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Looking back to this time last year, who would have known that we would be facing such uncertain times? The world that we know has changed for the foreseeable future, and with it, many of our lives have changed too. The lack of social interaction that we are all used to has disappeared. Although, this can be alleviated somewhat by technology, using Facetime, Skype, ooVoo and Zoom to keep in touch with loved ones and friends.

I think the biggest impact on all of us is a financial one. With so many peoples incomes affected, and with no certainty of when they will get back to normal if in fact they ever do. There are between eight and nine million people currently on furlough in the U.K. with as many as six million of those people worried that they will lose their jobs in the next six months. According to HMRC, there were 470,000 fewer people on the PAYE scheme in March and April and this number is only set to get higher in the next months.

The Coronavirus pandemic is resulting in more of a financial nightmare than the global financial crisis in 2008. Predominantly because everybody in every nation is affected and so many people will not have access to the income that they had before the pandemic.  The loss in income results in less money to spend in the shops which in turn impacts the revenue generated at the shop and leads to job losses. It truly is a vicious circle.

With this in mind, I have tried to find ways that will hopefully aid us in making ends meet where necessary. I have put these tips into three categories. Saving money, making money and making your money go further.

 

Saving Money

It is amazing just how much further you can spread your money by saving wherever you can.

Cancel Direct Debits

It is worth spending five minutes every month looking through your bank statement to make sure that you need every one of the direct debits that are coming out of your account. When I say need, I mean could you live happily without it? Gym memberships you never use, domestic appliance warranty that you have never claimed on, subscriptions for magazines you never read or book clubs that you never order from. Save yourself your hard-earned cash and get them cancelled.

I say to do it every month because it is all too easy to forget when you won six months of free T.V. on a fast-food monopoly game, entered your bank details to redeem it, then never used the subscription and when you remembered, you had paid twelve months at £5.99 per month! Five minutes a month can save you a small fortune in the long run.
 

Television Packages

If you are out of contract with your television service provider, give them a call to discuss your package. It is so easy for you to cancel your package and walk away from them so they will do all that they can to keep you. If you are happy to remain as a customer, talk up a new deal. It is worth calling them even if you are in-contract. If you cannot afford your 4K-movie subscription, talk to them and try to reduce your subscription.

 

Mobile Phone

Are you due an upgrade? If so, do you really need the brand new phone that retails for well over £1000? Why not have last years model? These are usually up to £20 per month less now than when they were released and still very much current technology. Or perhaps you could keep your existing handset and have a sim only contract? This would save paying for a new phone, free you from your contract so you can upgrade in the future when you are in a better financial position as well as give you the best value calls at the moment.
 

Supermarket Shopping

We all need shopping, according to the government website, we spent £38.19 last year per person on food and non-alcoholic drinks. so a family of four spends on average £152.76 per week. Throw in some toiletries and cleaning products and our weekly shopping bill could easily become £200 per week. We have learned that by meal planning and making some careful forward planning, we can all but eliminate food waste. Obviously, wasted food is just throwing money away so by reducing what we don’t need directly reduces our shopping bills. It is definitely worth shopping around. We use three different supermarkets, one per week, and buy specific things from each to maximise the deals.
 

Utilities

Check online that your utilities are the best deal at the moment. There are no penalties for switching if you can find a better deal and swapping supplier is so simple. You may even find your existing supplier has a better deal for you than the one you are currently on.

 

Making Money

Now I know this has been covered thousands of times before, but are you really making as much money as you can?

Part-time Work

I understand that work opportunities are few and far between, however, they do exist. If you have your own vehicle there are lots of couriers that will pay you to deliver a few parcels for them. The hours are flexible and you may even be able to do this if you are on furlough from your existing job.
 

Selling Unwanted Items

There is always unwanted items in every home. By spending a few hours working through the boxes in the attic, or the garage, you could earn a few hundred pounds by auctioning them off. From clothes that no longer fit to china that you will never use. Even damaged and incomplete jewellery sets can be worth a small fortune.
 

Surveys

There a number of sites that pay people to complete surveys online. The money is not great, but it is available and you can do as many surveys as you want. Many sites pay in gift vouchers that you can redeem when you have enough credit in your account.

Making Your Money Go Further

These are a number of ways that you can make your money spread that little bit further.

Promotional Discounts

There are still incentives to encourage you to take up new subscriptions. From the first month free to an extended discount period. Amazon offers one month free for all new prime customers. that then gives you free access to their Prime Video streaming service. Just remember to cancel before the end of the free period. If you are looking for a sign up offer there are many websites that list all of the current best deals.

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Cashback

There are loads of cashback sites nowadays that reward you for making a purchase. From insurance to one-off purchases like a new T.V. or fridge. You don’t need to pay to join up and it’s easy to check if there are any deals available. If you have followed our saving money tip above and checked your utility bills, you could even get a double whammy by getting up to £170 cashback on your transfer!
 

Check Your Savings

If you are fortunate enough to have a savings account with some money put aside for a rainy day, check what interest rate you are now earning. As a direct result of the Bank Of England cutting interest rates in order to help people with mortgages, your savings account could now be earning you absolutely nothing. Have a look around for the best deals at the moment, I know it is a minefield and it seems a lot of stress to move your money from one account to another. It really isn’t though, most accounts can be transferred with minimum effort, maximising your return from your money. It may even be a good idea to split your savings into different accounts or ISA’s. Check with your financial advisor for the best solution for you.

Are you managing to stay afloat in the midst of these tough times? Remember there is always help available should you be struggling mentally with the stress that this situation can bring.

Useful contacts –

Step Change – Debt help.

Shout – 24/7 crisis text service.

NHS – Mental health helplines