ONS has released new figures on household spend across the UK, following months of lockdown and social distancing restrictions. Money.co.uk comments on how people can best manage their money during these times.
Salman Haqqi, personal finance expert at money.co.uk said: “The closure of shops, restaurants, bars, and travel, means weekly household spending has been down. New data reveals that households are spending, on average, £182 less each week under lockdown.
“For many, this has come alongside reductions in income. Therefore, any cuts in non-essential spending are a welcome relief on squeezed budgets.
“For people lucky enough to be earning full wages, the lockdown has presented a golden opportunity to pay off debts or save.
“Those in debt should prioritise paying it off, be that on a credit card, loan, or mortgage. Then it’s time to save. While it’s not currently a savers market, there are still deals to be had. Ensure you check the best savings rates available, to make sure your money will work the hardest it can for you.”