Key savings tips from lockdown

With tight lockdown restrictions in place across the country, some Kiwis may have noticed a significant drop in their non-essential spending – and their bank balances are reaping the rewards.

As we stay indoors to help stop the spread of COVID-19, it could be a good time to review your expenditure and consider what savings strategies you could learn from lockdown.

Assess your spending

While many of us are eager to get back to our regular lifestyle, going without some of our favourite luxuries can help to break out of any overspending habits.

Although your daily latte may seem harmless, it’s important to remember that these small, regular purchases add up.

So, it’s a good idea to review your discretionary spending and assess where you can cut back once the lockdown restrictions have been lifted.

Create a budget

With a clear picture of where your money is going, you might consider creating a budget to support your savings plan and keep you on the right track.

To get started, write a list of all your regular essential and non-essential expenses and work out what you’re willing to pass up.

You might even want to set yourself a long-term savings goal, like a deposit on your first home, or paying out a loan early.

Review your bills

With your extra time, consider completing an audit of your utilities, internet and telecoms providers, and looking into whether there are any better deals on offer.

Or, if you have any high-interest credit cards, it’s worth thinking about consolidating this debt with a personal loan.

For more support to manage your finances during lockdown and beyond, contact your local Mike Pero Mortgage Adviser today.