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TIPS & INFORMATION ON MANAGING YOUR FINANCES DURING THE COVID-19 PANDEMIC…

I am sure I am not alone in knowing someone be it a family member, friend or acquaintance who has lost their job due to the pandemic.

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I am also sure I am not alone when I say that finance worries can affect your health in a big way. Stress creates many health problems and can even flare up old ones. We are going through an exceedingly difficult period now and getting our finances in order is essential. People suffering from mental health and anxiety due to the Covid Pandemic will struggle even more.

I have spent some time online looking through different sites for information and topics on finance related information. From savings, budgets, retirement planning, mortgages and personal loans and I think the one thing they all have in common is that you need to calculate anything related to your income and outgoings.

Health is something I write about daily and that includes my own health which as many of my readers will know has taken a bit of a nosedive recently. So, I did take a quick look at Health Insurance. I do have my own but like many insurance policies be it for health, home or car you try and keep the monthly payments down by adding on an excess amount which you pay yourself before the insurance company starts paying for your claim. Researching a bit further on the cost of self-pay for health treatments lead me down the personal loan route, to see if that is something worth thinking about before my next renewal.

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Loans, according to Bloomberg are not just for anyone even large companies like American Airlines are taking them out but they say that it’s the small businesses, who are the beating heart of the US economy and the ones who have needed Covid loans the most. The UK have Covid Bounce Back Loans for small companies for the same reason. But, what about Mr/Mrs Joe Public who is retired, has saved all his/her life for retirement and is now finding their funds diminishing by the day? This pandemic is certainly something they will not have planned for and although the younger generation may think it’s such a long way off they don’t need to worry it’s important that they understand how no one knows what life is going to throw at us.

I found a great list of expert and useful tips from Forbes on ‘Financial Tips for Surviving Covid-19’, which included making a list of ‘separating wants from needs’, ‘taking advantage of a line of credit’, and or ‘utilizing your credit cards’ and more.

Of course, before trying out anything it is essential that you work out your monthly income and outgoings. Take into consideration that this pandemic may last another six months at the very least and we are about to enter Autumn then Winter when our heating and lighting will be on a lot more than it has been on for the last six months.

Do not be frightened to get in touch with any of your own insurance companies and comparison sites to find the best one for you. It is a minefield out there but if you tread carefully you can get through it. I found this great site called Pigly which has calculators for different loans, insurance and even a budget calculator with budget planning, paycheck estimator and cash flow etc.

Dealing with your finances at any time is not everybody’s idea of having fun but needs must now so look at it with your eyes fully open and not half shut. I am a big fan of the Money Magpie site which also has lots of tips on hidden expenses to include in your budget plan which include ‘optometrist appointments’, prescription medication, books and audio subscriptions, house contents insurance, car maintenance, boiler maintenance and much more. And of course the well known Money Saving Expert’s site has MSE Coronavirus Guides which include Coronavirus Finance and Bills Help.

Once you have sat down and written your budget plan, even if it’s not looking so good it will still feel like you have lifted a weight from your shoulders as you have actually starting doing something about it. Just remember to use reputable companies when looking for any further dealings.

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