Money warning: Savers urged to ‘spend mindfully’ as high-street starts to open
Savings have been pushed to their absolute limits over the last few months and consumers across the UK have been hit hard by coronavirus. The disease has completely upended most people’s lives as income and employment dries up.
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This would be hard enough to handle on its own but aggressive lockdown rules meant that people have very limited options for where they can go and what they can spend their money on.
The population at large is likely very eager to get back to some normality.
Activities such as visiting a restaurant or going to the cinema – once they reopen – will feel like a blessing to many who have been stuck at home for months.
Thankfully, the country may slowly be starting to open up again in the coming weeks and months.
On May 25, Boris Johnson in a daily press conference revealed that some parts of the country will soon see life again if the current trends persist.
The Prime Minister said: “Today, I want to give the retail sector notice of our intentions to reopen shops, so they too can get ready.
“So I can announce that it is our intention to allow outdoor markets to reopen from June 1, subject to all premises being made COVID-secure, as well as car showrooms, which often have significant outdoor space and where it is generally easier to apply social distancing.”
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He went on to highlight when other retail shops may open: “Then, from 15 June, we intend to allow all other non-essential retail, ranging from department stores to small, independent shops, to reopen.
“Again, this change will be contingent upon progress against the five tests and will only be permitted for those retail premises which are COVID-secure.”
This is undoubtedly good news and consumers across the UK have earned their right to enjoy some retail therapy after so much stress.
However, it’s now been suggested it would also be a shame to see some of the money the population has collectively saved during this period spent without consideration.
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Adam Bullock, the UK Director of TopCashback UK, has called for people who show a little bit of restraint as the high-street reopens.
He exclusively told Express.co.uk: “As lockdown eases and shops start to re-open, it’s natural to want to return to our way of life as we knew it.
“For many, splurging in person (especially with the rumours of huge sales) could be too tempting to miss.
“Whilst going to the shops may feel novel and possibly therapeutic, it’s important to try to spend mindfully.
“If you’re lucky enough to have saved anything during lockdown, this needn’t get blown in one go.
“Of course it’s vital to help the economy recover, but remember we do not know how long the situation will last for.”
There are digital tools available which can help people make sure they keep track of their income and outgoings, as Adam explained: “If you set clear spending budgets by using apps (such as Money Dashboard) you’ll be able to track your finances and manage your monthly outgoings carefully.
“Other personal finance apps like Chip and Emma can also be brilliant for helping you save money subconsciously.”
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