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Lockdown legacy savings calculator

Written by Salman Haqqi, Senior Personal Finance Writer

6 July 2020

With many households cutting back on spending during lockdown, many have managed to save more money than usual. The new money.co.uk Lockdown Legacy Best Savings Calculator reveals just how much you could save if you carried on saving after lockdown restrictions are lifted.

Graphic to illustrate savings calculator from money.co.uk

Coronavirus has put life on pause for households across the UK, with many struggling to cope with reduced income. However, the lack of opportunities to spend on things like dining out, expensive haircuts or travelling into work, has meant that many have been able to slash their personal spending during lockdown.

Our study found that 71% of UK households have actually saved cash in the last three months, with an average weekly saving of £221.50 - that's an impressive £2,879 each during lockdown.

These new spending habits formed under lockdown, could have a significant impact on households' savings, if they stick to them after restrictions are lifted.

Our personal finance experts have produced a lockdown best savings calculator to show exactly how much households could save if they continue to keep their lockdown saving habits. 

The pain of lockdown and coping on a reduced income has been difficult for many across the UK. Getting your finances in great shape should be a priority for every household and the best way to do that is pay off any debts, open a savings account and then put away as much as possible, whenever you can.

For the best savings accounts, to open a high interest savings account or to compare savings accounts visit the savings account hub.

Help stretch your budget that little bit further by making the most of your savings.

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