UNDERSTAND YOUR FINANCIAL POSITION
It’s an anxious time for all, and while health must be the top priority, we can't avoid the fact that a key contributor to our anxiety is our financial wellbeing. You may be worried about losing your job, managing a reduction in salary if you've been furloughed and the impact it might have on your ability to make mortgage payments and pay bills.
The very first thing that you should do is understand exactly what your financial position is and then start working through what you can eliminate, what you can minimise and where you need to prioritise expenditure. Click on the 'Create Lockdown Budget' button below to set yourself a reminder to create your budget.
We've also attached a link to a really useful budget planner in Money Saving expert. This will give you a pretty solid overview of your expenditure and where you may need to start making some cuts. Throughout this planner, we've made some suggestions on areas to consider and actions you can take to help reduce your outgoings.
Review your budget once a month (simply click on the 'Schedule Monthly Review' button below to set up your monthly budgeting task and set it to a recurring task). We've set it up for the first of the month for ease, but you can change the start date and the regularity of review when you set it up.