Helping you through these difficult times
Focusing on our health and that of our family has been all our primary concern, but many are already feeling the financial impacts on theirs and their families’ lives.
If you have not already started looking at your finances, we would encourage you to do this to help manage you money as effectively as possible, over the coming months.
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Everyone and every household is different and things will continue to change quickly, so there is no one size fits all, but the following list should apply to most of us.
|Get your housekeeping in order. Know what savings, investments and loans you have and who to contact|
|Plan ahead. What do you have coming in and going out? What is coming up in the next few months?|
|Have a budget plan – Understand your income and outgoings. Review all current expenditure, cancel any unnecessary spend and look to renegotiate existing contracts to free up extra income. Do shop around to get the best deals in order to maximise savings|
|Review all existing assets and liabilities. If you have debts look to minimise the interest payments by 0% balance transfer credit card where available, talk to your creditors if you are struggling financially – all major banks have given the UK Government a commitment on treating customers fairly, and allowing payment flexibility|
|Review your utility providers and current contracts, are there any savings to be made on your existing tariffs?|
|Check universal credit eligibility, which is available for people in and out of work. Support for rental costs will be paid through Universal Credit|
|Travel season ticket holder – If you have not already got a refund and you continue to work from home, you can still get your money back from travel operators|
|Check if you are eligible for a mortgage or rental holiday. Most loan and credit card companies are also offering payment holidays and all banks are currently offering interest free overdrafts of up to £500 for three months|
|Be wary of scams – https://www.fca.org.uk/news/news-stories/avoid-coronavirus-scams|
Find out how our experts are managing throughout the Covid-19 changes, and what they have to say about managing finances and overall wellbeing.
You can either watch our first video “Making the most of your money during uncertain times”. Or you can navigate to each section below to watch again at any time you want.
This is designed to take you through a number of key areas and practical information about managing your finances, what help is available from the Government, support being offered by most banks and other financial institutions.
We continue to re-record these videos as the COVID-19 situation progresses, the videos were last updated on the 15th June.
How budgeting can help
Time off work and getting sick
What if you lose your income
Savings, investments, pensions
This site and the materials made available on it are intended for general information only. They do not contain investment, financial, legal, tax or any other advice and should not be relied upon for this purpose. The materials are not tailored to your particular personal and/or financial position. If you require advice based on your specific circumstances, you should contact a professional adviser.