Saving Money as Pandemic Restrictions Lift

A "Top Tips" guide by Furness Building Society

As we begin to wave goodbye to our former lockdown lives...

..defined by a tracksuit, spending 9 to 5 at the kitchen counter and doing Joe Wicks in our living room - many of us will see our debit cards take a hit after months of having very little to spend our money on.

For the duration of lockdown, day-to-day spending has been paused and costs arising from the usual commute to work, and even that regular haircut, has been collecting in our pockets. So it’s perhaps no surprise that with freedom now upon us, Brits are set to “splurge £38 billion of lockdown savings this summer” in a bid to make up for lost time. 

It’s been a very turbulent year for most of us. Few have endured the past 12+ months without experiencing some form of professional or personal challenge. So while restrictions are easing and spending is once again back on the cards, many are looking at their finances from a different perspective.

Whether you’ve been fortunate enough to save some cash in lockdown and want to preserve your rainy day funds or if you’re starting from scratch, here are our top tips for keeping hold of the purse strings as pandemic restrictions ease here in the UK.

1. Make a date with your finances

Pay day has arrived, your bank account is looking a little healthier than the days pre-Covid, and you can now get your hands on that new pair of jeans you had your eye on. Well, just hold your horses. Payday is an important time for managing your money. It’s a crucial time to sit down with your finances and work out realistically, ‘what can I afford this month?’ 

However you choose to manage your money, whether it’s via handy finance apps, spreadsheets or even a good old fashioned pen and paper, make sure to create a list of all the outgoings that will land at your feet this month. From mortgage payments or rent to household bills and your streaming subscription services, all of it adds up and it’s important you factor these costs in before you start spending.

2. Give your cash a holiday

3. Make your money work for you

4. Be a super smart shopper

Most internet users are familiar with cookies and have become used to them popping up when we visit different websites. By accepting them, they allow different brands to track your movements on their website and give you a more personalised experience.  Sounds great right? Well in most cases, yes. 

However, many online shoppers may find that by shopping in ‘incognito mode’, brands are less likely to increase their prices because they can’t tell when this is a third or fourth visit to the website. So the cost of that flight to Malta is more likely to stay the same each time!

5. Switch and save

6. Check your workplace benefits

Next steps

If you’re feeling inspired to get savvy and start saving, you may find speaking to our team helpful. We’re on hand to discuss your financial goals and specifically which savings accounts may suit you best. You can either visit us in branch or give us a call on 0800 834 312.