With the fallout of the pandemic becoming clearer as we begin to get back to normality, a lot of families and households across the globe will find themselves struggling financially. The furlough scheme was a positive, but job losses and hefty price rises mean a lot of us will be finding it difficult to make our money go further. If you find yourself with an unexpected expense, payday loans uk can help in an emergency. Read on to find out more about how you can survive financially post covid, from making savings to paying off your loans.
The impact of the pandemic
The covid pandemic swept the globe and left a financial mess in its wake. The impact of the pandemic on the economy was huge – from businesses closing being forced to close, to international travel being banned. The immediate fallout of the pandemic has led to a rise in inflation, as well as the price increase of products and services as businesses all over the world try and claw back all that they lost over this period of uncertainty.
It is not just businesses that have suffered, we have all been affected in one way or another. A lot of us were out of work or placed on the furlough scheme to help support us when we were told to stay at home. Unfortunately, covid led to a lot of people losing their jobs, which left families struggling to cope with mounting bills and the price rises that are now becoming the norm. The pandemic hit us hard and had a negative impact on our finances, as well as our health.
Although we’re now beginning to live with the pandemic, there are still many people that will be struggling to keep their head above water as a result of the ongoing hardship the last few years has caused. If you’re looking for ways to survive post covid and work your way up to a better position financially, read on.
Creating a monthly budget is the place to start when trying to recover from the impact of the pandemic – it allows you to face your finances head-on and be aware of the position you’re in. Look at your monthly income and essential outgoings and see what you have left to work with. This can help you to identify what you could cut back and is a good way of working out if you could afford to put cash to one side, into your savings each month. It all adds up! Don’t forget to dedicate some to your loan repayments too.
Invest in yourself
Taking the time to invest in yourself is essential. If you’re out of work or looking to make some extra cash, learning a new skill, or enrolling in a course can help you to progress. Learning something new can help you gain confidence, as well as excel in your career. You could even choose something completely different to what you’re used to – if it brings you happiness, and you think it is something you’d like to take further, either as a side business or a whole new job, it is worth it.
Pay off loans
If you’re struggling to make ends meet post-covid, it can seem difficult to dedicate funds to pay off your debt, when you have little left over to begin with. But making it a priority to pay down the debts that you owe means that you will be free of them sooner and will have more financial flexibility in the long run. Chip away at your debt in affordable amounts and you’ll soon see the benefit in your bank account.
Over the course of the pandemic, if you found yourself struggling with money, the likelihood is that you’ll have had to make a few cutbacks. This is a habit that you could carry on into the coming months if needed. If you’ve taken the time to identify and eliminate luxury expenses, try not to be tempted back into your old ways! Cutting back on overspending means we can save more or use it to pay off existing debts. If you’ve started running rather than going to the gym, be sure to cancel your gym membership, and why not take advantage of a remote or hybrid-working scheme and save some on your fuel bill too?
With prices increasing this year, you may be finding it more difficult to live on the salary that your current job is offering, but there are things that you can do to give your income a boost, to give you a bit of financial flexibility. One of the best ways to do this is to ask your current employer for a pay rise. If you’ve been on the same rate of pay for a while now, and you’re a hard worker, that’s been employed for over a year, a pay rise is something that should be considered.
If this is not possible, apply for any internal promotions that may come up in your current job. If it offers more money and you think you’d be great for the role – nothing is stopping you but yourself, take the chance and it might just pay off!
If you’d like a change, there will be other jobs that you can apply for that will offer more money, you just have to look for them. You could take online courses to boost your CV and result in you achieving a better position in your career, as well as financially.
Lastly, if you have tried everything and your income is not meeting the requirements you need to live comfortably – there are ways that you can seek help. Money worries can become debilitating, and you will feel like you’re the only one struggling, but you’re not alone! Over the course of our lifetimes, many of us will fall into financial hardship for various reasons.
There are charities that are dedicated to helping people that find themselves in financial difficulty. If you’re in debt, they can contact the companies you owe, if you’re having trouble managing your finances, they can help you budget. Reaching out is hard, but it could be the best thing you do to help yourself.