Young people's finances

Many people, myself included, have found they were able to save more by not going out and not spending on non-essential items.

So here are my simple ways to help you keep those lockdown savings going and to help you spend less.

Step one, make some easy lifestyle changes. If you've already been cutting your own hair or dying your own hair at home, then you want to keep that going. Also, think about inviting your friends for dinner and cooking for them, rather than going out to eat all the time. You can also consider buying fewer clothes and just wearing what you have since you're not going out as much.

Step two, map out your payments. Having different accounts is a great way to organise your money, but make sure you also have a dedicated savings account. Even better, you can create a standing order from your current account to your savings account that moves your savings, and therefore you're not even seeing the money leave.

Step three, prioritise paying off your debts. Once your debts are cleared and out of the way, you should aim to have three months of outgoings in an emergency fund saved. Once that's done, that's amazing!

You can also think about increasing your savings by investing in stocks and shares, a lifetime ISA or even an ethical investment account.

For more ways to improve your finances, go to Aviva's Young People's Finances Hub. 

A growing number of people are dealing with financial setbacks at the moment. Dealing with a sudden loss or reduction in income can be incredibly stressful. So, here are some ways that you can deal with having less money in the short term.

Number one, cut back on non-essential spending, like buying new clothes and eating out. You can also try cancelling subscription services.

Number two, prioritise your bills so you know which ones are necessary and which ones you can defer. You can also try renegotiating with your existing bills provider or shopping around to see if you can find better rates with new providers.

Number three, speak to your landlord or mortgage provider and ask them if you can get a payment holiday.

Number four, reach out to your bank and insurer, and ask them how they can support you during these times.

Number five, boost your income, by selling clothes or devices you no longer use or need, letting out a spare room if you have one, or even becoming a delivery person, if you have a car or a bicycle.

For more ways to improve your finances, go to Aviva's Young People's Finances Hub.