Flexible working has created significant savings for some – but many workers say their finances have not recovered to pre-furlough levels, according to new research.

The small amounts saved from being able to work from home have soon added up, Aldermore bank found in a recent survey.

The poll of 4,000 people delved into how changing work routines have affected people’s spending and savings.

Those working from home estimate they have saved more than £100 per week on average through a combination of fewer travel, food and socialising expenses, with the biggest savings tending to be made from commuting less often.

But while some have built up tidy sums, others say their finances have still not recovered – with around two-fifths (41%) saying their finances are not yet back to pre-furlough levels, and nearly two-thirds (63%) of people who were furloughed still actively trying to rebuild their finances.

Even those who have managed to make savings may be finding they’re quickly eaten up by surging living costs.

Comparethemarket.com recently found two-fifths (40%) of households have now spent some or all of their savings built up during lockdown, and 57% aren’t confident their savings will last them the rest of the year or cover rising bills.

Ewan Edwards, director of savings at Aldermore, says: “With the increasing cost of living and rising expense of returning to the workplace, many are seeing continued financial strain as we return to normality.

“It’s a critical time for people to stay engaged with their finances, so if any changes occur to outgoings, this can be managed and planned for.”

Whether you’ve managed to save or had to spend as a result of changing work habits, here are some tips from Aldermore for staying on top of your finances…

1. Set savings goals

Being clear on what you’re saving for will help motivate you.

2. Check where your savings are held

Shop around for the top interest rates on any savings. Using different savings products can also help. For example, fixed rate accounts often offer higher interest rates and can be useful when saving for a bigger expense on the horizon.

3. Review your spending regularly

Calculate all your outgoing expenses and work out how much of your pay you spend on these items. Look for anything you can drop.

4. Set a budget and hold yourself accountable

Don’t shy away from reviewing your bank balance regularly. Ahead of every week, keep track of how much you’ve spent so far and adjust your budget based on this.

5. Grow a separate emergency fund

By growing an emergency fund, alongside regular savings, you’ll be able to get back to normality more quickly if an unexpected expense crops up.