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Managing your money after lockdown

With shops, restaurants and other industries back open, life after lockdown could be exciting.

But the opportunity, and potential pressure, to make up for lost time could put a strain on your finances. 

It’s worth making a plan to maintain any good money habits you may have made since the pandemic began, and avoid spending you could later regret.

Plan a post-lockdown budget

Coronavirus has had a major impact on many people’s income and expenses. As normality returns – to some extent at least – it’s a good time to check where your finances are at. 

Creating a budget, which looks at everything from your rent and bills to food, can help you prioritise your spending and feel more in control. Our budget planning tool can help you break down your spending and see where your money goes.

If you can, you may want to start allocating some money for going out and socialising again – whether that’s to cafes and restaurants, cinemas or galleries. It also pays to factor in other costs, like lunches or takeaway coffees. Setting aside certain amounts from your budget can help you avoid spending more than you want to. 

Remember, you don’t have to spend money all the time. Meeting friends in the park can still be a good way to get out and enjoy yourself, for example. 

See more about everyday budgeting.

Manage your repayments

If you’ve taken a payment holiday or borrowed money during the pandemic, it’s important to look at how you’ll manage your repayments. 

Prioritising your debts could help you feel more in control. Your budget may let you see if you’re able to make overpayments to help reduce any debt you may have, quicker

Keep in mind – you’ll still need to meet the minimum repayments on a credit card, and make loan and mortgage payments, if you have them. 

If you need help with managing your money or find you’re falling behind, you may want to try talking about your finances with a trusted family member or friend, or look at ways to get assistance

You can also find out more about how to manage financial anxiety and managing debt.

Keep your savings pot growing

If you’ve managed to save some money through lockdown, you may want to keep this going. Here are a few things you could try:

  1. Set a goal

    Give yourself something specific to save for, such as a holiday or an emergency fund, to help keep your savings efforts going.

  2. Save in the right place

    There are different types of savings accounts available, including fixed-rate savers and Individual Savings Accounts (ISAs). Finding the right type of savings account to suit your needs can help you achieve your goals.

    Explore: Savings guide

  3. Move your money on payday

    Moving the amount you want to save into your savings account on payday means it’s out of your current account, which can help reduce the temptation to spend it.

  4. Automate your savings

    If you know how much you can afford to save each month, you may want to look at setting up a standing order, which moves your money into your savings account automatically.

  5. Find a balance

    You may have been able to put away more than usual in lockdown, but it’s important to find the right balance if you plan to be out socialising again. Try to set a realistic amount to save and a realistic amount for socialising within your budget.

Manage your money

You may have changed the way you manage your money over the past year, such as using online or mobile banking more. You can continue to do this. For example, you can use online banking and the HSBC UK Mobile Banking app to:

  • move money to other accounts

  • check your balance and view statements

  • see recent transactions and get notifications