Many people have suffered financially during the national lockdowns, with some businesses struggling to survive. However, for many people, the lockdowns proved to be a time to save money, and some people have even found themselves with an unexpected nest egg!
Saving
For commuters who are used to travelling in and out of the city for work, huge savings have been made by not having to buy train passes, for example. For those workers who used to regularly travel for their jobs, money spent on taxis, underground, buses and petrol have also added up, along with savings on morning coffee, takeaway lunches and after-work socialising and entertaining.
Other areas where people have saved money include not eating out or going out to bars, the cinema or the theatre. With most people relying just on their TV for entertainment, the hundreds of pounds they would ordinarily have spent socialising can all now be put toward their savings.
One big expense that many people saved money on this year was holidays. For those who regularly holiday once or more each year, many were unable to go away in the very small window where travel was allowed. This means they have either saved the money or are planning on putting it toward an extra-special holiday when it is possible to travel again.
Not everyone managed to save their unspent money, however. For some, it was used to pay off existing debts; for others, the need for some retail therapy was too much and they spent it on themselves buying new clothes and luxuries. Another area that saw an increase in spending was home improvements, with many homeowners deciding to redirect the holiday budget to improving their home.
Property
It’s not just home improvements people have been investing in. House sales have been allowed to continue, with some areas of the country reportedly busier than ever. When looking to move house, having a building survey London is a good idea to ensure the property doesn’t throw up any unpleasant surprises. A building survey London is easy to arrange. They have been allowed to carry on as usual during lockdown.
Of course, not everyone was able to save money, pay off debts or enjoy some online shopping or home decorating. Many people lost their jobs during the pandemic and found themselves in desperate financial situations, with rent still needing to be paid and no money for food and bills. It is reported that the effects of the pandemic have encouraged people to become better at financial planning in the future and to have a fund that they can dip into if the unexpected happens.
As the lockdown restrictions start to be lifted, many are planning what to spend their money on. With holidays at the top of the list, sport and music events are set to become even more popular than before. Socialising with friends and family is also expected to be a top priority.
