Keeping your finances in order during Covid-19

There are ways and means of doing just that which won’t require too much effort. Mostly, you simply need to slightly re-adjust the way you think about your money and how you spend it.

Managing your personal finances

Many people find it hard to manage their personal finances effectively when times are normal. We’re living in a truly unprecedented period, however, so it can be easy to lose sight of how important it is to track your spending and manage your resources. For many, it will be unavoidable to fall behind, but doing everything you can to prevent it will stop you experiencing the same fate.

The first thing to do is understand that times are different and that every penny truly does count. That will give you the extra onus required to take the following tips to heart and start implementing them.

Finance tips during Covid-19

It can be difficult to know where to start when keeping your finances in order during the ongoing Covid-19 situation. A changing economic landscape means it’s impossible to really know what’s going to happen next.

There are some things you can rely on, however, to help improve your financial situation.

1. Start budgeting

If you don’t have a weekly budget, now is the time to develop one. Take a look at your weekly income and subtract your regular expenses and bills from it. Look how much you have leftover at the end and see how much leeway you have in your spending. If you have some money left over, it’s wise to think about putting it aside and saving it. Even a few pounds a week can start adding up and will give you some money to use for a treat or as an emergency rainy day pot for you to dip into if you really need to. Something to give you a safety net.

2. Make small savings

Tracking your spending is a great way of giving you a baseline to work from in terms of what you spend. Every penny counts at the moment, so wherever possible, it’s wise to consider taking the cheaper offer if one is available. It may mean choosing a different brand of product than you normally do, or taking advantage of multi-buy offers you otherwise normally might not. You don’t have to do much before you start seeing genuine results in how far your money can go, and what you can get for it. A small saving here and there makes a big difference.

3. Payment holidays

If you’re having trouble keeping on top of your bills, the thing to remember is that right now you’re not alone. So many businesses and workplaces are closed and unemployment is soaring. So don’t fall into the trap of thinking you’re the only one who needs a little help to get by. Identify the bills you’re having most trouble paying and contact the lender to see if they can arrange a payment holiday for you – this is where they lower or freeze your repayments for a period of time and add them onto the end of your contract.