2020 has changed a lot of things in our lives. Remote working, not seeing friends and family as often, spending a lot of time indoors. It may have turned us into a nation of unintentional introverts, but for some people, it’s allowed them to save more money than they’ve ever been able to before.
Admittedly, many of us would prefer to be able to do all the things we used to do. But if we’re looking for reasons to cheer ourselves up, this one isn’t bad.
We thought it would be useful to see how much an average household could save each month. Then take a look at what that could get you, in terms of your life goals.
What we’re not spending
Here are some supposedly average spends on different things. How do these compare with your costs? Have you noticed a big difference in how much money you have left at the end of the month?
Work travel / commuting
If you don’t have to travel into work, then you might be saving anything from £64 a month to a whopping £515 a month (for the joy of commuting between London and Milton Keynes)!
Now that the average work lunch is somewhere between £3.40 (supermarket meal deal) and up to £10 for a street food stall. You’re saving £73 – £216 a month (although you’re presumably still eating something at home!).
If you’ve swapped pubs for the local park, or staying indoors, then you’ll be saving up to £4 a pint (a bottle of San Miguel from Tesco is less than a quid) or at least £10 on a bottle of wine. Depending on how sociable you are in normal times that could mean anything from £50 a month saved to several hundred pounds (we’re not judging!).
Ok, so you may have had to swap your three-times-a-week gym fix for Youtube HIIT workouts (you know, the ones that claim to be ‘no noise’ so your downstairs neighbours don’t hate you). But how much money has that saved you. Even if you’ve bought some dumbbells or other equipment for home, you’ll be saving between £15 and £300 a month (if you were a member of one of the ultra swanky London clubs or a Barry’s Bootcamp addict).
Ok, so this one depends how hard you went on Eat Out to Help Out and whether Deliveroo/Just Eat have become your most-used apps over lockdown. But apparently the average couple spends over £70 a month eating out. So if you’ve got really into baking and cooking, you’ve probably saved yourself a whole heap of cash these past 6 months.
What could you do with that money you’ve saved?
If we add up all these savings, you could be saving more than £200 a month. Not a bad silver lining from a difficult situation.
So what are you doing with all that extra cash? Hopefully you’re putting it towards something important to you. Something that will make you feel good. Whether that’s your rainy day fund. Or towards a holiday when travel becomes easier.
If you’re saving for a house deposit, then you might be closer than you thought to be able to buy a place of your own. If you haven’t yet tried our Homefinder tool, give it a go. It’ll show you what you could afford and your possible move-in date!