Britons saved 17.3 billion pounds a month between March and June

The lockdown gives the English a great chance to save

When the United Kingdom began its first closure last March, the British woman, Laura Berks (23 years), took a financial approach characterized by extreme savings, as the girl who lives in the capital London moved to her mother's house in the English countryside, and thus reduced her spending due to not paying the monthly rent or buying clothes. New or summer vacation travel.

She made so much money, around £ 32,000, that she got enough money for the first installment of her own home's value.

For the time being, England has renewed the lockdown again, which will invite Laura again to save her expenses. The four-week opportunity of closing bars, restaurants and shops, which began this month, is considered by Laura to be actual training in a high-intensity savings method, as she is determined to allocate what Enough to furnish and decorate her new home by the time she is ready to move in at the end of the year.

The Covid-19 pandemic has hit economies all over the world, but in Britain, the United States and many other countries, researchers have found that some people, through a combination of government support, sense of mind and assertiveness, have ended up doing better.

According to the Bank of England, British households saved an average of 17.3 billion pounds a month between March and June.

Many also redirected their income to reducing the balances of credit cards and personal loans by an average of four billion pounds per month during that period.

England's second lockdown is shaping up to be different from the first, given that restrictions are set to be in place for less time.

The shutdown occurs during the holiday shopping season, but wealth creationists say people in England and around the world, who face tighter restrictions, can take advantage of a short forced hiatus to improve their finances.

Like many national leaders, British Prime Minister Boris Johnson faced intense pressure to end the lockdown.

Although it may be extended, the exit scheduled for December 2 provides English residents with more clarity than it did the first time.

The current complete lockdown applies only to England, but not to the rest of the United Kingdom: Scotland, Wales or Northern Ireland.

Experts say savers can use the England deadline to their advantage.

As with any challenging task, knowing when the lockdown will end can help motivate people to increase demand for financial behaviors that will be more challenging in the long run.

The 28-year-old London business manager, Abigail Metcalf, says she has pledged to cut her spending this month by making all of her food from scratch, and since she does not take public transport or private cars, the money she saves will go directly to her savings.

With many offices closed and commute times shortened, consumers may have time to evaluate recurring charges, such as phone, gas, electricity, internet bills and other utility bills.

"The savings that consumers can save can be substantial," said Ben Yersley, chief investment officer at Sure Financial Planning.

He recommends researching offers from other service providers, as well as deals that your current service provider might use to attract new subscribers.

He added, "Threatening to abandon the services of merchants and service providers could lead to lower prices for goods and services."

Aaron Steele, a 25-year-old financial advisor from London, says he was spending £ 20 a month on a TV subscription that he didn't need, because he already had most of the channels through a different provider.

He adds, "I saved 10 pounds a month by switching to a different mobile phone service provider. These changes will save me 360 ​​pounds a year."

Steel says that he has managed to save an additional 7,000 pounds, in addition to his regular monthly savings, since last March, through a combination of budgets, saving more, and changing service providers.

Not spending

Laith Khalaf, financial analyst at AG Bell, a Manchester-based digital brokerage firm, said: “One of the trends among those looking to save money is, finally, to challenge themselves with months (not spending). It's a natural opportunity for people to participate. By cutting their spending, often in extreme ways, for a period of four weeks, making the closure a psychological matter for everyone.

The

Follow our latest local and sports news, and the latest political and economic developments via Google news