Coronavirus: Expert provides financial tips – free budgeting apps and bonuses available
Workers and consumers across the UK are struggling at the moment. As the virus continues to be a problem for the country, income and employment will likely take a hit. Some have detailed that hundreds of thousands of people have or will lose their jobs.
- Savings: New account launches with fixed interest rate
The government has issued several economic support packages to try and soften the blow.
Thus far, Rishi Sunak has dedicated over £300billion for struggling businesses.
The Universal Credit system has also been radically overhauled and relaxed. On top of this Universal Credit claimants will soon receive an additional £1,000 extra over a year.
Mortgage holders and renters have also been offered “holidays” which protect their living arrangements.
READ MORE: Pension: Comfortable retirement saving tips – many Brits not on track
Most recently, the Chancellor of the Exchequer has launched a new Self-Employed Income Support Scheme.
This scheme will provide direct cash grants for the self-employed up to 80 percent of their profits.
These cash grants will last for at least three months and will cover up to £2,500 per month.
While the government has announced a lot of support in a relatively short amount of time, there is still scope for further income down the line.
Martin Lewis gives urgent advice as Britons clear bank accounts [EXPERT]
Martin Lewis warning on bad mortgage holiday practices [WARNIING]
Premium Bonds: NS&I urges savers to go online amid coronavirus crisis [iNSIGHT]
Mr Sunak has repeatedly stated that he will do whatever it takes to support the country and the people within it.
This will likely provide people with much needed relief during this turbulent time but there is always scope to take further action.
Jon Ostler, the CEO of the personal finance company Finder provided bespoke tips for people in tough predicaments at the moment, commenting: “The spread of Coronavirus is interrupting most businesses, with many Britons who are self-employed or casually employed finding themselves bringing in less income.
“With this in mind, cutting your spending and boosting savings could make a huge difference in this period of uncertainty.”
- Junior ISA allowance changes next month – Inheritance Tax warning
His tips are thankfully easy to follow for everyone:
Use free budgeting apps
“The best way to spend less and save more is to set a budget.
This is easy to do but sticking to it can be a harder proposition.
Free personal finance apps such as Yolt and Money Dashboard offer a range of benefits from budgeting tools, monitoring multiple accounts at once and real-time breakdowns of your spending, enabling you to track and maintain your budget easily.”
Save away money that you aren’t spending
“There are often simple ways to cut costs.
“Cancel subscriptions that you will not really be using, see if you’re overpaying on broadband, mobile or energy bills.
“Plough that money into your savings pot and place the money you save on not going out and not travelling into your savings as well.”
Making sure your savings are in the right place
“If you have savings, ensure that they aren’t sitting in a current account without an interest rate. Even though interest rates are low at the moment, remember to put your money to work and place it in a savings account with a good interest rate so it can grow.
“There are a few banks like HSBC, First Direct and Natwest that offer joining bonuses as well, earning you £100 or more just to switch your main account.”
Source: Read Full Article