With the coronavirus sweeping through the UK, forcing many individuals to stay home, there are concerns about what this pandemic will mean for wages.
After all, considering at least 70% of employees in the UK are “chronically broke” – and seemingly only just surviving paycheck to paycheck – losing work hours could put them in dire financial situations.
If you have no choice but to stay home during this crisis, and are worrying about making ends meet, here are some ways you can weather the storm:
If you’re well enough to work from home, then you should be able to keep the money coming in. Various companies, such as Ford, Facebook, and Unilever have already instructed staff to work from home where possible.
If you can’t do this though, there may be alternatives.
Considering the unprecedented viral outbreak, your lenders will have already heard from numerous people unable to make ends meet. By raising the problem with your creditors, you may be able to implement reduced payments or temporarily freeze interest rates.
Customers with the Royal Bank of Scotland, for example, can delay their mortgage and loan repayments by up to three months if they’ve been affected by coronavirus.
It’s worth getting in touch with your creditors to identify whether they’ve implemented similar schemes.
In the short term, a personal loan could make sure the rent and bills are paid while you can’t work. Find something with favourable interest rates and you could repay this through small amounts over a few years. Whatever you do though, try staying away from payday loan companies as you’re almost guaranteed to pay high interest with these.
On the bright side, if you commute into work you hopefully won’t need to budget for this expense anymore. However, it’s now time to thoroughly go through your expenses and identify any other opportunities for cutting back.
For example, with the coronavirus restricting our movements, you should be able to save money on leisure activities.
The good thing about this outbreak is, one day, it will all be over. We can go back to our lives and it’ll be business as usual. If you’ve accumulated debts during this time – and who can blame you – we’ll be here to help consolidate these accounts and assist you in making your finances more manageable.
If you want to contact us and see how we can help, click the button below and we can get your application started: