Firstly I’d like to say that money and finance is secondary to life. Especially during all of this we are seeing loved one battle an unknown and quite terrifying illness, many of them, too many of them dying from it. My thoughts and prayers are with those who are suffering and the NHS and keyworkers who are keeping this country running. You may have clicked this list because you are looking to see what Coronavirus financial help you can get during this pandemic. Let’s take a look.
Furlough
A word that nobody knew before all of this. There has been good news that more people are now eligible for the job retention scheme. There were many that fell through the gaps in the net and there are still those who this doesn’t cover, but the date have moved to include more people. 80% of your wage up to £2500 to sit at home and not do anything sounds great. Would you have accepted that before all of this kicked off? I reckon many would. This system is in place to retain your job, give you 4/5 of your income and make sure you can safely stay at home. Remember that it doesn’t mean that you company has to furlough you. The decision is still up to them. However, I, like many, feel it’s the right thing to do as it doesn’t cost the company anything. If you need some help to convince your employer, there is a fantastic Martin Lewis video which explains everything.
Self Employed
The self employed were feeling massively forgotten about until the scheme was put into place. Apparently it took longer because it’s more complicated. Self employed people like me will receive Coronavirus financial help of 80%, just like employed people. This will be based on their previous tax returns. However, the self employed won’t see any of this money until June. There are many people who this doesn’t cover though, for example, those directors of small businesses who pay themselves minimum wage and top up with dividends. Whilst things are changing all the time, it appears that there will still be some folk let out in the cold.
Universal Credit
You might be able to apply for universal credit as a way to give your Coronavirus financial help. You’ll need to go to the website and try to apply. There have been a lot of people applying due to the Covid-19 situation and the department has been hugely up against it, trying to process a lot of applications in a short space of time. There are standard amounts of universal credit, paid monthly, which can change with your personal situation. For example, a single person under the age of 25 would receive £342.72, as standard. A couple with either of them over 25 would get £594.04 between them, as standard. This can go up with your situation, including if you have children, for example.
Use Savings
This won’t apply to everyone but if you do have savings, you’re likely going to have to dip into them. It’s not an ideal situation to be in, as you may have had them earmarked for something else. But needs must. In order to pay your bills, put food on the table and live day to day, you might have to use the money you saved for something different to why you saved it. If that means you don’t book that dream holiday, so be it, we’re unable to travel anywhere at the moment anyway. If you don’t redo the kitchen for another couple of years, does it really matter. You need to focus your mind on the here and now and use what you have got access to.
Earn Money Now
What can you do to earn money now? Can you take on another job? There are lots of supermarkets recruiting to help keep supplies moving during this pandemic. Perhaps you can put your hobby to good use and sell the things you make from it? This could be craft, cakes or photography. Maybe you can sell some things you no longer need or use? Whilst you might not be able to earn extra money, you could save money on your outgoings. Down switch your brand of shopping, change your utility provider to a cheaper one, change your bank account to one offering a monetary incentive to join them.
Above all, stay safe and be kind.
