How to manage finances in this season

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In this time of great uncertainties due to impact of Covid-19 , we need to be smarter with money , time and resources .  People with lots of money are finding it difficult to source for certain items. Did you know that as of June 2018, people in the UK owed £1.6 trillion, with the average household debt including mortgage at £58,540. The next time you feel alone in your debt you can remember that your neighbors , friends and families are in the same position.

1. Reduce outgoings.

This is the time to evaluate all the monthly subscriptions and expenses. Review your bank statements, direct debits and standing orders and ensure you map out your need versus want to survive financially. This could be cutting out your biweekly cleaner, gym membership that you never used, magazine subscriptions, even savings needs to be evaluated.

2. Analyze Incoming.

How has Covid-19 affected your weekly or monthly income. If your employer is generous enough to grant work from home that sounds great. Many self employed people will get the hit and would be forced to re-evaluate their business strategies. Look into citizens advice and other government scheme  that might be able to provide guidance and assistance.
let us remember the people in need and vulnerable ones in the society.

3. Beware of Scams, Frauds and Gambling.

This is a great time for fraudster to take advantage of people's finances and resources. Many people are using the internet and social media during this world wide holiday period. It is a time to watch for virus on your computer, limit online shopping and being more aware of those weird phone calls asking for personal information.  Don't fall into old habits of gambling as this is not a time to indulge into money loosing habits.




 Martin Lewis is a great resource for all things money. Most of the features on his website is for UK residents but can be applied in any part of the world.


In conclusion, are you struggling with finances during this season - visit https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/.

Hope you find this helpful, for more contents please send me an email at kiyahc10@gmail.com.

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