Top 5 ways to minimise your expenses

During the COVID-19 crisis, businesses are being impacted in a range of different ways. You may be still working, have been put on furlough, or even made redundant. Whatever your current situation, you’re probably keen to keep your spending down.

We’ve gathered five top tips to help you minimise your outgoings during uncertain times.  

Top 5 ways to minimise your expenses

1. Make a list of your expenses

What do you spend your money on monthly? Make a list of all your outgoings and categorise them into essentials and nice-to-haves.

Think hard about what you're spending your money on and whether you really need it. You'll probably find you can cut out the nice-to-haves for the time being.   

Remember, just because you've stopped buying these things for now, it doesn't mean can't buy them again in future.

2. Take a three-month mortgage payment holiday

If you're a homeowner and your income has been impacted, make sure you speak to your bank if you're worried about paying your mortgage.

Whatever you do, don't just stop making payments. This will impact your credit file and could affect any future borrowing.

Most banks will support you with your mortgage in the form of a three-month ‘payment holiday’. 

This means you can suspend your mortgage payments for three months. In most cases, there will be no impact on your credit file and the payments you miss will be added to the remainder of the mortgage term.

Be sure to check these things with your lender before you agree to anything.

3. Speak to your council 

Local councils up and down the country are helping with council tax payments. If you’re struggling to pay your council tax contact your local authority.

There is no nationwide guidance on council support, so the amount of help they'll give you will be decided by each local council.

4. Switch suppliers

Regularly switching suppliers can save you quite a bit of money.

Now is the time to look at whether you could benefit from shopping around.

There are plenty of comparison websites online, each designed to help you find the best energy tariffs, broadband providers and insurers.

If you're worried about any of your bills with suppliers you use, it's always worth giving them a call and explaining your situation.   

5. Plan your meals 

Let's face it, with most takeaways closed at the moment you're probably already saving a fortune. We certainly are! Plus, as much as we love pizza, leaving the house to collect it is probably not essential.

Sit down at the beginning of the week and plan your meals; you'd be amazed at how cheaply you can make good quality, healthy meals with a bit of forethought. 

If you have leftovers, don't worry. Just stick it in a tub and freeze it for later. 

Top tip: Never do food shopping when you're hungry and always take a list! 


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