The current situation with coronavirus is clearly unprecedented and is causing worry for many individuals and businesses. The main source of anxiety for many will be their finances.
What to do:
- Try not to panic. No problem is unsolvable and there are plenty of organisations and people who can offer you support.
- If you have debts and are worried, reach out to the company you have debt with: mortgage providers, credit card companies, banks, utility companies, etc. Most already likely have a contingency plan in place to support you – allowing you either payment and interest breaks or deferred payments.
- Stay up to date with the news. The government have announced lots of measures that are there to support employees, the self-employed, and wider society. Certain groups that are not currently supported by government measures (like those who started new jobs in March 2020) are also petitioning to get further help, so it’s worth staying up to date and keeping your eyes peeled for new announcements.
- Create a budget. Set aside some time to come up with a new, realistic budget of incomes and outgoings. It’s better to spend some time in organising it and to get it right than to rush it. Choose a regular time each week to look at your money and expenditure to check that you’re on track.
- Look for ways to cut costs, for example use comparison sites to find better deals on your bills. Many people can save hundreds of pounds by doing this.
- Do not try to ignore the situation. Dealing with the problem early on is the best approach and can help you to reduce your worry. Just remember that the situation will pass and you can regain control again over your finances.
Where to get further help from:
- Money Saving Expert – Coronavirus advice
- The Guardian – What does the coronavirus mean for your finances?
- StepChange Debt Charity – Coronavirus support
- Money Advice Service – Coronavirus advice
- Avoiding overexposure to the news – Stay informed but limit time checking the news if it feels overwhelming.
- Talking to others – Talk to others about concerns and feelings. Those that are self-isolating should speak with others regularly through video calls.
- Looking after ourselves – Try to maintain a healthy and balanced diet, incorporate some exercise across the day, and get enough sleep. Also try to make time to do activities that are positive and calming.
- Read this detailed advice from Mind – Coronavirus and your wellbeing