Putting Your Money On Lockdown: 5 Actionable Steps to Protect Your Finances

In the worst pandemic in recent history, our finances are taking a hit. Already in the UK — a country whose response to the virus has been lackadaisical at best — the Chancellor unveiled an “unprecedented” package of support for workers in an attempt to minimise financial difficulty.

They’re paying 80% of the wages of employees; mortgage payments are halted; Universal Credit (essentially, our social security) is higher. Nonetheless, a 20% cut in salary will present a squeeze. Not to mention the vast numbers of people who are self-employed or have been made redundant.

I’ve done articles on financial advice before, but this unique predicament requires a somewhat different set of measures. Here are some sensible steps you can take — immediately — to preserve your livelihood and, possibly, your family’s financial well-being.

Step 1: Cut your costs

If you’re self-isolating or working from home, perhaps your outgoings will fall thanks to lower travel and food costs. However, now is an excellent time to review any subscriptions to determine just how ‘necessary’ they are: that bi-weekly cycling magazine subscription? Perhaps now is a good time to break the tie.

Pause a regular payment for something you’re either unable or unwilling to go to at the moment, like a gym membership. Some gyms are enabling their users to pause their membership for a month and carry over any credits, so double-check this, but, in most cases, these things should go.

Ironically, if you’re going to be at home for a long time — which is looking likely — streaming services such as Netflix or Spotify are probably going to feel pretty crucial right now. Keep em.

Step 2: Refunds and bills

Those of you who are UK commuters and have paid for either annual, monthly or weekly tickets will be able to get a partial refund. Many countries transport systems are offering some sort of reimbursement, so it’s worth checking.

Some energy companies are also pulling their weight: EDF Energy is offering breaks on bills to its five million customers on a case-by-case basis. Check all your utility bills to see if your…