According to a survey conducted by the FCA (Financial Conduct Authority) in 2021, 52% of adults in the UK are considered financially vulnerable. The COVID-19 pandemic is massively responsible for this unpleasant statistic, with more companies closing and jobs being lost than ever.

We are fast approaching 2 years of financial uncertainty caused by the coronavirus, and this challenging couple of years has given us all time to reflect on our financial decisions. As a result, COVID-19 has got many people asking:

“How can I build an emergency fund in case this happens again?”

And to answer, here are our top 3 tips for saving money:

1. Sell what you don't use. 

Be brutal! Got a PS5 for Christmas? Sell your PS4!

Worn a dress once and never going to wear it again (We’re all guilty of this, ladies)? Sell it!

With apps such as eBay, Vinted, Amazon, and Depop, you can easily start making money online and decluttering your home. Then, the money you make can go into your savings!

2. Making small changes may surprise you.

Make your own lunch instead of getting a £3 meal deal every day! £3 x 5 working days will save £15 a week. If you put aside £15 every week for a year, you will end up saving approximately £780.

£780, just by eating the food you already have in the fridge!

According to The Sun, purchasing a latte from your local barista every day for a year will cost you over £1,007(!), so it may be worth cutting back on takeaway coffees too.

Who knew cutting back on meal deals and takeaway coffees could save you almost £2,000 a year?

3. Set yourself a monthly goal.

A lot of people use the 50/30/20 rule, which means they use 50% of their earnings for what they need, 30% for what they want, and 20% for savings/repaying debts.

However, this may not work for you. It may be worth adding your monthly mortgage payments, bills, and food shopping costs together for your “needs”,

your clothes shopping, eating out/takeaway, and night out costs for your “wants”,

And then use whatever is left for your savings. Figuring out an exact percentage that you’d like to save (that you know is doable) is likely to motivate you as you are setting yourself an achievable goal.

Fingers crossed; we will soon see an end to the COVID-19 crisis. But whilst it is still present in our everyday lives, it’s a sensible idea to have an emergency fund to hand.

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See you soon!