Tips for saving money during the coronavirus lockdown

By 22nd May 2020 Debt No Comments

If you have been affected financially by coronavirus and you are worried about your finances during the lockdown, here are some money-saving tips to help you:

Claim benefits

The coronavirus outbreak left many people unable to work, but the government is trying to help all those affected with benefits available for most situations. Benefits can help you through this difficult time and many benefits can also be claimed together with other help.

If you are currently unemployed or on a low income and you are not meeting your basic living costs, then you could be eligible for universal credit. You could be eligible even if you are redundant, furloughed, or self-employed.

Statutory Sick Pay is available to people that must self-isolate or need to care for people with COVID-19. Employed and self-employed workers can also apply for contributory and support allowance if they have been affected by coronavirus, are self-isolating or are caring for a child who is ill with coronavirus.

Use a benefits calculator to find out what benefits you could claim.

Organise your debts

Now more than ever you have the time to go through your finances and make a list of the debts you own and which to prioritise. For example, debts that carry the hardest penalties should be your priority.

Furthermore, there are options to ease the burden of debts during these uncertain times and ways to help people who face financial difficulties such as delays on mortgage payments, interest-free overdrafts and more.

Have a look at some of the measures that have been put in place here.

Loans & Credit cards

If you are finding it hard to repay loans or credit cards because of the coronavirus outbreak, you can ask for a payment freeze of up to three months – your lenders have to be regulated by the Financial Conduct Authority.

  • credit cards
  • store cards
  • personal loans
  • guarantor loans
  • logbook loans
  • home collected credit and loans from Community Development Finance Institution’s (CDFIs)
  • Credit Union loans

Refunds

Chase refunds for anything that has been cancelled or services that you cannot use during the lockdown, for example concerts, sporting events, and subscriptions.  Most gyms and cinemas have automatically paused memberships, but it wouldn’t harm to contact your gym directly for confirmation.

You can also get a refund on train ticket:, advance, off-peak and anytime tickets are now fully refundable and season tickets can be partially refunded if you haven’t used them.

Your consumer rights have not changed and if you can no longer use these services then you have the right to ask for a refund.

Future planning

Even during a pandemic, thinking and planning about the future can make you feel ready to face anything. The coronavirus pandemic exposed weaknesses in many of our plans but especially now you should motivate yourself and plan your future finances. Start thinking about future events and special occasions that will affect your bank balance.

 

If you need advice on managing your finances or claiming benefits, contact us for am initial free chat with one of our experienced advisors. Call us on 01325 489961 or email Link@dma-law.co.uk