The world is a funny place at the moment, where normal life has seemingly stood still. One thing that shouldn’t stand still, however, is your finances. Whether you’re currently furloughed, working on the front line or you’re now working full time from home, now is the perfect time to focus your attention on your finances. Maybe you’re worried about your income, or you’re worried about over-spending whilst stuck at home. Luckily, there are plenty of ways you can take control of your money despite the current concerns about an economic downturn.
If you take some proactive steps now, when all this is over, you and your family could come out of the other side in a better financial position. Read on for how you can look after your finances during lockdown.
Look at a pension transfer
How many jobs have you had in the past few years? Most adults have had on average around 6 or 7 jobs before they reach the age of 50. However, this also means that many of us lose track of our pensions and we could be missing out on money that we’ve accrued when it’s time for us to retire. Looking into a pension transfer is the ideal solution, as it allows you to consolidate all your pensions into one pot, allowing you to keep better track of your money and make plans for the future.
Review your bills
Got some spare time on your hands? When was the last time you checked your utility tariff or your usage? Savings like these are different for each household, however, now is the perfect time to review your bills and check out where you could make savings. Utilities, broadband, mobile phone contracts, even your supermarket food shop.
Consider a side-hustle
Those beautiful crochet blankets or dolls that you now have ample time to create? Why not sell them online? Are you a baker that can deliver food safely and adhere to self-distancing rules? What about upcycling items and selling them on social media? If you have time on your hands and a skill, then consider turning this negative period into something positive and financially rewarding.
Cancel those direct debits
Go through your bank account and figure out where you’re leaking money from. Direct debits that you don’t want, monthly subscriptions that you don’t need. All of these things are putting a huge financial strain on you right now, and if your work scenario is precarious or you’re concerned about your finances, then it makes sense to have an account audit.