Photo credit: Lifehack.org
To help navigate these tricky times, Emma-Lou Montgomery, associate director at Fidelity International has some tips to help those stuck at home spend less and save more:
- Cut down your outgoings
Going through your bank statement is a quick and easy way of identifying unnecessary outgoings that you can turn into real-life savings. For example, cancelling unused subscriptions and limiting your online purchases could potentially save you hundreds of pounds over the next few months; a saving that you can put to better use elsewhere.
- Stick to a plan
Whether you’ve got short-term or longer-term savings ambitions in mind, its best to get a budgeting plan in order. List your goals, map this against your current income and expenditure and you have the beginning of a financial plan, which, if you stick to it, can make a huge difference to you and your family’s future.
- Teach children how to budget
Despite the children being off school that doesn’t mean they have to stop learning. Use this time to teach them about spending and saving. Indeed, we found three quarters (76%) of mothers and 64% of fathers are prepared to utilize money management apps as part of their children’s financial education. In addition, simply talking openly about money can help children develop an important life skill and establish healthy spending and saving habits as they get older.
- Take advantage of technology
While your fitness app might be helping you to keep moving while you’re indoors – there are a range of money apps that can improve your financial health too. Installing an app onto your phone will give you real-time information about your savings, investments and spending habits. Indeed, our research found 49% of women are increasingly turning to online platforms in order to invest their money.
- Save for the future
Your retirement can feel like a long way off – especially when you’re busy juggling working from home and childcare duties but it’s so important not to lose sight of the things that matter. Any savings you currently have or can start building up early on will do you wonders in the long-run. In fact, putting just 1% extra towards your pension each month will serve you well for the future.