The coronavirus pandemic has had a significant impact on personal finances. Some families have managed to save on things like commuting and eating lunch at work, but others have been forced to cut back on spending because they have lost part or all of their income.

If your finances have been negatively affected by the pandemic, cutting your spending can help you avoid falling into debt.

In this blog post, we detail a number of things you can do to reduce your spending at a tough time.

Audit your direct debits

You can save a significant amount over the course of a year just by cancelling one or two direct debits that you no longer use.

If your gym membership has started up again, but you have been getting on ok without it, why not think about cancelling? You may also be able to save money by switching your energy supplier or shopping around for a better deal on your TV or broadband package.

Get creative with kids

Family boredom can be expensive, especially during the summer holidays. The cost of day tripping to a popular attraction, for example, can easily run into three figures.

During lockdown, many families have got creative to keep the kids entertained – holding home movie nights at home instead of going to the cinema and going on nature walks instead of heading to the zoo. Get creative to entertain your family for less.

Saddle up

The costs of running a car or catching public transport can quickly add up. Why not take advantage of quieter streets by riding your bike in and around town.

There’s been a significant increase in demand for bikes during lockdown, so even second-hand wheels are hard to come by. But if you have a broken bike at home, you can apply for a £50 government-sponsored voucher to get it repaired.

Save on eating out

The best way to save money on dining out is to eat at home. But if you do decide to visit a restaurant or takeaway, you can save money by using the government’s Eat Out to Help Out scheme.

Diners eating in participating restaurants will benefit form a 50% discount up to a maximum of £10 per person on food and non-alcoholic drinks on any Monday, Tuesday or Wednesday in August.

Track your spending

One of the best ways to cut your outgoings is to set a budget and track what you’re spending. There are plenty of free budgeting tools out there, or you could track what you spend using a spreadsheet.

Alternatively, digital banks like Monzo and Starling can help you organise your expenditure into sub-categories so that you can keep a handle on your expenses.

If you are struggling with serious personal debt you may need additional professional help. To find out more about Umbrella Insolvency’s personal insolvency solutions, speak to a member of our debt advice team today. Call: 0800 611 8888.