The coronavirus is affecting the world in so many ways.
Not only is greatly affecting our health and well being, but it is also affecting us in a number of other ways:
- Socially – We are cut off from our friends and family and are having to adapt as best we can during these uncertain times
- Perceptions – How we look at each other and how we view diseases in general is being tested
- Economically – Many people are not working, have lost their jobs or are facing financial uncertainty
The last one on our very brief list that hardly covers all of the areas that are under threat is the subject of this article.
We want to do our best to help people stay on top of their finances during this difficult time and manage their money in a way that is sustainable and helpful.
We could be facing several more months of this pandemic, so we want to plan for a middle road ‘case-scenario’.
It’s not the best-case scenario, and it certainly doesn’t account for the worst-case scenario, but it is somewhere in between.
Many people out there do not have an emergency fund, and they could already be in debt or have mortgages and bills to pay.
This is very common in the world that we live in, but we want to help people prepare for financial uncertainty by making some changes and protecting your finances.
Scale Back Your Spending
This is very important, and something that people should generally already know they should be doing.
Obviously, no-one is going out ad spending money in bars, leisure centres and the likes, but you certainly shouldn’t be wasting money on high value items and commodities you simply don’t need.
Prioritise Mortgages and Bills
Keep paying your mortgage, and if you can’t, speak to your provider and try to work out a solution.
The UK has brought into effect payment holidays for 3 months while the country is in lockdown, so ask about going down this route if you can keep up payments.
Apply For Universal Credit
Check with the government to see if you qualify for universal credit and other benefits.