Nobody is immune from Coronavirus or the indirect effects of the virus. This is serious stuff and along with many folk, I have been wondering if we are financially resilient with Coronavirus lurking.
Here are my Top 10 Tips
1. Go through your bank statements. Is there anything you can cancel to save money? Gym membership? National Trust? Cinema membership? Other ‘leisure’ things which are now closed because of the Coronavirus?
2. If you have spare time, start with eBay to sell unwanted possessions. We are bracing ourselves to go through our attic where we have over 20 years of clutter – children’s toys, books, computer leads etc. I think we can sell some, pass some on via Oleo or simply fill the wheelie bin. We must, in all seriousness, ask ourselves if we are operating in the spirit of the Lockdown if we are then expecting other people to collect and deliver things for us.
3. Know your bank accounts and credit cards. Do you have a record of every bank or savings account and know how to access it? I don’t know all of Rachel’s accounts, it is worth knowing, just in case.
4. Power of attorney. Many years ago we established an enduring power of attorney for ourselves, so Rachel could act for me and vice versa. Always easier to get this set up while you are well, rather than have your nearest and dearest grapple with it when you’re too ill to consent.
5. Is your will up to date? Does it reflect your wishes? Make sure your loved ones know where your will is stored, although many solicitors can register the whereabouts of your will via a national database.
6. Re evaluate your giving. Many people, either those with a faith or none at all, regularly give money to charities through Standing Orders. If your income has been reduced through Coronavirus related problems, you might need to ease back or completely stop your giving for the time being. On the other hand, could you give more of your money to good causes? And while we are talking about this, are you making the most of Gift Aid, so the beneficiary can reclaim the tax you have paid on earning the money?
7. Are you entitled to any benefits? Always worth checking to see if you’re entitled to any state benefits or tax credits, especially if your circumstances are changing. There’s a benefit checker on the Turn2Us website
8. Using old ingredients old your kitchen cupboards. You can have some fun by using up all of those odd packets of food. Check out the Love Food Hate Waste website
9. Check you are getting a good deal on your Utility bills. There are lots of comparison websites out there!
10. Make a spreadsheet of your cash flow. I will blog about this another time but for now it’s something everyone should do. If you have Microsoft Excel that’s great. Alternatively even just grabbing paper, a pocket calculator, a pen and your bank statements will be a positive start. You can then use this to log how much money you spend on different things – everything from running your home, your transport, your hobbies and so on.