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Financial Wellbeing

Financial Wellbeing amidst COVID-19

The coronavirus pandemic has essentially changed the way we live. It is a frightening and distressing time, and while the primary concern is health, our financial wellbeing is also important

Mortgages

Three month mortgage payment holidays are available for those who are struggling. On the 17th of March, banks agreed with the Chancellor that they will offer ‘forbearance’ (tolerance and help) on mortgages

Loans & Credit Cards

It’s not just mortgages; banks are also helping those who are struggling to repay personal loans and credit cards

Help for Renters

You’ll be protected from eviction if you’re struggling to pay rent during the coronavirus outbreak. You should speak to your landlord as soon as possible about your situation and work a repayment plan. Home movers are urged to delay moving house

Click on the link below for more information:

The Coronavirus Finance & Bills Help Guide

Money Saving Expert - Mortgages

 

The spread of coronavirus may also affect your work and benefits

Working from Home

If your employer requires you to work from home, you can claim for increased costs due to working from home e.g. heating and electricity. With talk of remote working lasting up to 6 months, this is worth knowing. You can claim it via self-assessment or a P87 form

Self-employed

A new self-employed income support scheme has been put in place in which the Government pays 80% of profits up to £2,500/mth. This pays a non-repayable grant to support some whose profits have been hit by the coronavirus outbreak

Follow the link below for more information:

Money Saving Expert - Coronavirus Self Employment Scheme

 

Statutory Sick Pay (SSP)

If you think you’re entitled to SSP. You can get £94.25 per week if you’re too ill to work. It’s paid by your employer for up to 28 weeks. The government is legislating for SSP to be paid from day 1, rather than day 4, of your absence from work if you are absent from work due to sickness or need to self-isolate caused by COVID-19

Benefits

Universal Credit will be available to new and existing claimants regardless of whether you’re employed, self-employed or a job seeker

Click on the link below for more information:

GOV.co.uk - Universal Credit

 

Help to Save and Budget

Living on a Budget

Managing money and making ends meet when you’re on a low income takes careful organisation. So we have pulled together some of the best ways to make sure you’re using all the tricks in the book to help you stay in control when you’re on a tight budget

1. Work out your budget

The first step to taking control of your money is working out your living costs, including knowing what’s coming in and what’s going out and when. Working out your budget gives you a clear picture of where your money is going and shows you where you may have a chance to save money

Click here for a free budget planner:

https://www.moneyadviceservice.org.uk/en/tools/budget-planner

2. Look at ways to cut costs

It can be difficult to increase the amount of money you have coming in, but you have much more control over what goes out. You can save hundreds of pounds by switching utility providers and shopping around for lots of things, including groceries and holidays

Click here for a quick cash finder that can help you see how you can save by cutting out non-essentials:

https://www.moneyadviceservice.org.uk/en/tools/quick-cash-finder

3. Claim all the benefits you’re entitled to

It’s easier than you think to check that you’re getting all the benefits you’re entitled to if you’re on a low income

Follow the link below for an overview of what’s available and how to find out if you’re missing out:

https://www.moneyadviceservice.org.uk/en/articles/make-sure-youre-getting-the-right-entitlements

4. Emergency borrowing to make ends meet

In some circumstances, you might be able to get an interest-free government loan to help you make ends meet at a difficult time

If you’re on a low income and claiming benefits you might be able to get an interest-free Budgeting Loan from the Social Fund.

This can help with things like:

  • Travelling expenses
  • Clothing or footwear
  • Furniture or household equipment
  • Money to help you look for or start work
  • Improving, maintaining or securing your home
  • Advance rent or removal expenses for a new home


However, be very careful when borrowing other loans. Things like payday loans, log book loans and doorstep lending can seem like an easy solution, but often make a bad situation worse.

Saving Money

Sometimes the hardest thing about saving money is just getting started. Usually people who set a money savings goal save faster than those who don’t! So if you really want to get that deposit for a new home, or save enough for that dream holiday, name your goal, work out how much you can save each month and get started. Then sit back and watch your money start to grow!

1. Name your goal

What do you want to save for? If you name your goal you’ll reach it faster. If you’re new to saving, try starting with a small goal. Grab a pen and write down your goal

2. Work out how much to save each month

It depends on the price of your goal, how much spare cash you have at the end of each month and how soon you want to reach your goal. It’s a balance between what you can afford and how long you want to save for

3. Set up a standing order

Open a straightforward instant access savings account. It may be easier to do this with your own bank. Give your account a name that inspires you to save

4. Shop around to find the best place for your savings

Once you’ve got started, give your savings a chance to grow faster by spending some time to find the right home for them. The best home depends on how much time you have to reach your goal, and how much risk you’re willing to take.

 

Click the link below for comparing savings accounts:

https://www.moneysavingexpert.com/banking/?tab=sect7

General Financial Advice & Information

Beginners Guide to Managing your Money

Taking time to manage your money can really pay off. It can help you stay on top of your bills and save thousands each year. You can use extra savings to pay off any debts you may have, put them towards your pension, or spend them on your next car or holiday

Click the link below for money managing tips:

https://www.nidirect.gov.uk/articles/beginner%E2%80%99s-guide-managing-your-money

 

Borrowing from a Credit Union

All Credit Unions offer savings and loan accounts, while some (usually larger credit unions) may also offer additional products and services

Follow the link below for more details:

https://www.nidirect.gov.uk/articles/borrowing-credit-union

 

Follow the link below for more financial advice and information:

https://www.nidirect.gov.uk/information-and-services/benefits-and-money/managing-money

 

Podcasts by the Money Experts

Personal finance can sometimes be a complicated and confusing topic. Having an expert you can turn to for advice and guidance can make things like saving for retirement, buying a house and creating a get out of debt plan easier to navigate. While a financial advisor can help with those things you’ll pay a fee for their services.

Listening to podcasts is a more convenient, and less costly, way to tap into expert knowledge. Finance podcasts can help you get clear on your money goals and how to achieve them, all from the comfort of your own home, car or even on the treadmill at the gym (https://www.thebalance.com/best-finance-podcasts-4582978)

 

Financial Wellbeing

Follow link below to listen to ‘The Financial Healer’ podcast:

The Financial Healer

 

Finance Beginners

Follow the link below to listen to ‘So Money’ with Farnoosh Torabi:

So Money

 

Achieving Financial Indepence

Follow the link below to listen to ‘The Mad Fientist’ podcast:

The Mad Fientist

 

Getting out of Debt

Follow the link below to listen to ‘The Dave Ramsey Show’:

The Dave Ramsey Show

 

Investors

Follow the link below to listen to ‘Money for the Rest of Us’ with David Stein:

Money for the Rest of Us

 

Information Sourced from the Following Helpful Websites: