Some posts here on ARoseTintedWorld may contain affiliate links. This means that if you click a link and buy a product or register, then I may receive a commission at no extra cost to you. I may also use products from the companies mentioned in these posts. Thank you for supporting my blog!
It is obvious that as the Covid pandemic has swept the globe that people are finding themselves in bad financial situations. The uncertainty of the whole situation means that shops and workplaces are closing and people are finding themselves unemployed and strapped for cash. A recent BBC report shows how frightening the unemployment rate has become as 4.1% of people were out of work from May to July 2020 in the UK. And that figure is rising? So what should you do if this applies to you? Here are a few ideas of how to get your finances sorted out during these uncertain times.
How To Get Your Finances Sorted Out Through These Uncertain Times
The actual numbers of unemployed may be higher than estimated according to this recent report by Forbes. So what things can you try and do to offset the loss of a wage in your household? Here are some of my big tips.
Try And Minimise Your Credit Cards
Yes, it is very tempting to max out on your credit cards or take payday loans. I am actually horrified about how many of the payday and high interest loan companies are coming out of the woodwork to prey on people who are finding themselves in a bit of a mess financially right now.
But instead of getting into more debt, why not have a look at trying to get a 0% credit card, and be savvy at switching? People often forget that rates on credit cards can change just like insurance and bank interest rates. So it is quite smart to try and get a lower rate than that on your current card. A lot of sites online can help you find a better deal.
Or have a real debt problem that you can’t pay? It may be useful to speak to a debt collection agency. Far from being a sign of defeat, some agencies have real powers to help you pay of your debt at a cost that is much better for you. And they can offer a great amount of advice.
Have A Look At Your Budget
It is also worth looking at where you can make real savings in your usual monthly outgoings. By budgeting you can make sure that your outgoings don’t exceed your incomings.
Frankly, it may be time to take an honest look at everything you pay out for every month. Do you really need that gym membership? Or that Sky package? Make some cuts and you may find that you are quids in. Plus, you might find that you are paying for things that you never use!
Pigly has a brilliant personal budget planner that will help you see what your total outgoings look like, and where you can make some savings.
Every Penny Counts
In these crazy times, every penny can count. And this can mean using vouchers and looking for the best deal.
Buy a lot online (especially coming up to Christmas?) Why not join a cash back service? It is amazing how quickly these can give you some cash back. And you would be spending the money anyway, so it is almost like free money.
Or why not have a good clear out of your cupboards to see if there is anything to sell? Selling on eBay can become a really good way to raise some extra funds. Or even try a local car boot sale.
Got an old phone or some old tech to sell? Have a look online as many of these can be refurbished. Plenty of places will buy the things you might find shoved away in your drawers.
Think About Changing Career Or Starting A Cottage Industry
This may not be for everyone, but maybe you could think about setting up a business at home? I am certainly considering setting up my own Etsy shop. Do you have a creative outlet that people would buy? It may be something that you could look into.
Even if you cannot create anything, it may be worth taking this time between jobs to retrain to do another career. It is no shock to discover that teacher training applications have risen in some places since Covid, as there are grants available to those willing to become teachers.
Have you tried any of these? Or have any other good tips for looking after your finances in these uncertain times? Do comment below, or find me at my social channels.
*This is a collaborative post – for more details please see my disclosure policy