Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Financial tips to keep you in the green during lockdown

By Charles Stubbings, Account Manager, Moneybarn

COVID-19 has plunged the UK into unprecedented times, with most of the nation never experiencing a global crisis on this scale. It’s changing the way we live, including our spending habits.

Finances have been a key concern since the nationwide lockdown was announced, with many workers being furloughed and small businesses closing for the foreseeable future.

Despite the government making financial support available, many still find it hard to get by amongst the uncertainty. To help, Moneybarn has put together its top tips on how to keep your head above water in these stressful times.

Payment holidays

This is the closest you’ll get to an actual holiday for a while, but you’ll be saving money rather than spending it. A ‘payment holiday’ is being offered for various outgoings, to relieve people of some financial burdens while money is tight.

But it’s important to know where to find the right information:

Mortgages: apply online with your bank where possible. The latest figures show 1 in 7 mortgages have been on payment holidays since the pandemic struck.

Loans and credit cards: lenders are required to give payment holidays to those whose finances have taken a drastic hit – and you have until July 9th to apply. You’ll still be charged interest, but this will just be added to the total repayment cost.

Renting: understanding your rights is important, as the government is encouraging landlords and tenants to work together to reach a fair arrangement. Failing this, the government has made it compulsory to give 3 months’ notice before eviction – protecting people while they come to terms with the impact of Covid-19.

Alternative money making

While many jobs rely on human interaction – particularly client-facing occupations like therapists, personal trainers or beauticians – all hope is not lost.

With video streaming platforms like Zoom and Skype becoming more accessible, why not try and continue working remotely? Get creative and consider running a workout class from home or starting an online course in your trade via video chat. Make sure you aren’t going outside the government guidelines before you start and then once you know, the world is your oyster!

Spring cleaning

Not only does a good clear out help declutter your mind and get your home organised, but it could also help you raise some extra cash.

‘Marie Kondo-ing’ your home will reveal exactly what you use, and which forgotten items you’re simply hoarding. But one man’s trash is another man’s treasure, so sift through and see which items you could place on online marketplaces like eBay, for some extra pocket money. Always be conscious of the lockdown restrictions, like essential travel and postage, but if the items do not qualify then you can always wait, knowing the items are there to be sold and money ready to be made!

Frustrating fixed savings

…are frustrating no more! Fixed savings offer much better interest rates than standard accounts, but in this time of financial strain, it can be frustrating to know you have money you can’t access.

Usually, there are access fees for dipping into your savings early, but this has been waivered while the country gets to grips with the coronavirus pandemic.

While this should never be your first port of call, as you could lose interest on your cash, there’s peace of mind in knowing your money is there if you need it.

Emergency budgeting

For many people, this may have been an obvious first move. But many of us don’t always see the power in getting our ducks in a row.

In uncertain times, some structure can help keep your mind at ease. If you know what your key outgoings are, you’ll know where you can afford to cut down and save some extra cash.

There are a few ways to create a budget planner, with many online money advice forums sharing basic and flexible templates, so look around to find the one that works for you.