Top 5 Money Tips To Survive The Cornona Virus Lockdown
We truly are in unprecedented times. The World is getting absolutely hammered by the Corona Virus. People are dying, businesses are closing, we're all confined to our homes.
Before I get to the "Top 5 Tips", here are some things that I'm grateful for today:
* The UK Weather - never thought I'd say that! The Spring Sunshine that we've had during lockdown, has been a real mood-lifter.
* Random Fields - I'm very fortunate to live on the fringes of a market town. There are fields and small roads galore to explore, on our daily exercise walk.
* Food - we've definitely had some basic meals recently, but our bellies are full.
* The UK Government's Financial Aid - I know we'll pay for it later through higher taxes, but right now it truly is "First Aid For Your Finances". Keeping roofs over heads, food on the table, and stopping the infection from spreading are the absolute priorities right now.
This is the crux of what I want to blog about. There are many financial support packages available, but most of us are still living on reduced money, so here are my "Top 5 Tips":
1) Please DON'T just cancel Direct Debits!
I know it's incredibly difficult to get hold of the businesses and banks that you need to speak with, but the surest way to make life even harder in the future, is to trash your Credit Score.
Whilst a repayment plan is also likely to dent your Credit Score, having agreed something with your lender should mitigate some of the damage.
2) Check to see if your lender will allow you a "Payment Holiday".
Here is a helpful guide from "Which": https://www.which.co.uk/news/2020/03/coronavirus-how-to-apply-for-a-three-month-mortgage-payment-holiday/
For those of you who rent, your landlord can NOT legally evict you for missed payments. However, it's always best to have an open dialogue with your landlord if you're struggling o make rent payments. See official guidance here: https://www.gov.uk/government/news/complete-ban-on-evictions-and-additional-protection-for-renters
3) Check for unnecessary subscriptions.
Have you got NetFlix, Prime AND SkyTV?! Honestly, one subscription is enough to keep you amused during lockdown. Work out which subscriptions you can cancel without a penalty.
4) Check your PayPal and Google accounts for forgotten recurring payments!
It's so easy to sign-up for things and to forget to use them or cancel them. (Mine are usually subscriptions to exercise channels that I've never watched!).
5) Go through your credit card / bank statements and check that you recognise ALL of the payments. Query anything that you don't recognise, but again, please DON'T cancel any Direct Debits until you've spoken to the lender / business in question.
For those of you who read to the bottom of this blog - thank you! To show my gratitude, in exchange for written feedback after I've helped you, I'm offering a FREE GOLD PACKAGE WORTH £197, to the FIRST 5 PEOPLE WHO CONTACT ME via this website. (Please use the "Contact" Page).
Stay safe and well!
All the best
Sophie The Money Medic