Five families tell how they're going to spend after saving in lockdown

As lockdown life continues to take its toll, there is a silver lining for some, at least. With nowhere to go and nothing to do, there is little for us to spend our money on — and many people’s bank balances have received a welcome boost.

Bank of England figures this week revealed that families have squirreled away more than £150 billion over the past year.

This highlights the uneven impact of the pandemic, with the nation increasingly divided into ‘haves’ and ‘have-nots’.

Spending money: Bank of England figures this week revealed that families have squirreled away more than £150 billion over the past year

Last month, official research revealed that nearly nine million people have had to borrow money to get through the pandemic, with the young and poor worst hit.

But the Bank of England’s chief economist, Andy Haldane, says that with better-off households primed to go on a spending spree when lockdown eventually ends, they will give our economy a vital shot in the arm. 

Here, five families reveal how lockdown has helped them improve their finances — and how they plan to spend the cash they saved. 

We bought our first home 

Better off: Mirnalini Raman and husband Ajay saved a huge £26,850 in lockdown

Mirnalini Raman, 37, a children’s luxury party planner, lives in Welwyn Garden City, Hertfordshire with husband Ajay, 39, a company director, and their two sons aged seven and nine. She says:

We were so looking forward to 2020, as we had two three-week holidays booked – one to India, one to America – and had budgeted £12,000 in total for flights and other costs.

The cancelled flights were refunded when they were cancelled and our spending money was untouched, but that was far from our only saving in 2020. 

Although my children’s party business pretty much ground to a halt, I was staggered to see that I saved thousands on travel, fortnightly hair appointments, business lunches and family dinners.

I’m also a very sociable person. I dine out with friends…