Lockdown has been tough and thrown many challenges our way. If you’ve been struggling with your finances over the last few months, then you are not alone. Millions of people have seen a change in their circumstances due to the coronavirus pandemic, whether that’s a change in income, reduced working hours or they’ve been furloughed.
With less money available to manage repayments, many people have asked lenders for a payment holiday on things like mortgages and personal loans. Payment holidays can offer a short-term break from monthly repayments but it’s important to remember that interest is still charged during this period. This means the total amount of debt which you need to repay will increase and is usually added on to the total amount payable.
Unfortunately, for some, the pandemic has pushed them into a difficult financial position. If you’re in that situation, or finding it difficult to manage your money, what can you do?
We’ve teamed up with financial coach Catherine Morgan from The Money Panel to create a podcast with our Consumer Managing Director, Paul Went, featuring lots of useful guidance and tips on recovering financially from lockdown. You can find the podcast here and you’ll also find lots more information on our MoneySure page.
But here are a few pointers that could help you start to tackle your money worries.
We hope these tips will be useful to help people manage their finances better, whether the country is in the middle of a pandemic or not. In fact the lockdown could actually be good opportunity for many of us to get into better habits with our money, especially if you’re already saving on costs such as the daily commute, or have reigned in your spending on restaurants and going out.
Here’s a few suggestions, but there are even more moneysaving tips on the MoneySure page.
Sadly, it looks like the coronavirus and some form of lockdown will be with us for some time. Even then, when the virus does dampen down, the idea of getting back to normal will be very different as the country recovers from the economic impact of COVID.
So, whether you’re currently struggling financially or not, now is a good time to review your finances and take control of your money.