by Ben Sweiry ·
Modified on 19 October, 2023
One of the main issues with the global Covid-19 pandemic for families has been the financial uncertainty that has come as a result. The pandemic has caused most of us to reflect more mindfully about money and our spending habits.
As a result of Covid, 70% of families are making changes to reduce outgoings and make monthly savings. Whether it’s cutting-down grocery shops, reducing take-out meals or canceling media subscriptions, there is a broad range of money-saving techniques that you could use during the pandemic.
Key Points:
- 70% of American families made adjustments to reduce outgoings in light of the pandemic.
- Make sure to get refunds where Covid has made a mess of your purchase. Refunds granted by holiday and travel companies saw an increase of 247% in the period between January and March 2021.
- Using a budgeting app such as Honeydue or Mint can allow you to review your spending, and see where you are splurging most.
- Canceling subscriptions such as magazines and streaming services can save you a lot of money.
- Seeking price matches, using loyalty schemes, and cashback systems can see the savings pile up.
Set Yourself A Budget
The first tip in this guide may very well be the most important: set yourself a budget. A budget gives you a simple way of managing your outgoings based on your income, so you can figure out the bare minimum you need to get by on.
Once you have organised a sensible budget, you’ll have a good idea of how much money you could afford to put aside each month. You’ll also be able to see areas where you could even cut back a little.
You can set yourself an overall spending budget through a budgeting app, or create budgets for different categories, like “Groceries” and “Shopping”.
Track Your Bills And Cancel Your Old Subscriptions
Lots of subscription services offer up great trial offers. While a new service is always fun, make sure you’re only paying for the ones you use. After all, it’s easy to subscribe for that “free” month, and then forget you’ve signed up at all.
You can save money quickly by sorting the wheat from the chaff, and rooting out those services you signed up to on a whim (here’s looking at you, bacon delivery services), but don’t use. Don’t overlook that gym membership – it isn’t doing you any good right now!
You can see where your money’s really going by categorising your transactions. You never know, you may stumble across subscriptions you’d forgotten about.
Saving With Loyalty Points
Approaching the holidays is a great time to spend loyalty points that you’ve accumulated. Loyalty points can help you out in what is often the most expensive time of year. You can put them towards food for all the visiting family or even presents for the kids.
Also, feel free to look for any bonus offers that might make your points go further.
Ask For A Price Match
Many supermarkets have a price match policy. This means that if you find a lower price elsewhere, they will beat it. This isn’t the case at all retailers, but it’s always worth checking at your favorite shops.
You can find out about the stores you regularly use by researching online. You may end up making significant savings!
Shop Own Brand Goods
Switching branded products for own-brand options is an easy way to lower the cost of your shop.
Wherever your preference lies, brand names are almost always more expensive than the supermarket’s own-brand equivalents, from cereals and pasta to teabags and washing up liquid. Sometimes the store-brand match is different from the branded product, but often they are the same or very similar. See our guide on how to save on your grocery shop.
Look at your shopping list and see which products you wouldn’t mind switching for their cheaper alternatives. If you’re worried about lower quality products, you could try a ‘blind’ test on your family to see if they notice a difference!
You may find that you are comfortable with the differences, which could quickly become a nice permanent saving on your weekly spending.
Look for Refund Opportunities
Booked your summer holiday already? Or bought tickets to a festival? If it’s been cancelled, you should investigate reclaiming your money. From the end of January to the end of March, there was a 247% increase in the volume of refunds issued by airline and holiday companies.
Try not to despair if this year’s vacation gets cancelled, as you could always pay yourself forward and put the money you get back toward next year’s trip. Nothing beats planning a holiday, after all.
And while you may have saving on the mind, you’ll still be spending on the essentials (and the odd treat here and there too). When shopping online, try using browser plugins to get the best deal possible; some will even give you cashback on your purchases.