Let’s talk about making up for lost time

 

Lockdown has been a difficult time for many of us. Slowly but surely restrictions are being lifted and normal life will hopefully resume in the not-too-distant future! You may be thinking about making up for lost time, maybe you are planning to see family and friends or have a shopping spree.

The pandemic changed how many of us handled our finances. For many it created an influx of cash which they could use to save or pay off their debts, The Money Charity state that there has been a 22.4% decrease in outstanding credit card balances from January 2020 – January 2021.

Unfortunately, some who were put on the furlough scheme or lost their job saw their income reduce. As not everyone found themselves in the same position, it is important to weigh up what is best for you financially now that we are returning to a more normal environment.

With many businesses due to reopen it can be tempting to go out and spend to catch up on what you have missed out on! Our top tip to manage your finances is to set yourself a budget and stick to it. For example, if you decide to go to the pub, you could set yourself a limit of £30 and aim not to spend more than that. If you have put some money away for the end of lockdown that is great but be mindful that you will want some to spend in the months to come too. We know it is a while away but it’s never too early to think about saving for Christmas too!

If you have an account with us why not see how much you have built up in savings? You could have more than you think. You can request to withdraw online at any time through our website or by clicking here. Once you have put in your request it takes just 2-3 working days for you to receive your funds in your nominated account. However you decide to spend your new freedom we hope you stay safe and enjoy yourself.

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