For many, especially those on furlough, 2020 is proving a year where every pound counts. Here are our top tips for supporting your financial well-being during the Coronavirus outbreak.
six ways to improve financial wellbeing during Coronavirus;
- Car insurance
- Mortgage breaks
- Randstad benefit app
- Working from home tax relief
- Check your memberships
- Use comparison sites
- Loyalty
car insurance.
Many car insurers are offering partial refunds to car insurance customers during Covid. Some insurers are offering £25+ due to the change in driver behaviour during lockdown - there are fewer cars on the road resulting in fewer claims. Be warned - not all refunds are automatic. Reach out to your car insurer to confirm what’s on offer and ensure that refund boosts your bank account. It's also wort re-negotiating yearly mileages, you'll be driving fewer miles, so let your insurers know. When it comes to negotiating your price, don't be afraid to ask for help, times are tough and lenders might be willing to knock off a bit to price match in order to keep you as a customer, or assist you this year to help out. Think about your level of cover. Take time to assess what coverage you need, how many drivers are needed on which car, every little change can help.
mortgage breaks.
Whilst it’s common knowledge that mortgage providers are happy to offer three month mortgage breaks, many providers have extended this by another three months (giving you access to a six-month mortgage break in total). This can be a speedy way to alleviate monthly outgoings at speed. It’s worth noting however that your Interest will continue to build at your usual interest rate during the mortgage holiday. This means that the total amount of interest you’ll pay over the term of your mortgage will go up, increasing the overall cost of your mortgage.
randstad’s benefit app.
Randstad’s app gives workers access to an array of offers and discounts. Workers on furlough are also able to access our EAP scheme and supermarket savings scheme for FREE.
working from home.
Did you know that you may be eligible to claim tax relief if you’re working from home on a regular basis? You can claim work-related expenses such as the costs for business telephone calls or the cost of extra energy bills. Visit the Government website for full details.
check your memberships.
A great tip is to chase refunds and/or ensure there’s a pause in any subscription services. Prime examples include restaurant dining cards and gym memberships. Many gyms have automatically suspended monthly direct debits but we recommend you double check as these outgoings can quickly add up.
dip into comparison sites.
We loved advice from Money blogger, Andy Webb. He suggests that anyone who uses price comparison sites once a year for car insurance or energy bills should think about using online price search sites more widely. "Shopping around for the best price is really easy when you're doing it online," says Andy, who writes the Be Clever With Your Cash blog. "There are some you can use day in, day out to save money on everything from TVs to trainers.
"An extra feature of these sites is the price history tool. You'll be able to see if the current price is higher or lower than usual - a handy guide to work out if the lowest price is actually the best price too."
loyalty.
It's okay to shop around to get the best price but ensure that you consider loyalty. Many reputable companies now, in energy, insurance and retail will offer discounts, vouchers or other perks in order to keep you as a customer, knowing you'll be locked in for another year potentially. It's in their best interest to keep you happy, so it's ok to ask for a better price or a deal, especially if you have been a good customer for multiple years.
need more help?
If you need more structured support with your finances, there are plenty of organisations who are ready and waiting to help.
- Turn2Us - a national charity offering info on benefits and grants
- Citizens Advice - help with benefits, consumer issues and financial matters
- Credit unions - locally based, regulated loan and savings membership organisations
