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How to manage your finances effectively during Covid 19

At Spiela we completely understand that the Coronavirus pandemic is causing a devastating effect on peoples lives and causing financial burden.

Follow these some key tips for managing your money more effectively during the COVID-19 pandemic.

Check your benefits

It is very important that you check that you receive all of the state benefits which you are entitled to. We completely understand that it can often be an overwhelming feeling in navigating the state benefits system, particularly if this is the first time you are making a claim.

You are able to access this information on the governments website in order to support your family during periods of low income. On the website you can complete a benefit check and begin your application online, this includes an advancement of universal credit payment to help pay your bills.

Review your spending  

A key step in taking control of your finances is to get a better understanding of where and when you are spending your money.

Try spending a day reviewing all of your outgoings and bills, analyze your bank statements and make a list of all of all essential and non-essential payments. Ensure that you check for competitive rates with both your utility and your broadband suppliers. For more information on how to do this you can visit sites such as Money supermarket.

Talk to your Creditors

Financial providers are always on hand to help so it is always good advice to speak with your creditors and ask if they know of any relevant schemes which may help. If you find yourself experiencing changes in your circumstances, get in contact with your creditors and provide an update on your current situation. Most creditors will have payment holidays and other schemes to help during periods of financial difficulty.

 

Keep up to date with government assistance and advice

The government have announced several changes to the welfare benefits system and the action taken by creditors to enforce debts and arrears. The changes have been made to provide support to both individuals and families who are experiencing financial difficulty as a result of COVID-19.

Keep up to date with the latest changes by viewing the latest government advice or get expert advice through Money Saving Expert.

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27 Jan 2021

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Shirene Posted 4 months ago
Thanks for this Vijay. There is lots of help out there for most people but know where to look can be difficult.
Jacob Posted 4 months ago
Qualify- how have you found your experience financially so far Vijay Yadav

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