How To Manage Your Money During COVID-19

The COVID-19 pandemic has had and is continuing to have a devastating effect on many people’s livelihoods and causing many people to have financial worries. Many companies and banks are doing their bit to ease the financial stress, but even so, it is a difficult time for many. If you are struggling, then there will be some help out there for you or things you can do to help yourself, so try not to worry too much, take a breath and have a look at this list to see if there’s anything you haven’t thought of yet.

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Check what benefits you’re entitled to 

It’s important to check you’re getting the benefits you’re entitled to. Special measures have been put in place for people who are self-employed and those who are unemployed, and although the benefits system can be overwhelming, especially if this is the first time you have needed to make a claim, there is plenty of help out there for you and forms you can fill in to see what you’re entitled to. 

Talk to your creditors 

It’s always worth talking to your creditors and asking them if there are any relevant schemes that can help you. Let your creditors know of your situation as some have introduced payment holidays and other schemes to help people who are struggling financially. Alternatively, you could have a look at consolidation loans for bad credit to see if you can reduce your payments and have them all in one place, so they are more manageable. 

Review your spending 

The first step in taking control of your finances is understanding when and where you are spending your money. Take some time to review all your spending and bills, go over your bank statements, and make a list of all essential and non-essential payments. At the moment, by staying at home, you should be saving on travel costs, eating out, going to the pub and shopping for clothes. However, if you don’t have much coming in, then this isn’t really going to help you. Make a list of what you have coming in and going out and see if and where you can make cutbacks. Also, make sure you check for competitive rates with your utility and broadband suppliers. 

Use Budgeting tools

As life has been turned upside down for so many people, it is no surprise if your budgeting has been affected. What you are spending your money on has changed, you may be saving on the kid’s hobbies but spending more on supermarket shopping. It’s important that you have some money aside for your essentials like bills and food shopping, and budgeting tools can be really helpful for making sure you have enough money for what you need when you need it. 

Keep up to date with Government advice

Although it can be draining to watch the news all the time at the moment, the government has made several changes lately to both the welfare benefits system and how creditors take action to enforce debts and arrears. It’s important that you are up to date with these, so make sure to keep checking the latest government advice.

Get HelpIf you are struggling, then get help. There are debt advice charities who can help you for free, so talk to someone, and they’ll help you to make a plan.