As we become accustomed to the physical realities of Covid-19 or Coronavirus, the economic fallout has yet to fully reveal itself. So, whether you have been let go, furloughed or your job is secure, it is now more important than ever to be smart about your spending. Our physical and mental wellbeing are of course of utmost importance but burying our heads in the sand when it comes to our finances will only lead to more stress or uncertainty.
Here are 4 things to consider when it comes to your financial wellbeing.
One of the most obvious and yet important steps to financial wellness is evaluating our outgoings. Since many of us have more time on our hands, this is a great time to review standard payments and shop around for the best deals. Whilst most of us are aware of this when it comes to grocery shopping, many of us forget discounts from utility providers. Shopping around for the best deals and/or negotiating rates with your current utility provider could save you money money month after month, year after year.
You can also cancel any unnecessary spending such as automated memberships or subscription services. With Wagebox, all your upcoming subscriptions are clearly displayed on the app before you are charged. This means all your subscriptions are easy to see in one organised space and that you cancel them ahead of time, before your next bill. There are also cases where you can get your money back on seasonal or year-long subscriptions. Indeed, all train operators are administering refunds – that is, if you call up.
There are many resources available now, some age-old and some engineered for these circumstances. You could be eligible for universal credit, which is available for people both in and out of work, including rental support. You may also be eligible for a mortgage or rental holiday. Many major backs are offering payment holidays for loans and credit cards, as well as interest free overdrafts. In fact, this Spring/Summer is a good time to get familiar with your bank’s homepage and announcements. Indeed, you may want to sift through the onslaught of emails we often disregard – many companies are offering flexible payments and discounts galore.
Your employer may also provide employee schemes, such as additional sick pay support (for which social distancing is often included) and health insurance cover – so make sure to inquire about the services they offer.
Depending on your circumstance this may be a time to either build on your savings, or chip into them. Review all your existing assets and liabilities. Can you access any of your savings now? Perhaps this is the rainy day you have been preparing for.
If not, it is never too late to start a savings strategy. This can certainly be complex and time-consuming - which is where Wagebox can lift the load. You decide what percentage of your wage you would like to save each month - or a specific cost you are savings towards – and leave the calculations to us. We will automate your payments, reveal your average monthly savings and show you exactly how long it will take you to reach your goal. Setting up savings has never been easier.
If your financial situation is stable, it may actually be a smart idea to make some small investments to aid other areas of your wellbeing. Perhaps purchasing entertainment for the little ones could keep them out of sight during office hours. Alternatively, a pair of state-of-the-art noise cancelling headphones or a supportive swivel office chair could help you out. Of course, be savvy and factor these costs into your upcoming budget – but mindful purchases could certainly be the pick-me-up you need during this tough time.
In times of uncertainty, financial flexibility is stability. The ability to shape-shift to a changing financial climate is paramount to your security and mental health. As we have become more accustomed to the physical and mental reality of this pandemic, more of us are waking up to the value of financial planning also. Indeed, in the week of March 8th to March 14th, Google saw a 31% increase in the search for financial apps. If you’re new to the game and need any help getting started, just contact email@example.com.