Money saving can be a difficult endeavour and the issue has been exacerbated by the recent pandemic. Although many more people are now staying at home, with most businesses still closed, job losses and furloughing have created a heavy financial toll. However, it is clear many Britons are making a concerted effort to cut back in various areas of life to live in a more efficient way.
Many people have chosen to begin their savings with a regular spend – the weekly food shop.
Whether choosing to shop in a supermarket, or opting for a local store, research has revealed how Britons can save money.
Analysis undertaken by MoneySuperMarket.com has shown British spending habits have changed over the last few weeks.
Many have been able to save money during the lockdown by using different and resourceful means to find ways to save.
Claudia Nicholls, commercial director for money at MoneySuperMarket commented on the savings made by Britons throughout this time.
She said: “Competition between supermarkets is increasingly intense, so if you’ve tended to shop with just one supermarket in the past, you should consider shopping at others to see how they compare on price.
“For example, Aldi and Lidl have surged in popularity over recent years due to the savings they offer consumers on lots of items.
“18% of the people we polled for our research have changed supermarkets and have saved an estimated £54 under lockdown. You could also consider buying supermarket own brand products. These are often just as good as better known brands but regularly offer substantial savings.
“Our respondents told us they have saved nearly £40 under lockdown seeking out these cheaper own brand products.”
Ms Nicholls added that lockdown has often presented an unexpected opportunity for many families to make savings.
This is because money which may have otherwise been spent on expensive commutes or childcare could be rerouted.
She concluded: “If you have been fortunate enough to be able to save, you should make sure you’re getting the most of your savings by monitoring your rates, keep an eye on the highest-paying accounts, and be willing to switch frequently and quickly.
“You may also be able to consolidate existing debts by taking out a 0% balance transfer credit card – just make sure you take an eligibility test so you’re confident you can get the card of your choosing. It’s also crucial that you pay the minimum repayment each month and pay any debt off before the 0% interest period ends.”
Research from the Money Advice Service in 2019 showed the average family weekly food shop came in at £60.60.
The most popular items purchased were recorded as bread, biscuits, pasta and rice.