Safeguarding your finances during a pandemic | A guide for savvy mums

Things are finally starting to look a little brighter out there, aren’t they? The government restrictions have been rolled back, we are finally able to meet our loved ones indoors, and we are even able to go on holiday if we want to. But the pandemic has taught us all that we should never get ahead of ourselves, and it is always better to be safe than sorry. Everyone felt the strain financially in the eighteen months following March 2020, and if you want to make sure that you can keep your family budget where it needs to be in the months ahead, here are a few pointers.

Try To Avoid Splurging

We completely understand the impulse given just how much we have been denied during the pandemic, but the fact is that there is a lot of uncertainty when it comes to the months ahead. The Delta variant is still out there, there may be more variants to come, and experts have been raising concerns about the Autumn. That is why you should look for ways to avoid spending too much on holidays and other treats this summer. You should also think about cutting out some of those lockdown expenses. Sell off any unused goods and items, cancel some subscriptions and try to plan your meals in advance instead of springing for takeaways.

Get Your Insurance Up To Date

We didn’t just have a rainy-day last year. We had eighteen months of them. One of the most effective ways that you can guard against worst-case scenarios is through comprehensive insurance.

Now that we do have a bit of room to breathe, this is a great time to go through your policies to make sure that all of your information is up to date. For example, if you have recently moved, adopted a new pet, or if someone else needs to be added to your car insurance.

Given that we are all a little worried about our employment situation, income protection insurance for you and/or your partner can give you great peace of mind. It can cover you for up to 70% of your gross annual income in case of illness, injury or forced redundancy. Visit Drewberry Insurance to read more and to find a policy that suits you. They can help you calculate the best rate by comparing the top 10 UK insurers.

Manage Your Debt

A lot of people in the UK had to take out some additional loans during the pandemic or had to renegotiate the terms of their existing debt repayments to keep their heads above water. In February it was estimated that 450,000 UK families were behind on their rent payments because of COVID-19. One of the best ways that you can safeguard your finances is by getting on top of your debt.

Create a detailed monthly budget so that you have a clear idea of what you are working with. Make sure that you have enough set aside to keep up your repayments to avoid impacting your credit score. Think about how you can structure those repayments to give yourself a more favourable interest rate or pay them off sooner. Debt can often feel suffocating but when you have a firm grasp on what your situation is, solutions will become more readily apparent.


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