Four Simple Ways to Increase your Savings during Lockdown (and Beyond)

In June, the United Kingdom declared a 20% drop in the economy due to the extended period of financial purgatory caused by COVID-19. With many companies taking advantage of the Furlough scheme where they can, and others who unfortunately have had to make some people redundant, many employees are finding themselves in a monetary drought for which they could never had anticipated. It is therefore more advisable than ever to start saving money where you can. No one knows how long this is going to continue, or how much tighter we’re all going to have to make our purse strings.

Here are four ways in which you can start to save money during this recession which will also benefit your life after we come out of the other side.

Turn Off the Heating

We’re just going to rip off the Band-Aid here. Sometimes being frugal with your money means making sacrifices, and depending on how serious you want to be, those sacrifices may include warmth.

If you’re feeling a little chilly, don’t go straight to the thermostat. Instead, grab a thick blanket, a hoodie, or even a warm jacket. You’re in your own home, so no one is going to see you dressed up as if you were going out into a snowstorm. There’s nothing to be embarrassed about.

Remember, body heat is mainly lost through the top of your head, your neck, your wrists and ankles, and the bottom of your feet. If you’re starting to feel especially cold, put on a scarf, some slippers or – in extremely drastic conditions – a beanie.

It’s not about living uncomfortably though: if you’re in the middle of winter and the pipes are freezing, you need to put on the heating. It’s all well and good trying to save money, but there’s no point to the exercise if you die from hypothermia.

PRO TIP: Wearing a blanket around your waist like a towel or skirt will help keep heat locked in the body. It also means you can move around freely while keeping your bottom half warm.

Find a Cheeky Side Hustle

What are you good at? What equipment do you have at home? No matter what your answers to these two questions are, it is likely that you’ll be able to make money while sitting in the comfort of your own home.

For example, a simple Google search will reveal loads of places looking for people to test out new websites. So long as you have headphones with an acceptable mic, you’re in! You’ll get paid for your work and you can set your own schedule, so you’re completely in control.

There are also people looking for administrative assistants, home tutors, and a host of other jobs which can be done over the Internet. No matter what your skill level, you’re likely to find work that will help keep the bank balance in the black.

This is also applicable after COVID-19 goes away. Instead of watching four hours of Netflix every night, why not utilize that time effectively and make some sweet sweet cash?

PRO TIP: If you have a specific skill like tutoring, find a Facebook group which sells goods and services in your area and advertise your skill and how much you charge. You’ll bring in local customers now who you can meet in person after lockdown ends.

Kill the Lights

Like Nelly Furtado said back in 2001, ‘turn off the lights’. If you leave a room, flick that switch. Make sure that the only lights on in your house are the lights in the room you are currently in. Keeping the lights off as much as possible will help keep your electricity bill down, saving you money every month.

If you have energy-saving light bulbs, a good rule-of-thumb is that if you’re not going to go back into the room for 15 minutes or more, switch them off, if you’re going to go back to that room in 15 minutes or less, you might as well leave them on. This is not because it saves more power by leaving them on, but the lifespan of the light bulb itself is shortened by frequent turning it on and off. And light bulbs also cost money.

Studies have also shown that while watching TV in the dark, can cause eye-strain and visual fatigue, it is unlikely to cause any actual, long-lasting damage to your eyes. Those old wives’ tales have little merit. Watching TV in the dark will help you save a couple extra pennies, but I wouldn’t advise you make a habit of it.

PRO TIP: make a game of it! If you have a Smart Meter, you’ll be able to see how much money you spend on lighting in a day. Set a goal each week to see if you can beat the previous week’s “score”.

Batch Cook

Cooking a lot once is more cost effective than cooking a little often. I mean, that just makes sense logically right? If money is tight, then cook all your meals for the week or month in one go. This will save you time as well as money.

The sacrifice here is variety. By making large portions of the same meal, you’ll save money on ingredients, gas, and electricity, but you will be eating the same thing for every meal. If variety is something that you cannot live without, then it is advisable that you only batch cook one of your main meals, for example, lunch or dinner, and only batch cook for the week instead of the month. But if you don’t mind eating the same thing over and over again then go crazy! Just make sure you have enough freezer space.

Pasta and rice dishes are the best for batch cooking. They are cheap, and one pack can stretch to six or seven meals. You can also be as creative or as safe as you want, depending on your budget. Vegetables are also relatively inexpensive, so loading up your dishes with courgettes, onions, and peppers will mean you’re getting delicious, healthy meals for the fraction of the price.

PRO TIP: You’re going to want to buy decent Tupperware if you’re going to do this. Since you’ll be freezing and unfreezing these glorious containers, you may want to allocate more of your budget to these bad boys. You know what they say: buy cheap, buy twice.

There are a whole bunch of other ways to start saving money, but these are definitely the easiest. And the best thing about them is that they will still serve you well long after things go back to normal. This is a good way to start your journey into a more cost-effective life. The Boomers want to see us Millennials renting for the rest of our lives. Let’s show them how we do.