Saving through uncertainty: Tips for surviving COVID-19 financially

Saving through uncertainty: Tips for surviving COVID-19 financially

We’ll keep it short, because you already know it: things are hard right now. As we all endure a unique chapter in our lives and our history as a country, all of us are looking at our bank accounts and wallets and wondering what we can do to stay safe financially.

Today we’re going through a brief set of tips and common mistakes on the subject. Let’s get to it.

Living at your means.

One of the most damaging aspects of the pandemic is how it’s caught us unawares. From the country-wide response to our lives as individuals, we’ve had to adjust quickly to a totally unexpected phenomenon – and we’re proud of how we’re all pulling through.

Speaking in money terms, the pandemic has exposed our weaknesses to us as adults. A startling number of adults in the UK have little in the way of savings, living with a level of expense that matches their income to the penny.

That’s fine during normal life, as dangerous as it is should your income plummet. But during COVID-19? It’s immediately a problem.

This pandemic has highlighted a savings principle that’s long been respected across the world: it’s ideal to live below your means. That means saving money where it could be spent recreationally and, in general, delaying gratification to ensure you’ve always got a roof over your head and food in your belly.

A fast-paced problem.

The story is the same across most of the country right now: employees have been fired or furloughed and companies and small businesses are struggling to stay afloat, if at all. It’s tough out there!

One thing that has made these struggles worse is the uncertainty and speed at which the pandemic functions. Our wonderful scientists and medical professionals are adapting as fast as they can, but we’re still learning how COVID-19 works every day. That means government responses varying, leaving it difficult to know what to do next.

Information is power.

Knowing that things are moving quickly, it’s important to prioritise staying in the loop on the pandemic, its progression and our response to it as a country.

The more you stay abreast, the safer you’ll be set to be. And while it won’t remove stress entirely, keeping up to date with developments will remove a portion of the uncertainty that has challenged adults worldwide throughout this year.

Many major news sites now have their own dedicated COVID-19 news sections, which are helping readers by announcing government updates and answering common questions, such as who can meet who in person. Beyond that, it’s great to go right to the source itself: the government’s own coronavirus updates page. This is as direct as it gets for news and developments, and you’ll see plenty of information regarding stimulus and support payments too.

Have a plan.

In these troubling times, it’s tricky to stay positive. We know that and applaud every family, child and adult in the UK who is doing their best each day.

As an adult yourself, it’s a great thing to consider your financial options and to plan for what could happen. If your income has dipped or been disrupted, you’ll want to have a safety plan in place for if you aren’t able to continue supporting yourself unassisted.

This could involve steps like taking government support packages or using the many private options available to you, such as obtaining more money from a long term lender.

Once you know what you’ll do whatever could happen, you’ll have another way to chip off some of the stress and uncertainty we’re all facing together. It’s practical, it keeps you safe and it helps your wellbeing.

We hope you stay safe and well.

We’re all enduring this together. In its own way, this pandemic has presented a challenge that is uniting us. Our medical professionals, nurses and scientists are all working day and night to create and produce vaccines and tests to keep us safe. Each day, we’re seeing stories in the news from teams in Universities and private laboratories who are all inching closer to a solution.

In the meantime, we hope you are prioritising your wellbeing and that of your family and loved ones as best as you can. We encourage you to stay as physically active as you are able and to turn to your friends and family for emotional support and company. It’s a great way to ensure you all stay healthy together – and it works!