Hey guys 🙋♀️ welcome to chapter 1 of our Surviving COVID series: Budgeting.
So far, the U.K. has seen over 190,000 redundancies. With the furlough scheme set to end in October, there are likely more to come.
Some of you may already be unemployed, so we want to help you manage your money as carefully as possible during this difficult time.
Step 1: Download mobile banking. It’s healthy to get in the habit of looking at your account often, and knowing exactly how much money is in there on any given day.
Step 2: Work out your monthly expenses. Here’s a list of some of the things you’ll need to take into account:
👉 Phone bills
👉 Car insurance
👉 Subscriptions like Netflix, Spotify, gym membership
👉 Council tax
👉 Gas, electricity, water, wifi
Step 3: Where can you make savings? Perhaps you’re eligible to reduce your phone bill, or maybe you can cancel some direct debits. They may seem like small savings, but they all add up.
Step 4: What’s your budget? Set a weekly budget to spend on food, transport and any other unexpected expenses.
Step 5: Make extra cash. What items in your home could you sell on Facebook marketplace? Here are a few ideas:
👉 Kitchen items
👉 Garden furniture
Whether you’re unemployed or not, it’s essential you get your finances in check to prepare for any unforeseen circumstances.
Good luck with your budgets! I’ll see you over in chapter 2 where we’ll be examining new job opportunities you could consider 💥