I don’t know about you but the lockdown has me spending a lot of money. Whether that’s takeaways, skincare products or everything on Amazon commit to a no-spend week or even month. Most of us are spending out of boredom or just to make ourselves happier. You can save money right now by committing to stop that. If you do a no-spend month and only spend on essentials and not general shopping I’m sure you’ll be shocked at how much you have leftover at the end of the month.
As we’re paying out things for our house renovations it’s near impossible for me to do even a no spend week. But this is something I’ll be doing as soon as we’re settled to save some pennies.
Have a separate account for spending
If you don’t already have your spending money in a separate account then go now. Create a Monzo account and come back to me when you’re done….. Back? Well, the most important reason for doing this is have all of your fixed expenses in one account and leave it alone. This way you’ll know all of your bills will be paid and you don’t have to worry about always having a certain amount in your account.
Just after payday, you can transfer the rest of your money into another spending account and that’s yours for the month. If you’ve built up a budget then you can use the pot’s function on Monzo to separate out your spending. Your monthly fuel/ travel money can go in one pot. Your food/ takeaway money in another etc. This way you’ll know how much you have for each area and you’ll be able to save money right now.
Save money right now by creating a meal plan
If I go shopping without a list I am a disaster and end up buying way too much of one thing which won’t keep and not enough of something we actually need. Even if I have a list, if I’ve not created a meal plan I’m still stuck. By having a meal plan you’ll know exactly what you need and how much you need. This should avoid you buying and wasting products, or buying things you really don’t need.
Every single week I’ll plan our meals for the week ahead. I note down the dates in my phone so I know to get perishable items with the dates I need. And then I plan what day each meal will be eaten on depending on the use-by dates. Having a plan helps me not worry about what the hell I’m going to cook for dinner. But it also gives me a purpose when I’m out shopping.
There are also plenty of ways to make extra money online too.