Unfortunately, Covid-19 has changed the way we live today and no doubt how we think as well. Our primary concern now is health, but financial wellbeing doesn’t trail close behind. Thousands are worrying about how they will pay their mortgage or rent, and then there are still bills and debts to pay and on top of it all, the UK goes back into lockdown this month. When will it ever end? For many, their wages have already been cut and the contracts have dried up already – now what do you do? We would like to share with you a couple of financial tips on how you can stay afloat during Covid-19.
- Use tech to shop around
There are a few websites that compare and track the prices of thousands of shops. Just a couple of clicks can find you the cheapest prices. Some of these sites you can use day in and day out to save money on everything. Some of them have a handy tool called the price history tool where you can see if the current price is lower or higher than usual.
- Push for refunds for services you no longer can use
How’s about that gym membership, or the subscription to restaurant clubs – think about all the services you were benefiting from before Covid-19 struck. If you are a consumer and you can no longer use the service or product because of lockdown, you are fully entitled to get a refund.
- Get benefits you are entitled to
Employment: The job retention scheme could cover 80% of your wages per month and you might be entitled to SSP (Statutory Sick Pay) if you are ill.
Self-employment: You might benefit from the self-employment income support scheme. Other bills and benefits: When it comes to your car payments, you might be fortunate enough to get a 3-month payment holiday to relieve you of making payments, but try and keep up the payments rather. Check out everything where you could be entitled to benefits such as paying your electricity, gas, and water bills. What about your children being entitled to free meals at school? Check all your benefits out.
- Do a money detox: This helps you to reduce spending and to simplify your finances.
- Time to check out and review your savings: It’s time to check the best buying tables now and see if there are any building societies or banks that will give you better returns.
A checklist of steps to take if you have already lost your job
You will straight away need to find out how –
- You can get help with your mortgage or your rent regarding payment protection insurance as well as discussing your situation with your bank or landlords, etc.
- To sort out your income when you’re out of work because you are likely to be entitled to various benefits, tax credits, and rebates. In order to get money coming in, claim straight away. Then start thinking about other things to do in order to boost your income.
- To get on top of your debt when you are battling financially or you have lost your job. Now is the time to make a list of your top payments and start to concentrate on paying the priorities off first.
- To revamp your budget in these times to get a clear idea of money coming in and money going out so you can make some savings.
Millions have turned to short term loans to help them out in times of emergency
Quick, short-term loans might be just what you are looking for when you are financially desperate for money – they can be like a lifeline if you need to borrow a small amount for just a short period of time – when there is no money coming in from relatives or your boss. Just choose the reputable guys who will give you the best deal. Let Money vice give you some excellent advice with the review of the UK’s best payday loans. Other places that might be able to help you with loans are Credit Unions that are similar to payday lenders. Then there’s Citizens Advice that can also help you when faced with money, legal, healthcare, needs, etc. Try Turn2Us too, who can help you to get back on track.
Stress levels have certainly gone up during Covid-19 – its fear for our health and the economic situation uncertainty. Millions of Brits are trying frantically to cope with the economic fallout from Covid-19, creating massive hardship all around. What must you do when you are struggling with financial anxiety? Facing redundancy and loss of income can paralyse a person with panic. But it really is important to start working out what you will need to survive. Don’t keep your financial worries all bottled up – there are friends and relatives who will listen, support, and advise – even if they can just give some perceptiveness in anxious times. Here is some advice on how to handle many things during the Coronavirus. Just remember wise words that Will Rogers said that are so applicable at these times; that if you want to double your money, just fold it over and put it back in your pocket.