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Surviving A Drop In Household Income

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17 June 2020

Since the outbreak of Covid-19, we’ve experienced so many changes in our day-to-day lives. Adapting to and coping with these changes has not been easy. For some the financial impact has been minimal, with costs like travel reduced. Some people may have found themselves better off, particularly with the closure of pubs, restaurants and other leisure activities. For others, who’ve lost jobs or whose incomes may have reduced, the financial impact may be making an already difficult situation worse.

Many household budgets are tight at the best of times and few people have financial resilience if their income goes down. A loss of income can quickly impact on the ability to cover household bills and other essentials. If your household finances have been adversely affected, it’s important to get a clear picture of your new financial situation so you can take steps to manage it. Using our Budget Calculator will give you a snapshot of your finances and signpost you to further help and advice. It’s quick and easy to use. 

Money worries can be stressful, but help is out there. The Government has introduced a range of measures to help support people financially during the crisis. Our 'Covid-19 Financial Advice' webinar provides an overview of these measures, how to get support and steps you can take to help manage your finances.

If your income has reduced, go through your budget carefully and see if any savings can be made. Could you reduce media or phone packages or cancel your gym membership? Consider how to reduce your food bill – make a list and plan meals. Our #TalkMoney pages contain lots of useful information and links to tools to help you save and manage your money.

If you’ve looked at your budget and accessed additional support but find it’s still going to be difficult to cover your bills and credit payments, our Money Advice and Guidance Service can help. Regulated by the Financial Conduct Authority (FCA), our trained advisers can offer guidance on budgeting and managing your money, and discuss options for dealing with debt. Don’t ignore the problem. Act now. Get in touch today.

If you’re really struggling or finding it difficult to cope financially while waiting for support to be put in place, please apply for help. Our physical office may be closed but we’re very much open for business and here to help!

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