Money saving can often prove a difficult endeavour, however, some have suggested this process has been eased by remaining at home, and non-essential business closures. But a new report analysing the lockdown spending habits of Britons has revealed the major ways people can save money, and how they can achieve this. The survey undertaken by savings marketplace Raisin UK showed an equivalent of £1.8billion in savings were made throughout lockdown, through simple reductions.
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Since government guidelines came into place urging Britons to remain at home, money has been saved on commuting, socialising and dining out amongst other areas.
The survey asked 2,000 people about their spending habits and revealed the average Briton has been saving up to £700 per month since guidelines were introduced.
Although furlough has affected many, 44 percent of those asked reported an increase in their savings through lifestyle changes, with 28 percent saying this time opened their eyes to the fact they had few savings to fall back on in emergencies.
But as the UK slowly adjusts to a new normal, where lockdown measures are gradually eased, how can Britons carry their saving habits over?
The survey also showed the main areas people were now hoping to save in going forward.
Out of those asked, 31 percent of Britons said they would be saving more money on takeaways, with 21 percent cutting down on alcohol and 10 percent spending less on cigarettes.
A total of 32 percent of those surveyed said they would be adapting their spending habits totally.
Several savers have also gone online to share the habits they have stuck to during this time, and how they were able to cut costs.
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One wrote: “I have managed to save during lockdown by resisting the urge to buy online.
“Although I’m not shopping in store, I’m not going to transfer those habits over to shopping online. Especially not buying expensive items.”
Another said: “I’ve managed to lose weight and save money by only shopping with a basket at the supermarket.
“I can only carry so much, so I only get what I need. This is key for people who pick up lots of items when they are at their local shop.”
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A third saver stated they were now being more vigilant with prices at the supermarket, writing: “Most supermarkets post a per-ounce price on the tag.
“You should double check to make sure you are getting the size that provides the most food for your money. And make sure you don’t buy more food than you can eat before it spoils.”
A fourth person stated the lockdown enabled them to reevaluate their direct debit payments, and save on regular outgoings.
They wrote: “You should be able to save money on automatic debit payments by evaluating what you need.
“I cut off subscription based TV and now essentially only use the internet, with my friend giving me his pass for sport, and that has saved me a lot of money.”
And a fifth said ditching one habit allowed them to make savings they were planning to carry over going forward.
They said: “I have saved so much money by not going to the barber during lockdown. Cut your own hair! The cost of that weekly cut can really add up.”
Commenting on the findings from the recent report, co-founder of Raisin UK, Kevin Mountford, said: “Lockdown has shifted our outlook on money because, for many of us, our financial circumstances have been forced to change.
“For 22 percent of us the lockdown has shown how rewarding it is to have money put away – with that figure increasing to 28 percent among furloughed workers. It’s encouraging to see that, as a nation, we’re taking the time to develop better habits when it comes to our spending and saving.”
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