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COVID-19: We have answered some of our customer's most frequently asked questions. Read more

Will You Save Money During the Coronavirus Crisis?

Protecting Your Finances

In just a few short weeks, the coronavirus crisis has altered our lives. From not being able to go outside whenever we like, to not meeting friends or family, it’s been a huge change. Perhaps the most worrying part is we don’t know when the pandemic will be over – and when life will return to normal.

Obviously, with millions of us being housebound, this isn’t a good thing. Humans are inherently social creatures and being isolated can have negative effects on our mental health.

Still, there is a positive to all this and – in these uncertain times – we need all the good news we can get.

Assuming you’re working from home or still getting paid though, you might actually save money when all this is over.

How social distancing could save you money

It’s common to spend money on activities such as going to the cinema, eating out at restaurants, or perhaps just popping to the pub. Alternatively, if you want a quiet evening in with friends and family, ordering from your favourite takeaway isn’t out of the question.

Unfortunately, due to social distancing and business closures, none of that is going to happen soon.

You can also forget about shopping on the high street or spending cash at your local barber.

Undeniably, this is not good news. However, if you typically spend a decent amount on these expenses, you can now put this money straight into your savings or keep it in reserve until the crisis has passed.

Are you working from home? You’ll save on commuting costs

If you’re working from home then you’re probably saving a decent amount on commuting costs. Whether through petrol or train tickets, you’ll hopefully have a bit more money left over at the end of the month.

Don’t spend needlessly

Of course, with many of us being housebound, it’s tempting to spend money on home entertainment purchases. For example, on downloadable movies or video games. Furthermore, due to boredom, you may be tempted to buy items online just to pass the time.

However, if you can resist these impulses, your finances will be a better state when this is all over.

There is a bright side to this situation

Make no mistake, the coronavirus crisis is bad. However, if you can save money through it, then there is at least one bright side. While we don’t know if we’re heading into a recession when this is all over, causing further difficulties, you can at least save what you can for a rainy day – or a time without coronavirus.

Usually, we’d advocate perhaps putting savings aside into paying off debt or securing a better financial future. However, if you want to plan doing something special with the money you’ve saved when government restrictions have lifted, not sure anyone would blame you.

After all, another bright side is that the crisis won’t last forever – and having something to look forward to is a definite positive.