Lesson 1: I’ve been spending way too much money on restaurant takeaways!
Pre-lockdown, I had a rule of no cooking on a Friday night, which was fine until the rule was extended to Saturdays some weeks and heck, sometimes even Sundays. What on earth was I thinking? Treating yourself to a sneaky takeaway occasionally is obviously fine, or ordering a pizza once in a while, but when I actually think about the amount of money that I have spent on ordering food, it’s ridiculous, and all because I did not take the time to plan my meals ahead. Guess what, I have survived the past four months without ordering a single takeaway and to be honest, I feel so much better for it and not to mention how much it has benefited my health! Instead of browsing menus for something different to try, I now delve into Pinterest, searching for a tasty-looking recipe to try, I’ve found that I’m being a lot more creative with my cooking and loving it!
If I were to do a rough calculation on how much money I have saved over the past four months based on spending £20 a week on takeaways, (and that’s me undervaluing), it would come to £320. Can you believe it?! I know I can’t. So, I have made a promise to myself that I will continue the good habits post- lockdown; making weekly meal plans and accompanying shopping lists so there are no excuses. Planning ahead is the key.
Lesson 2 : Everybody needs an emergency fund
Let’s face it, no one saw this coming. I, for one, did not expect to spend half of my maternity leave in lockdown, hiding away from a virus that has caused utter devastation and heartbreak across the world.
I am thankful that my Husband and I have both retained our jobs through this crisis, but I know that this is not the case for everyone.
By emergency fund, I mean some money put aside for a rainy day…or a rainy year in this case.
Lesson 3: Don’t underestimate the power of budgeting
For the past few years, my Husband and I have been desperately trying to save to buy a bigger property. However, there always seemed to be something that popped up and meant that we never could quite save what we would have liked to.
During lockdown, we took the opportunity to sit down and really analyse our finances and quite honestly, it has been life-changing. By simply logging our bills and other regular outgoings and giving ourselves set spending amounts, we have managed to take back control of our finances. I think our savings account would agree too!
Lesson 4: Those impromptu trips to the local supermarket, just because, are unnecessary.
Why? Because you end up buying products that you really don’t need, therefore wasting money, adding to landfill and in my case, stocking up on bars of chocolate that I could really do without! Lockdown has forced us all to strip back and think carefully about our consumption. If our environment could speak, I am sure it would be thanking us right now.
Lesson 5: Money does not save itself!
No more excuses- I’m fortune enough to have managed to save some money during lockdown, even whilst on maternity leave. Of course, you could say that that’s because we’ve been stuck indoors for what feels like a lifetime, but the point I am making is that if you really want to start building your savings, then it is your responsibility. For years, my way of attempting to save was to wait and see how much money I had left at the end of the month and then transfer that amount into savings. I know now that that really is a backwards approach if I want to meet my savings goal. This year, I have been taking a deep look at my spending habits, and lockdown has helped me to pause and really reflect on what has been holding me back. So, for the past few months, I’ve forced myself to transfer money into my savings as soon as I’m paid, before any other money is transferred out for bills etc. That way I have had no choice but to live off of the remaining balance. Like in the lesson above, giving myself a set spending budget each month has forced me to think twice before purchasing something that I thought I needed. Most of the time it was just something I wanted, not needed- therefore, completely unnecessary.
I know that some of you reading this may feel that you don’t earn enough to be able to save, but even saving £10 a month is better than nothing. Then you could perhaps increase it as time goes by if you’re able to.
The main thing is to form the habit- as you see the money growing in your account, it will motivate you to keep going. If I can do it, you can too!
It would be great to hear what money lessons lockdown has taught you. Comment below. Your feedback is always welcome.
DISCLAIMER: I am not a financial adviser and have purely written from my own experience. Always carry out your own research and seek specific professional advice.
