More than half of UK residents (51%) are concerned about how much more money they’ll spend now that Covid-19 lockdown restrictions are easing.
Millennials, aged 25-34, are the most money-worried age group (72%), according to the new survey from mobile money app, Monese. Regionally, it is Londoners (67%) and those living in Newcastle (61%) and Bristol (56%) that voiced the most concern about their post-lockdown spending habits.
Many expect to splash the most cash at restaurants (45%), closely followed by shops and retail centres (43%), pubs and bars (37%) and at hairdressers or barbers (36%). Just one in six (18%) were expecting to splurge on a foreign holiday.
Loiners (from Leeds) are pushing the boat out on slap up restaurant meals (53%) and heading for a shopping spree (51%), while Bristolians are spending money on pints at the pub (52%) and a haircut (56%).
Those living in Belfast (33%) and Glasgow (32%) are most eager to treat themselves to a trip abroad, when restrictions permit.
To help anyone who is concerned about their post-lockdown spending, the team at Monese has prepared some easy-to-follow tips.
How to Ensure Your Post-Lockdown Spending Doesn’t Get Out of Hand
1. Start by looking at your income and your essential outgoings (including any money you regularly transfer to savings) so you can see what you have leftover for little luxuries. You need to be clear about what your budget is.
2. Next, look at what you’ve been spending on non-essentials, such as takeaways and TV streaming services during lockdown. Think about what luxuries you want most as restrictions are easing – if you want to go to the pub with friends, do you have enough cash to do this and pay for your streaming services, or do you need to swap out one for the other?
3. If you can, keep track of your spending consistently, and make a note of what you have leftover. If you can, do this digitally through your banking or mobile money app then it’s even easier. At Monese you can set yourself a budget and get instant notifications every time you spend too.
4. Try not to dip into savings unless you’ve specifically set these aside for post-lockdown fun! It’s all too tempting to draw on money you put away for a ‘rainy day’, but you may regret it later when faced with unexpected costs. Be strict with yourself!
5. Pace your spending and don’t try to do everything at once. You might want to head to the pub, get a haircut and go for dinner all in the first couple of weeks but is that realistic? What budget will that leave you to enjoy until your get paid again? Spreading things gives you something to look forward to and means you’re less likely to go over your budget.
Sarah Holt, Head of Partnerships at Monese added: “It’s so exciting that we’re able to get back out and enjoy outdoor meals and of course that long-awaited pint in a beer garden! Naturally, with so many more options available to us, it could be easy to lose track of what is being spent. Our survey revealed that many people are nervous about this.
“Setting yourself a clear budget, tracking spending, and resisting the temptation to dip into savings for non-essential purchases will all be important.
“For anyone who is worried they’re spending is getting out of hand, they should speak to their banking or money app provider and ask about the features that can help, such as budgeting and monkey management tools and savings Pots.”
For further information please visit: https://monese.com/gb/en/blog/keep-spending-under-control
