Daily life has certainly been well and truly disrupted as a result of the coronavirus (COVID-19) pandemic, and things look set to remain this way for the coming weeks. Many people are now self-isolating and working from home so it makes sense that you’ll need to consider how to cut costs for the things you no longer need right now.
Whether it’s on bills, your mortgage and other regular payments, or just general shopping, we want to go through some of the most effective ways for you minimise your outgoings during the outbreak...
Really take control with a remortgage
If you happen to be approaching the end of your current mortgage deal, then choosing to remortgage can be one of the most effective things you can do to save thousands every year. Say for example, your current mortgage rate is coming to an end in the next couple of months, you can start shopping around now and avoid being automatically put onto your lender’s standard variable rate.
With rates as low as they are at the moment, remortgaging is certainly worth looking into. Act now and speak to an experienced mortgage broker who can search the whole market to find you the best deal. Usually you can lock in a new rate 6 months before the end of your current fixed-term.
Also, don’t forget that the government announced mortgage payment holidays would be coming for those facing financial difficulties at this time.
Press pause on your gym membership
Like many people you likely have a membership to a gym, well with the current situation it may be beneficial to freeze it in order to save a little more, as you’ll likely not be heading for a workout for a few weeks.
The vast majority of gyms allow members to freeze their memberships, and most are certainly allowing this during the outbreak for obvious reasons. For example, PureGym has agreed to waive their usual fee to do this, and those considered to be vulnerable to the virus can pause their membership for 3 months. Contact your gym or health club asap to enquire about freezing your membership, you might as well save the money while you’re not using it.
Cut down your energy costs
Whether you're self-isolating, working from home, or still heading to work, it’s always worth finding ways to keep your energy bills down. If you are spending more time at home due to the pandemic, then your energy bills will likely start to rise anyway, so now is the best time to cut those costs.
Switching your household's energy supplier can be a great way to potentially save hundreds of pounds over the year, especially if you change over to the cheapest deal on the market from one priced at the level of the price cap. Keep in mind you won’t see immediate savings from switching as it can take 14 days to elapse your current provider and a further week to fully switch over.
So for faster energy savings you could consider; switching your electricals and gadgets off when not in use instead of leaving them on standby, replacing light bulbs with energy saving ones, turning off heaters and radiators when you’re not using the room they’re in, and only running your washing machine when it’s full.
Get a better deal for your broadband
Thankfully, internet providers have stated that they’re prepared for the increased traffic to networks due to the majority of people suddenly working from home. However, you may still be paying more than you need to for your broadband service.
Consider switching suppliers like you would for your energy bills, as there are often cheaper introductory prices for new customers from other providers. You could always contact the one you’re currently with to haggle for a better deal.
Exercise your refund rights with deliveries
Given the current climate, many retailers will be struggling to handle the rapid rise of online shopping orders, as more and more people self-isolate. As a result it may be likely that orders are quite late and may not even show up.
So remember that your consumer rights to cancel and get your money back still count. A retailer must deliver to you within the timeframe promised, if no timeframe has been agreed, the retailer must deliver it within 30 days from the date you ordered.
Take time to review your TV subscriptions
No doubt many will have exhausted their Netflix catalogues over the coming weeks, so it might be worth switching over to a service that’s offering better deals for new customers. Or changing to those offering extras for the period of self-isolation.
For example, Sky is planning to release new films at the same time as their cinema release. Speaking of Sky, with the majority of sports fixtures having been cancelled, it may be worth cancelling your sports package subscriptions until events are rescheduled.
Cancel your travel tickets
If you’re now working from home for the foreseeable, you won’t be needing your season pass for transport to and from work. This won’t apply to everyone of course, but if you do use public transport then it’s worth noting that companies in the UK will let you cancel your season ticket if you’re now working from home.
Companies such as Operators such as Transport for London, Transport for Greater Manchester and Strathclyde Partnership for Transport are offering to refund a portion of people’s passes. Restrictions and T&C’s apply so it’s worth checking as soon as possible.
These are just some of the ways you can cut costs during the COVID-19 outbreak, and if you have any questions regarding a remortgage, please don’t hesitate to get in touch with our warm and friendly team today on 0345 305 2540, or at info@taylormade-finance.co.uk.
