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Top Tips: Budgeting ideas to save you money during lockdown

In the current climate, it’s more important than ever to save. In the past month, searches for ‘budgeting tips’ have increased by 39% – suggesting Brits are looking to be more careful with their money.

In response, thinkmoney has compiled the ultimate list of budgeting tips for those who may be struggling to save at this difficult time. Whether you are working from home, looking after children, trying to keep fit or simply attempting to live as normally as possible, you’ll find all the tips you need right here.

Boil the kettle only when needed to save 2.5p per cup
How many times have you got up to boil the kettle to make a cup of tea, only to forget and have to re-boil? Each time you do that, you are spending an extra 2.5p. Say you do that three times a day, that’s £27 across the whole year – making that the most expensive cuppa in Britain.

Turn your heating down by 1 degree to save £80 each year
It’s easy to just put the heating on as and when you are cold – particularly if you are working from home and away from a radiator. However, setting your heating on a timer and turning the dial to 1 degree below your usual temperature can save you a huge £80 per year. If you do get chilly, though, there are other things you can do to save money. Only turn radiators on in the rooms you require and move any furniture that may be blocking your radiators to ensure that heat can circulate the room properly. For anyone with a bit more spare time, you could even make your own draft excluders using old clothes and bed sheets for the bottom of doors.

Turn just one unnecessary plug off each day to save £99 each year
If you leave a plug on that is not needed, you are wasting £0.27. So, if you have one for your TV, phone and other electrical items, that quickly adds up. Just one unnecessary plug left on is £99 more on your bill each year. If you were to leave five plugs left on each day, that jumps up to £491. So, when you finish your work, why not double-check what needs to be left on. Plus, it will make you feel better and allow you to disconnect and relax each night!

Enjoy natural light and save £170 each year
Leaving a light on in your house costs an average £170 per year! So, make sure you switch off any unnecessary lights or lamps. Luckily, we are heading towards the brighter months which means more natural light, which spells good news for our budget. However, there are times where we do need to turn the light on, so why not change your regular bulb to LED? By doing so, you could save a massive £152 off your annual bills, which you could save up for a rainy day.

Stop leaving items on standby to save £30 per year
We’re all guilty of it, but did you know that it can cost you £30 per year due to leaving things on standby? Almost all electronic appliances can be switched off when not in use. We do recommend double-checking as some electronics (e.g. the fridge and freezer) will need to be left on. But just a cursory glance each night could see you saving an additional £30.

Look at switching internet tariffs to reduce your yearly bill by up to £69
It is definitely a great time to get saving and review your household bills. If you feel you are spending too much on your broadband, there are things you can do. Why not look at switching internet providers? By looking for the cheapest deal out there, you could save up to £69 each year. That’s well worth the time spent reviewing your contracts.

Switch off your laptop to save £7 per year
If you are using your laptop each day at home, the temptation to leave it on standby is common. But, if you were to do that for 10 hours each night, you are wasting £0.02 p or the equivalent of £7 per year. While that doesn’t sound like a lot, do that over your working lifetime and you are looking at a cost of £365 – which can actually be the cost of a brand-new laptop! So, if you can switch off your laptop, we recommend you do.

Leave your hair to dry naturally and annually save £13
With more of us at home, there are things you can now do which might not have been possible when getting ready for work – such as, letting your hair dry naturally. A low-power hairdryer uses 73kWh – or £0.035 – for just 10 minutes’ worth of use. If you were to use it every day, that rounds up to £13 per year. Over your working lifetime , that equates to a staggering £150 on just drying your hair.

Jonathon Sabinsky, Head of Communications at thinkmoney said: “In this current climate, it can be hard to budget and save money. However, with just a few changes in your home – such as switching things off – and ensuring you are as energy efficient as possible, you can see savings over the year.”

For more money-saving tips, check out the thinkmoney blog.