HOUSEHOLDS that stick to lockdown saving habits could save more than £8,000 by the end of the year, new research has found.
According to money.co.uk, 71 per cent of families have saved money during the 13 weeks of quarantine, with an average of £2,879, or £221.50 each week.
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Of course, many families have also experienced an income shock, with job losses on the rise and millions unable to work due to lockdown restrictions.
But others have not experienced a drop in wages and may have even been able to save up extra cash.
Money.co.uk has created a online saving calculator which shows how households can continue to save even as the UK returns to normal, helping you to makeover your finances.
It asks questions such as how much you spent on new clothes, cigarettes, dining out and cosmetics each month both before and during lockdown.
It also asks the difference in your monthly spending on essentials such as car costs, bills and regular payments such as gym memberships.
It then asks whether you plan to go back to spending what you were spending before on all the items, or to work out how much you might want to cut back.
The calculator then gives you an idea of how much you might be able to save – so if you wanted to save £8,000 by the end of December, you’d have to continue to put aside the same average amount of £221.50 each week for the rest of the year.
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Salman Haqqi, personal finance expert at money.co.uk, said: “During lockdown, many people have cut back on their spending on non-essential items.
“The savings have been largely made by households cutting back on the amount of cash they spend on items like alcohol, cigarettes, clothes, make-up, cosmetics and grooming products, meals out, haircuts and beauty treatments, plus shop bought lunches and takeaway coffees.
“They’ve also spent less because many are not having to use their car to travel to work and have also cut back on other outgoings like sports and gym memberships.”
According to money.co.uk, spending has varied slightly depending on where you live in the UK.
Londoners have saved the most on alcohol and clothes during the lockdown with an average saving of £39 per week on booze and an average saving of £44 on buying clothes during the last 13 weeks.
Outside London, the Welsh have saved most on cosmetics, perfume and male grooming products during lockdown – an average of £21.46 per week.
Those living in the West Midlands have saved the most on eating out during lockdown – with an average saving of £36.38 per week.
And those living in the North East have saved most on not running their cars during lockdown – an average saving of £37.69 per week.
If you are looking to save money over the next few weeks there are plenty of tools which might be able to help you.
Some people’s energy bills have risen as a result of having to spend more time at home, and it is always worth checking to see if you can get a better deal.
You can check comparison sites such as Uswitch or use an automatic switching service like Switchcraft to find a cheaper tariff.
It is also worth taking simple steps such checking through your direct debits in case you are paying for something that you no longer use.
The Money Advice Service and MoneySavingExpert both have good guides on how you can set up your own budget.
And check that you are receiving all the benefits you are entitled to.
You could be missing out on thousands of pounds, as we revealed in our guide to the best tools to check.
A separate study of 2,000 adults found one third have been putting extra money aside – an average of £459 – since lockdown began.
Meanwhile, this new money-saving app promises to save you up to £1,500 a year by giving personalised saving ideas.
And here are some tips to get on top of your utility bills.
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