Britons could save £8,000 by the end of the year through money saving habits

Money saving is often a difficult habit to take up, let alone maintain, and it is sought after by many households. With difficult financial circumstances brought about by the lockdown crisis, many families will be looking to tighten their belts. Future uncertainty is likely to lead Britons to reassessing their finances, and looking for the best ways to save. 


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But a new study has found many households have been able to make significant savings during lockdown, and by sticking to lockdown habits, Britons could end up saving thousands.

Research undertaken by showed 71 percent of families have managed to save throughout lockdown by an average of £2,879.

This is equivalent to a saving of £221.50 per week in a triumph for savvy Britons. 

Although many families have undoubtedly faced financial hardship and loss, some have managed to use the situation to their advantage.

The study found the biggest saving made by households across the UK was in purchasing clothes.

Widespread shop closures, as well as people being required to stay at home to stop the spread of the virus, has meant many families have circumvented picking up new purchases.

In addition, money saved on running the family car totted up to an average of £34.14 per week, with £33.57 per week saved on eating out.

Britons have also managed to cut back on haircuts and spa treatments by an average of £25 per week.

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And working from home has saved Britons money on lunches and coffees at a rate of £21 per week also.

However, Britons can continue to save despite lockdown measures being gradually eased.

If households continue to save at the same pace at which they have been throughout lockdown, they could end up saving £8,638 by the end of the year.

This could prove a substantial and valuable saving for many households, who will be able to use the extra income for other goals. 


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Indeed, several savers have gone online to share the savings they have made throughout the weeks-long lockdown period.

One wrote: “I’m loving this! I’ve been able to buy other items with the money I would’ve spent on a coffee everyday.”

Another wrote: “My husband and I calculated we’ve saved around £1,000 on petrol, gym membership and TV sports package since lockdown began.”

And a third mused: “I just put petrol in my car for the first time since March – shocked at the hundreds I’ve saved during lockdown!”

Salman Haqqi, personal finance expert at said: “During lockdown, many people have cut back on their spending on non-essential items.

“The savings have been largely made by households cutting back on the amount of cash they spend on items like alcohol, cigarettes, clothes, make-up, cosmetics, and grooming products, meals out, haircuts and beauty treatments, plus shop bought lunches and takeaway coffees.

“They’ve also spent less because many are not having to use their car to travel to work and have also cut back on other outgoings like sports and gym memberships.”

Carrying over lockdown saving habits may be a task as Britons begin to go out again, however there are ways to manage savings.

The Money Advice Service states households looking to save should set up a budget or spreadsheet to track their income and expenditure.

Saving regularly, it says, can turn into a habit which can make savings do the hard work. 

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