6 tips to master financial wellbeing during a crisis
Worried about your financial wellbeing during the #coronavirus crisis? You’re not alone. With the pandemic making huge changes to our everyday lives, anxiety is on the rise.
33% of people in the UK are worried their job is under threat, as more and more employees fear financial insecurity, but there are some ways you can help minimise this anxiety and take control of your financial wellbeing even in this current crisis!
1. Freezing Financial Commitments
Bippit’s Investment Director, Roger Portnoy, told us, ‘my first recommendation would be to take a look at your current financial commitments and assess whether there are any services that could be frozen’, for example:
- If you are paying for a service you’re unable to use because of the lockdown, you could freeze your subscription. Many businesses would prefer you to freeze than leave them! This can range from music subscriptions to gym membership.
- If the service you’re paying for is pricey but necessary (for communication/ essentials/ some much-needed entertainment) you could consider switching to a group or family subscription.
- If there are plans you’ve already made, now’s the time to assess which ones you can change – from holidays to theatre tickets, you could very well be eligible for a refund.
- There might be other expenses you haven’t thought of, like after-school clubs or activities that can’t be done remotely – it’s worth seeing if you can get at least a partial refund on these.
2. Lifestyle adjustments
Many of us are facing real lifestyle changes as a result of the pandemic – and we’re not just talking about queuing at the shops. With schools closed and some family members vulnerable, you could find that your dependency situation has changed. To find out what government credits or support you could be eligible for, visit www.gov.uk for information about benefits, support, and help you might be entitled to.
3. Keep lines of communication open with your employer
It can be a scary time, and we know you may be facing fears around:
- Decreased working hours
- Work and childcare commitments
- Workplace closures
- Being asked to work from home
Throughout all of this, it’s more important than ever for everyone to be on the same page. Talking through the worries you have with your manager or HR department could help you.
Support is available: 83% of employers already have put some form of support in place and services like www.bippit.com are now available through the workplace to provide expert guidance during this time.
4. Reassess your budget and spending
A new focus on “essential buying” may help you rethink what you used to consider as your “disposable” income.
Now that many of us are spending less on travel, and all of us are spending much less on going out, this could be your chance to start saving or save even more.
With everything whittled down to the minimum, you may find that you have more time now to focus on your savings, investments, and spending plans. You may even be able to address a debt that’s been hanging over your head!
5. Set clear financial goals
What are your priorities? Maybe you’re saving for a home, or paying off a mortgage. Maybe you’re into investing, or planning on a big holiday (once this is all over). Whatever your priorities, setting clear financial goals is really important. The Goals Feature on Bippit’s app can help you stay on track and work out what you really want to do with your cash!
So take a good look at your finances, and think about:
- How much you could be saving, and how you could save it, e.g. putting aside money that you’re not using right now. You could think about this in terms of time, for example setting a goal of saving 10% of your earnings every month.
- How are you managing all of your different accounts? It is now possible to manage all your financial accounts in one place.
- If you don’t already save or invest, you could start thinking about the goals that you want to achieve.
6. Get professional financial guidance
At Bippit, our mission is to provide financial peace of mind to as many people as possible by making it easy and affordable to get access to expert financial guidance.
There are many benefits to using a financial advisor – perhaps you want to buy a house one day or learn about investing in the stock market. Whatever is on your mind, you can now get expert guidance delivered by real people and tailored to your needs.
So why not take the time to improve your financial wellbeing during Covid-19? Shine a light on your finances by letting your employer know about the service or by dowoading the app today.