How has COVID-19 affected your finances?

This pandemic has affected and most likely will effect yours, your families and most people’s general household finances for years to come. With this in mind, it is important to have a plan and to prioritize your spending. Furlough has become everyday language; for some it’s what has saved their job for a little bit longer and for others it’s been that dip in regular income that has caused struggle and stress. We all know that job losses and redundancies have vastly increased and so job seekers competing for available positions will also be at a high.

If you cannot pay your bills because of Coronavirus, you might be able to claim benefits or get additional money on current benefits if;

  • You have coronavirus or following guidance to isolate
  • You have lost your job
  • You are self-employed and cannot obtain work
  • Your workplace is closed

Other things to check on are whether you are entitled to free school meals (by searching your Local Education Authority – LEA – on gov.uk), getting help with living costs by searching through your local council (extra help is offered to those who have a child who needs help or if you have a medical condition and require a carer) and seeing if you qualify for a council tax reduction particularly if your income has dropped or if you have recently started to claim benefits.

If you consider taking out a loan or borrowing money in any way, always ensure that you have compared different deals, make sure that you can afford to pay it back and always check that you are borrowing from an authorized or registered lender.

Further advice and guidance can be found at: https://www.citizensadvice.org.uk/debt-and-money