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How to manage your money during lockdown

A survival kit to make lockdown feel easier to manage

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We understand that the impact of COVID-19 can be vast and wide-reaching, from money worries to travel rearrangements.

The new lockdown may feel daunting, especially when it comes to your personal finances. But there is support available during this time, to help make things feel less overwhelming.

From government schemes to repayment holidays, we’ve covered what support is available to you in our family finances guide, so you can claim what you’re entitled to and give yourself some breathing space. Are your travel plans disrupted? While this can feel disappointing, our travel insurance and coronavirus guide covers the ins and outs of what you’re covered for, and what travel restrictions are currently in place.

How we can help

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Coronavirus and car insurance

Spending more time at home and less time on the road? Here’s how you can save on your car insurance during the pandemic.

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Coronavirus and travel insurance

Cancelled your travel plans because of the pandemic? We explain what compensation is available and if you’re covered by your travel insurance.

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Coronavirus and home insurance

We’re spending more time than ever in our homes. Our guide details the ins and outs of insuring your home during the pandemic.

Top tips for surviving COVID-19 lockdown:

Lockdown can feel challenging and even frustrating at times. But with more time at home, there could be the opportunity to organise your finances, make some small changes to your spending and feel calmer about your money in the long run.

Look at your outgoings

You could use the time in lockdown to look at things you usually put off or avoid.

Why not go through your bank statements? Addressing your spending can feel daunting, especially if money feels tough right now. But looking at your bank statements can give you opportunity to save money without realising. Do you have magazine subscriptions you still pay for but no longer take interest in? Visitor attractions or gym memberships you won’t be using at the moment? These direct debits can usually be cancelled without penalty and can save you money without you realising!

Just make sure not to cancel important outgoings, for things like car insurance, home insurance and life insurance. Concerned about your life insurance policy being affected by COVID-19? Take a look at our coronavirus and life insurance guide.

Set up a savings account

You may be thinking you have no money to set aside in savings right now. But for some of us, spending time at home means we’re spending a lot less than we used to day-to-day.

Did you always grab a cappuccino on your morning commute? Spend a fiver on lunch in the work canteen every day? These small changes to our every day spending can mean a good chunk of money to put into savings. Even spending less on petrol with working from home means you could put aside money every month to invest in your future. Why not consider setting up a savings account and a standing order to ensure that money goes to better use each month? Our savings decision tree can help you decide what savings account is best for your needs and how to kick start your savings habit.

Keeping your energy bills down over winter

Making your home more energy efficient is both better for the planet and our bank balances too! With the kids off school and many working from home, keeping the house warm without racking up a large bill is a priority for many of us. Energy is one of the biggest annual costs for UK families. But very often the potential savings to be made by switching provider are overlooked. Finding the right energy deal for you means making a small step towards Money Calm.

Why not turn the heating off for half an hour and get your blood pumping with a Joe Wicks work out? Even turning down the heating by a degree or two, if you have a thermostat, can lead to big savings over time. You can save on your energy by sticking to our energy saving tips, for easy changes and steps to a more energy efficient home.

Get your debts in order

More time at home means less time hitting the shops, credit card in hand. Instead of spending your next payday weekend at the shops, why not use the time at home to take full stock of your financial picture and your borrowing?

The new lockdown could offer the breathing space you need to take a good look at your debt and put together a repayment strategy. Check what interest rates you are paying on your debts and compare credit cards to see if you could cut the cost of borrowing by switching the balance to a new card.

Or alternatively you could move existing debts, such as existing credit card balances and your bank overdraft, on to a low-cost loan that you can pay off in the next couple of years.

If you’re looking to take out a loan, but feel nervous about keeping up with repayments, our loans calculator can be a great place to start. That way, you can get a rough idea of how much you can afford to borrow and there won’t be any nasty surprises when your monthly repayments begin.

If you are concerned your debts could be spiralling out of control seek help. There are free debt charities that can help you speak to creditors and sort out a sensible repayment plan to get you back on track.