Top Tips for Saving During Lockdown
Even if your income is not 100% of what it was before lockdown, you may have found, like many of us have, that your paycheque goes a bit further than normal when you are not out and about. Now’s the perfect time to reassess where you are and set new savings goals for the months ahead. We’ve put together our best lessons from lockdown savings and how we can take them into the future.
Remember, if you need a cash boost during this time (or anytime!), the friendly team at Instant Finance are ready to help. You can easily apply for a loan online and get a fast personal loan to help you out with that next purchase.
Top Tips to Boost Your Personal Savings
Without having to travel to work, pay for childcare or being tempted by your favourite cafés or social events, you may have a little extra change in your pocket at the moment. While we may feel a bit restricted not being able to get a bite with family, a beer with friends, or take the kids to the movies, there are benefits too – the lack of those costs add up to extra in your bank account. Sooner or later we’ll be back to (almost) normal life and we don’t want those great money habits to fly out the window.
1. Reduce your expenses long-term
If there’s one thing that level 4 has taught us, it’s that we can live without takeaways, in-store browsing, and even things like reduced childcare expenses. The question is, can you live without some of these expenses long term? Maybe it’s a matter of eating out less or catching up with loved ones at home rather than going out to reduce your spending habits.
Remember that every dollar counts. Even if you’re only able to put aside $20 a week, that still adds up to $1,040 in the course of a year! Every cent you put into savings gets you a little bit close to your goal. So no matter what the number is, don’t let the amount discourage you.
If you do need to purchase something, consider what you already have. Could you repair the washing machine instead of getting a new one, or mend your clothes instead of replacing them? If you can’t fix it, consider pre-loved or second-hand options – you can often find some great, reliable products in good condition on TradeMe or Facebook Marketplace to save a bit of coin. Check out our mates over at MyHome too – you can get great deals on homeware and entertainment products, all with a loan from Instant Finance so you can pay them off in weekly instalments. Win!
2. Save on interest by combining your debt
If you have multiple personal loans, they can be overwhelming to manage and you could be paying higher interest rates and multiple fees across some loans than you should be. Combining your debt into one loan simplifies your payments and helps you keep on top of how much you owe and when the repayments are due. Debt consolidation loans make budgeting easy too as you can predict what your repayments will be. At Instant Finance, we offer debt consolidation loans with fixed interest rates to give you some relief from multiple debts.