To ask about your financial situation after covid?

[MrDarcysMa]

Hi all, I don't have any friends in the same situation so just wondering what other people's situation is....now and after CV? I realise many people will be worse off than me, as well as better off so this isn't meant to be inflammatory - just curious really and trying to get some perspective on my situation. Both DP and I work FT (usually) no kids and recently purchased first home after 10 years of renting and saving.

I work in a company where I do a worthwhile job but it does not bring money in directly for the company so I may not have a job after the furlough scheme ends.

-Very lucky atm to have 80% income via furlough (although it's only of my basic salary no overtime or commission)

-Joint mortgage and bills with DP who earns more than me but is wfh on 20% pay cut

• We're ok on current income - about £800 in the bank less per month but we're not spending much/ going out

• After furlough I will likely have only PT hours if so - we should be able to pay mortgage and essential bills and food if DP still has a job but no unnecessaries or fun stuff (if pubs etc re open!)

• If I lose my job we will have to do mortgage hol for a few months, give back the car we have on pcp which ends soon, and hope I can get another job after 3 month mortgage holiday or my company is in a position to have me back!

• Overall we are managing ok now financially but if we both lose jobs after CV which is a very real possibility, we're screwed.

please ignore the voting I swear I turned it off

DH and I work in education so our income hasn’t changed fortunately.
I nanny part time as a self employed worker but the family kindly have insisted on continuing to pay me which is so kind.
We’re saving money. I spent £10 on fuel in the past 6 weeks.

Thankfully we are fine, if not better off.

We both work full time, DH is a higher earner and I'm on a reasonable salary. Both jobs are very secure right now as the virus has actually made our jobs even more important than they were before.

And because we're not out spending we have built up more savings than we have ever seen before in just these last few months.

I know we are incredibly lucky and I never forget that. The start of 2020 has us both broke AF and struggling to make ends meet so I really feel for folk struggling as my memory of struggling ourselves is still very fresh.

Yes Blueglass if we were on full income we'd be saving absolutely loads! this mad made me realise how much money we've frittered. Your employers sounds great.

I’ve just had a pay rise and have only just started on furlough today
Dh has been on full pay for 6 weeks and is now wfh
We have spent less in shopping and going out so our finances are good at the moment
I feel very lucky but we’ve been married 30 years and have had our fair share of financial hardship in the past, so I don’t feel too guilty

My small business has gone under and I'm now doing work which pays slightly over the minimum wage. So very affected, but should be able to survive.

We're both very lucky and are in jobs that are relatively secure, although DP may have to change because his may be moving to somewhere where it's really not worth commuting because of the distance and travel time involved.

I'm retiring next year, August at the latest, so will have a small drop in income, approx £200 a month net. I've been gradually reducing my hours over the last few years, so it won't be a big drop!

I’m self employed since January, so still very much early days of building a business and therefore low income.

DH is a contracter in oil and gas. His last contract ended 20th March. Prospects are not looking good in that sector so he’s looking into alternatives.

Fortunately we have savings ‘just in case’ after many years of dh contracting. We were about to splurge a lot of it on some big home improvements but thankfully we hadn’t committed to anything so can survive for 6-12mths if we live frugally if necessary.

The same as both DP and I are still working as usual. In fact we're better off as we haven't had to pay nursery fees for two months, although I'm hoping DD can go back again soon! We've also definitely saved money on petrol.

Thankfully, my income is unaffected by CV and as a teacher, my job will still be there. I work full time and I am the main earner so very grateful for this.

DH does very part time gardening and is mostly a SAHD for our son who is 6 plus looks after some elderly relatives. He is still able to do the gardening so unaffected as well.

We are spending a lot less at present due to not going out. My car is very fuel efficient and I would usually spend about £40 a month on fuel. I last filled it about 6 weeks ago and still have 2/3 of a tank left!

No eating out/day trips so nothing being spent there.

I have been using lidl for my shopping rather than Asda due to the huge queues at Asda so that's saving money and I will continue with that after lockdown.

I genuinely feel for those on less income/no income and who may not have jobs to go back to

We‘ll be better off as my MIL caught the virus and died so DH will inherit some money.

I am on a 10% pay cut at the moment with very real threat of redundancy in june. My dh is so far unaffected financially but I am the main earner by about triple his wage so thinks could get tricky but luckily we have savings and are not spending much at the moment.

Not much change. No mortgage so changes in interest not an issue. Secure income. Hopefully, secure but dull investment.
The changes will be around inflation and the power of the pound overseas. We will undoubtedly get less for our money but since we’re not huge socialites or particularly style conscious, it might not be too much of a worry.
Flying will be more expensive, if possible and travelling abroad could be more of a luxury. We’ll have to consider that as it unravels. That’s not an essential though.
I dread to think what additional problems Brexit will bring to many.

Murinae sorry to hear that.

We’re better off than most for sure, which I am very cognisant and grateful for.This may scupper our plans to buy next year (if 95% mortgages go) but we can live just fine.

Both on 80% pay at the moment, me furloughed and DH working 0.8 time, which is about a £800 a month drop in income. But we’re saving around £300-350 in transport costs, and about £100-150 in socialising costs, and my gym membership is on pause, plus I’m pregnant so not buying wine! So the loss is effectively saved by reduced cost. We’re still saving on track with our original plan.

I hope I won’t lose my job, work for a charity and not completely essential but probably more so than others. I’ll be on maternity (only SMP) from October so won’t be costing them much. Will be returning part-time so they’ll have my knowledge/expertise for cheaper then which may also keep me. Should I lose my job we can live on just DH salary for a while, even 80% of it. His job seems very safe so just crossing fingers there.

Very sorry for your loss Muriane.

DH and I are both still working ,DH from home which has saved on petrol, im a key worker but car parking is free so thats saved £100 per month, im hoping that continues for May. We should have been going on holiday end of May which we've had a refund for so thats some money back in the bank.
My employer is likely to make redundancies over the next 12 months but im hopefull ill be ok.
I feel for all those affected, especially self employed guys that have just started out, it seems theres no support for them.

Weirdly we are a lot better off from not spending money on shite.

DH busy at work and I’m furloughed on 100%.

Shopping bill has doubled but we aren’t eating out, drinking out or having takeaways. No weekends away. Less spent on make up, clothes etc. No days out. Not getting morning coffees, sandwiches at lunchtime, lunches out with colleagues etc.

We’ve saved £2,000 in the last two months. Shocked how much we frittered away on crap.

We’re actually better off, both still working, both kids at home so not spending on school buses/dinners etc. Filled the car up when prices first dropped and still have half a tank, no going out and spending on entertainment. We’re quids in and feel very very lucky and very aware many others aren’t so fortunate. It’s been a long time since there was money at the end of the month.

My income hasn't changed I'm a dental nurse in the NHS so my jobs safe but I am on a low wage. my husband is a private periodontist so self employed. I'm sick with worry about money. We're okay atm and will use our savings for a deposit to get by until he goes back to work but I'm a massive worried about money anyway so my brain is jsut in overdrive at the moment!

Sorry I do realise that we're incredibly lucky to have savings to fall back on

Due to me being furloughed with no top up and DPs job asking him to take a pay cut we couldn't afford to live so we had to move to UC. We were very pleasantly surprised to find we are entitled to £200 more a month than DPs basic salary. With the saving on DPs commute too we are actually better off on benefits. Bonkers.

that's interesting User18492725204065241 may I ask were you both only PT before CV? I thought UC was worked out on total household income so if you're on 80% and he still has an income I'm surprised! happy for you though.

Better off. Both working from home and busy due to Covid, on good wages in financial services. Would say job security is pretty high.

Low outgoings for our income since DP moved in- 1 bed house so small mortgage for me to pay and he pays bills. Food bill probably doubled as both of us usually eat both breakfast and lunch at work but therefore offset by not spending on eating out. Also have saved on fuel, gym membership frozen, no hair or beauty treatments.

We were due to go to Scotland for a friend’s wedding so our flight, accom and car hire is being refunded and we were due to take a foreign holiday later in the year which we now believe to be unlikely. Therefore we now have enough to pay for the garden to be cleared and made usable so have offered the work to a friend of a friend who has been made redundant from his gardening job and will spend the money saved paying him.

Expecting none of the usual payrises and bonuses that come with a job in finance this year and a rise in taxes but will gladly pay as we recognise that we are in a privileged position to be very mildly affected and think we’re exactly the kind of household that can afford to pay.

Our income is so far completely unchanged. We’re saving a lot of money by not doing anything and intend to continue to do less when lockdown is over as we’ve realised that we spend too much of our lives rushing around!

We are moving to a much larger house next month though so will be paying a bigger mortgage.

Oh and our tenant is being a dick and choosing not to pay her rent even though she’s on full benefits so her income hasn’t been affected.