Whether it be through being laid off, furloughed, having to pay healthcare bills or by other means, the coronavirus pandemic has caused many people to undergo serious financial difficulties. As the UK tries to slowly get back on its feet, it may be a good time for you to take stock of your current financial situation.
While the UK may have started easing some lockdown measures in an attempt to reopen the country, the future remains uncertain. Consider the following steps to make yourself and your wallet as prepared as possible:
- Don’t hide from reality—During times of financial stress, you may not want to check your bank account balance, but it is very important to be fully aware of the extent of your resources in order to make the most of them.
- Cut unnecessary spending—Analyse your monthly expenses. If your income is lower than you are used to, it is important to save in any way possible. Small monthly subscriptions to entertainment services may have seemed like nothing before the pandemic, but now they may be the difference between making ends meet and not.
- Ask for help—If you find yourself having financial struggles, you should disclose your situation to your lenders, as many are obligated to help. Landlords may also consider reducing monthly rent payments.
- Be prepared—The UK may be attempting to reopen, but that doesn’t mean that the situation might not take another turn for the worse. Save as much money as possible and do so using safe investments like a savings account rather than the stock market.
- Shop Intelligently—There are certain necessities that remain unchanged, such as groceries. However, many supermarkets have ceased promotions and increased prices during the pandemic in order to discourage stockpiling. Unfortunately, many customers may be in more difficult financial situations than they were before the pandemic. As such, these changes can have an adverse effect on people who may be trying to stretch a budget with more restrictions.
It’s important to stretch your money as far as possible. When it comes to shopping, be sure to take these steps:
- Set a budget, and stick to it.
- Compare prices online to find the best deals.
- Take advantage of loyalty programs and apps.
- Check if your household is eligible for shopping vouchers.
- Do not prioritise brand-name products.
This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. Content by Zywave, Inc. provided by TH March.