Almost everyone’s feeling financially stretched at the moment; while the government’s aid package will contribute billions to the UK economy and help to keep many Brits afloat, for many people the months ahead will still be a struggle. If you’re still waiting on coronavirus money help from the government and can’t pay bills, here are five things you can do that will benefit your finances straight away.
1. Plan your budget
Even if you’ve done it before, budgets realistically change throughout our lives. Now is the time to sit down and sift through bank statements to figure out a realistic picture of your monthly outgoings and incomings; this is your starting point.
2. Cut unnecessary costs
You might not have any expenditures that you deem to be unnecessary, but desperate times do call for desperate measures. If you’re struggling with bills, sometimes even small changes, such as cancelling a streaming subscription or making packed lunches at home, can make a big impact over the course of a few months.
3. Speak to your creditors
If you think you might struggle to make essential payments, speaking to your creditors is worth a shot; during the outbreak, many lenders might be more sympathetic than you might think. Gas, electricity and water companies are also worth speaking to, as many now offer a payment plan for customers struggling due to coronavirus.
4. Check your insurance policies
Sometimes life insurance policies and mortgage policies offer things such as unemployment cover and payment protection insurance. It’s worth checking your policy, even if you don’t think these apply to you, because the fine details of insurance policies are easy to forget.
5. Dip into savings
It’s not ideal, but dipping into rainy day savings is better than taking out a loan which you’ll then have to pay interest on. If you do have something set aside and you’re struggling to get by, now is probably the time to use your savings.
If you’re struggling due to coronavirus, can’t pay bills, or feeling stressed out over debts, then get in touch with us at Scottish Debt Help. We’re here to provide advice on debt repayments and budget management, and we understand how rocky the months ahead are set to be for many disadvantaged workers in the UK, with or without money help from the government.