Rachel Wait

7 ways to save money while you self-isolate

If you need to self-isolate in the coming days or weeks due to the coronavirus outbreak, you may find yourself running out of ways to keep yourself occupied. In which case, it could be a good opportunity to go through your finances and potentially put some money back in your pocket. Here are some ways to do just that.

Go through your bank statements

It might not sound particularly thrilling, but you’ll be surprised by what you find if you take the time to read through your bank statements. For instance, do you know exactly how much you spend on food bills, socialising or subscriptions each month? Are you aware of all the direct debits on your account?

Research by NatWest recently found that Brits waste a collective £25 billion each year on payments for services they don’t use. So, go through your direct debits with a fine-toothed comb to see whether there are any you should cancel, such as your gym membership or video streaming services you no longer need.

Making cutbacks should give you some extra cash which you can then put towards paying off loans or a mortgage, giving your savings a boost or even treating you and your family to a day out – once you’re out of self-isolation of course.

Move your savings

With the Bank of England base rate having been pushed back to its all-time low of 0.25 per cent, savers are likely to continue to get a raw deal. However, it is worth checking exactly how much interest your savings are earning and switching to a better deal if you can. Opting for a fixed rate bond for between one and five years can be good if you want the security of an interest rate that won’t change for a set term.

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