More than half of people ‘want to keep savings habits as lockdowns ease’

More than half (55%) of people aim to keep their current savings habits beyond the coronavirus lockdown restrictions, according to a survey.

And more than a third (37%) said they will be putting off spending money as much as possible until the economy stabilises, TSB found.

However, just over a fifth (21%) said they will not hold back on their spending as lockdown restrictions are eased, as they want to enjoy themselves, the poll of 2,000 people in March revealed.

Marta Kijowska, TSB’s head of personal current accounts, said: “The pandemic has changed our behaviour towards money, and we’ve seen our customers spend less and save more.

“It’s important to feel in control of your money, and we see our customers increasingly wanting help to continue to save and budget so they can make the most of their money.”

Here are some budgeting tips from TSB:

– Do a complete heath check of your finances

This means looking at your incoming and outgoing monthly funds – jot down your essential outgoings including utility bills, food, rent/mortgage and credit card or debt repayments.

Take a look at your spending habits before the pandemic, so that you understand what your future spending might look like.

– Set yourself a monthly and daily budget

Having an end-target or goal in mind can help, and on pay day try putting your savings money aside in a separate account so you are less likely to dip into it.

– Use savings tools

Some accounts offer “rounding up” features which round up your spending to the nearest pound and move your spare pennies into savings.

Having access to online banking can also make it easier to monitor spending.