Benefits and support

Check your local council website, the government website and other sites such as the Bank of England or Chamber of Commerce to see what financial assistance may be coming your way, or via your employer. You could also check this useful Benefits calculator on the Money Saving Expert website.

Plan for the time ahead

Beware of unseen spending

#StayAtHome

Credit

Payment holidays

Check on annual payments

Cancel unwanted expenditures

Shop sensibly

Do a monthly budget

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During this time of uncertainty, many of us could be faced with the prospect of making our money stretch further, so here are few tips that can help you make your money last that little bit longer.

Use them wisely if you have to. Most banks are offering penalty-free access to fixed-term savings. There will be economic uncertainty in the coming weeks and potentially months, so just remember that you may need your savings further on down the line.

Savings

Apply for refunds

If you’ve recently booked trips to the theatres, venues, travel tickets or seasonal passes, they may already be cancelled or could be cancelled or delayed in the coming weeks. Make sure you check the booking or organisers website to see how you can access a refund.

MyEva is here to help your employees navigate the unexpected with digital financial advice and guidance that can be accessed from anywhere.

A guide to budgeting when times are hard

If you have to take credit, try and find a ‘0% purchases’ card first and spend as little as you can, as slowly as you can. Put a reminder in your diary (on your computer or your telephone) of when the 0% offer runs out too, so you can transfer it onto a new low-interest offer at that time. Many banks and card firms in the current circumstances will allow emergency credit limit increases, while some will offer repayment holidays and a few will waive fees for missed payments. Check with your provider.

If you’re struggling to pay the bills, or worried that your finances could take a dip in the coming weeks, it can put your mind to rest knowing if mortgage lenders, loan providers, credit card providers and insurance providers can give you a payment holiday without impacting the terms of the agreement. If you’re concerned, check with your provider and make sure you find out what the implications are, you may have to pay more later or pay for longer.

Once you’ve got a rough idea of what’s coming in and out each month, take a look at which expenses might go up or down if you were to work from home or self-isolate for a long time. Try to balance your savings with your expenses so you’ve got some breathing room.

If you pay a maintenance charge or an insurance premium annually, check to see when you’re next one is due and if you feel you can’t stretch to afford it this month, see if you can change it to monthly.

Sometimes this means cancelling the subscriptions or regular payments you don’t need. Many of us love our TV subscriptions, but if you can cut back on the ones you don’t get much use from you can always sign up again when your budget is looking a bit brighter.

Some services don’t charge you straight away e.g. TV/Movie subscriptions, mobile phone data, gaming subscriptions. Make a note of what you spend in these coming weeks and months, so you know the payments are due to be collected later.

It's reasonable to want to be well-stocked, particularly when people are rushing to clear the shelves, but the advice so far is that supermarkets can and will restock many items so there is enough for everyone. Aside from the financial implications of buying lots of the same food (even stocking up on cupboard essentials and basics can add up quickly!), you could end up bored with the items you’ve stocked up on, and you could end up going out and buying more anyway. Plus, having a fridge full of food and drinks, and a few weeks of self-isolation or working from home, could lead to a temptation to eat and drink it all in half the normal time - but perhaps that’s just me!

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