Has Coronavirus Left You With More Or Less Money?

Though lockdown and social distancing brought us all together (despite being forced apart), the COVID-19 pandemic has impacted us all differently, and nowhere more so than when it comes to our finances.

- Andy Webb

Many who couldn’t work will have lost income. The government’s furlough scheme limited the losses to just 20% of earnings for around a quarter of the workforce—but the drop will still have been felt by millions with 25% of the workforce on the scheme.

And others, especially freelancers, limited company directors and the recently self-employed, fell through the gaps provided by the government. Many were left unable to work and unable to earn. The only option was to claim benefits, and record numbers have applied for Universal Credit since March.

Yet there were also a lot of people who continued working as before, albeit from the kitchen table. This meant no change to the money coming in. But while they earned the same, their spending was down thanks to the limitations on where they could actually spend their money.

Whichever applies to you, I’ve got some ideas of ways to make sure you get you and your money in the best possible place for whatever comes next.

If you’ve got less money

The government support schemes for employees and the self-employed are due to end shortly. Hopefully you’ll be back at work earning your normal salary before then.

But if that doesn’t happen then you could find yourself in a precarious financial state.

Anyone worried about redundancy should find out exactly what their contract says. It could be that you’ll get a bigger payout than the legal minimums—it’s good to know so you can prepare.