Everyday Loans for Everyday Life

 

 

Budgeting during COVID-19: Read these important tips today

It’s a difficult time for us all, and as we respond globally and in the UK to COVID-19 it’s important we respect social distancing and quarantining laws. This puts us all in an interesting place, with most working from home – or not at all. It’s a time to be particularly careful with our money, and we wanted to take a moment of your time today to go over some advice from the team on how to do that right.

Isolation and savings

The biggest change for most in the UK is the simple fact that they are spending a lot more time at home due to COVID-19. Outside trips to the supermarket to buy food in bulk, there’s little activity outdoors. Gyms are closed and we’re allowed one outdoor activity a day.

This has changed up lives across the country, and it makes it challenging to budget and live a life with your wellbeing in check. We’re generally more isolated than ever before thanks to COVID-19, and it’s a sad fact that many are struggling with their budgeting during this difficult time.

Why are we saying this? Simply put, being at home is challenging for your mental health and wellbeing – and that can lead you to spend poorly. Whether it’s browsing Amazon at night or ordering food and alcohol you don’t need, there are many ways in which idleness and being cooped up can draw out and enable bad spending habits.

Understand your financial triggers

It’s helpful to think about what makes you spend poorly at a time like this. For many, basic routines of self-care and sleep schedules have gone out the window, destabilising the structure and routine we had to maintain before so we could go to work and care for our families.

It may sound a little esoteric at first, but consider things like your sleep schedule and basic self-care; they are the keys to understanding why you might be spending money when you don’t need to. If you’re staying up late at night, you might find yourself bored and browsing the internet for things to buy. In this way, you can learn that having your sleep schedule consistent and healthy is important – and that the opposite is a trigger for splurging when you don’t need to!

You still need a safety net

You may find your expenses going down drastically during COVID-19, largely because you probably don’t need to maintain your car like you did before. Staying at home and respecting self-isolating laws means gyms aren’t open and travel costs are non-existent. Don’t be fooled, though; having a little more in your bank account at a time like this is not an excuse to spend money haphazardly.

We don’t know for sure when the country will ‘open up’ once again; it could be months or even into next year. With this in mind, any extra money you have should go towards creating or maintaining your safety net. You should always have three months plus of living expenses in a bank account for emergencies. If you don’t have that and are tempted to spend on luxury items and entertainment, be sure to think twice!

We hope you’re well

This isn’t an easy time for the UK and the wider world. It’s challenging to stay positive, healthy and financially secure, and the team here at Everyday Loans extends our best wishes to our readers and customers.

Respect social distancing laws, be well and take care of yourselves! If you have any need of our services, please be sure to stop by our website’s main page for more on what we do to help.

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Tim Woodley
Financial Content Editor at Everyday Loans
Tim Woodley has been a financial copywriter for over 8 years, using his experience and skill to draw out and discuss interesting financial subjects and learning points that help make life better. https://www.linkedin.com/in/tim-woodley-725267133/