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Friday, 8 December 2023

Finance tips to help navigate through the coronavirus pandemic

The crisis of the coronavirus pandemic has left many people out of work and those who have kept their jobs are looking at reduced hours. Working from home had become the norm for many workers where entire companies had to adapt to this increasingly growing pandemic. While physical distancing is still in place many events have been cancelled from weddings to a simple holiday.

With these fresh points on your mind it has become a lot harder for households to financially plan. As to not put you in future financial troubles we have a short guide on some tips you can follow to help you through the coronavirus pandemic.

Reducing your costs at home

Due to factories, businesses and companies being closed the price of electricity has dropped across the globe. In the UK you can get a dual electricity and gas tariff for 750 pounds a year for an average sized house. With many people working from home – cutting back on your energy bills is a great way to stay afloat during the pandemic time. The UK government has also come out and said that they are extending them three-month payment holiday on mortgages by another 3 months. It’s recommended to take advantage of this scheme if you are in financial trouble as it could greatly help you out.

Claim lost income

Depending on your households income, the rent you pay and other factors such as children – you could be eligible to claim benefits to top up your income. Turn2U is the charity that is helping people out in this time and they have a calculator on their website to help households understand what they could be eligible for.

If your annual income is 60,000 pounds or less and you have children you can restart your child benefit scheme. It’s worth up to 1,820 pounds a year if your family has two children. Families who never claimed it to begin with or had opted out are still eligible to opt back into the program.

Kyle Faulkner
Kyle Faulkner
Kyle Faulkner is city editor, breaking major business and market stories and analysing what they mean for the financial sector. He has revealed some of the biggest stories in the city in the past decade, with a string of exclusives about major takeover deals. Kyle was awarded the London Press Club Business Journalist of the Year.

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