Nothing is normal right now because we’ve never been in this situation before on a global scale. Our spending habits are not the same and many of us are spending less because we can no longer go out and spend in the same way as we did before, such as eating out, getting take away coffees, paying for high priced gyms and classes as well as buying lots of clothes or spending money at the pub, the nightclub or on our regular beauty treatments.
Using simple tools such as the Yolt app can help you see your money movements in all your accounts in one. Also, keeping up with Martin Lewis fromDo you have any practical advice about making the most of our savings during this time? If you take a look at what happened to Northern Rock in 2007, there comes a time when even the main banks we have come to know and love are not 100% safe during a global depression. This means that at any time they too could crash and restrictions would be placed on all accounts prohibiting money from being withdrawn in certain amounts, if at all. This also happened in Greece in 2015 when all the banks closed on a Sunday without prior warning.
Yes, quite simply, SAVE YOUR MONEY. We’re in this for the long haul. The global recession of 2007/08 lasted 18 months. The Great Depression in 1929 in America lasted for years. Both were bad and had huge consequences around the world, but right now we have something much bigger on our hands called global dislocation of finance.