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.

I have managed to clear all of my credit card debt after 2 months of not spending money on worktime lunch, coffees, drinks and other nonsense plus cooking from scratch. Food shopping bill is higher but reduced spending in many other areas. Working from home on full pay as is DP so financially we are fine. I am glad we are in a position to continue to pay our childminder as she is in a precarious situation at the moment.

We have all had the virus (2 adults, 2 DC) and have come out the other side after a couple of rough weeks. I feel extremely fortunate.

Murinae was that put in purely for the shock factor or to prove a point that income is irrelevant when some people have lost their lives? Or maybe you are felling a little happier as your husbands inheritance has come a couple of years earlier than predicted....

Our income hasn’t changed. My husband works from go home and I’m not working. Our commuting and driving costs are down but our electricity and food bills are way up as the kids no longer eat at school and everyone is eating all the time. We didn’t go out much and spend a bit more on takeaways than we used to.

All and all economically ok income wise. Retirement accounts (no pensions) have lost a ton of course as they were all stocks and maybe 20% bonds. Hopefully that trend won’t continue. And then our house (we are on a work visa but hope to stay) in California has lost at least a fifth of its value and we have a huge mortgage. When our tenants leave next year it could be even worse. I don’t know if we can get rent to cover it. In our neighborhood in Palo Alto houses normally go over asking prices as there is so much demand. That’s not happening now. So overall we are a lot poorer on paper now.

I’m hoping we’ll be ok. I’m a nurse and husband works for a bank so ours jobs are secure. I’m currently in maternity and husband is WFH as of Thursday but on full pay. Hoping we’ll save a bit of money come the end of it.

I’m in education and DH in NHS so we are incredibly lucky to not have a drop in income, still working and should still work st the end of this. We are saving about 25% of our monthly take home pay at the moment. I want to try and keep it up when this is all over.

Peanutbutteryogurt have you considered paying your nursery as you’re still earning as usual? Even if not the full amount. Many are really struggling especially since govt. changed rules on furloughing staff.

Well I’ve taken a 35% pay cut. No idea if I’ll have a job in a few months, if I do, I suspect my hours will be significantly cut.

DH’s business is a little down, but I’m pleasantly surprised at how well that’s been holding up.

Our outgoings are very little right now, though we’re paying a ridiculous retainer for nursery.

We have some savings. We also have family members that would get us out of a jam. Not that I’m keen on that option.

I’m very concerned for my industry, which has taken a big hit and will take a long time to come back fully, if it ever does.

We're better off - for now... We live relatively simply and didn't really do big nights out, buy a lot of clothes etc etc.

Saving approx per month:

• £200 in petrol / parking
• £280 on nursery and after school club (still paying some)
• £80 on kids after school activities and things like soft play etc
• £100 or so on coffees, lunches at work, the odd family meal out or night out etc

Our food bills now are huge though - about £300 more a month.

If I lose my job (currently furloughed) and DH goes back to the office as usual, we will be about £1500 a month worse off.

The uncertainty with school and other childcare over the summer is making me wonder if I will practically be able to make it work.

We would be able to pay bills and food on DH's salary, but not really anything else.

The savings we are making now across three months won't even cover one month's lost salary.

rottiemum88 also wondering whether you’d consider paying something to your nursery. So many are struggling.

Completely understand not paying if you’ve lost income yourself. But are most people who are still earning just not paying anything? Ditto cleaners.

I'm probably in a neutral position financially. We have an oil boiler. Oil is now less than 20p a litre. (I think it was It was about 55p a litre around xmas) This week I have put a £150 order to top up the tank and that will heat the house until at least to the end of the year.

On the other hand I'm organising food deliveries to my mum and she says shes unable to figure out online banking to reimburse me. When she finally does see me again will figure that she won't want to embarrass me by giving me the cash.

So the weekly cost of morrisons orders for my mother will far outweigh to reduced heating costs.

@Ariela
I love your thinking -

"@HingeandBracket

Can you furlough yourselves, then each pick up some self employed contracting work doing the work for each other's business, and invoice the businesses accordingly?"

Sadly I am not a chartered and registered healthcare pro (DP) and DP doesn't have much in the way of the specialist IT skills I have.

There is no contracting work about - I am lucky to have my one remaining contract, albeit at much lower hours/income.

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

??? Errr condolences

I am in an extremely fortunate position where my job is safe and I will likely benefit from COVID in the long run as the work I have been doing has been critical to our customers (banking).

I’ve spent quite a lot on ‘treats’ but that’s because I got my annual bonus in March. As a family we’ve actually spent quite a lot less on going out and food. I went out today in the car and realised I haven’t put fuel in for over two months and it’s over half full! I don’t drive a lot in general though.

I was expecting electricity costs to sky rocket as there’s five of us home using all consoles and TVs but actually it hasn’t really. Maybe an extra fiver over the month.

• oh and our tenant is being a dick and choosing not to pay her rent though shes on full benefits so her income hasnt really been affected

awh a lovely landlord.

• errr, Dont u mean shitty tenant who will take any excuse not to pay so they can spend the money on themselves. That's why landlords won't rent to ppl on benefits, their reputation proceeds them and unfortunately tarnishes everyonewith the same brush.

Poor landlord who is giving someone a home ....

We are fine 2 adults. No kids at home just the new puppy who has expensive taste in food .
DH has a fair bit of property and most are long term HB tenants so no problems with no rent being paid . The one tenant who has had problems due to work we have been in touch with them to assist them with help .
His other business has been pretty much the same money and work wise . I work part time in the business so no changes for me .

All our kids are key / essential workers so none have lost work / jobs

Money wise we have no mortgage and no real debt & plenty of savings so overall it’s not really affected us at all so far thankfully
I seem to have a lot more time to do stuff but no idea why

I'm still getting my full salary as I'm a civil servant. Working long hours though trying to ensure some frontline services have enough cash. But not complaining.

H works in construction. Still working in May but not sure about June. Currently saving money in travel and food.

It's not too different for us. DH is the breadwinner and wfh on full pay. His company is very secure so we have no concerns there. I run a small company employing myself and my adult DS, and I've furloughed both of us so that has worked out fine.

Small savings here and there - no travel costs, no extracurricular costs, no days out costs. But food bills have gone up, and I've spent a lot on more toys and activities for DD. But that's all very minor.

We cleared our mortgage a couple of years ago, and don't have any debts. Our investments have taken a bit of a hit, but it's all earmarked for the longer term so we will just ride it out.

This is interesting reading, surprisingly so many people better off.

Sadly we are both self employed running businesses and working in client homes.

I’ve had to pause my Business completely for the time being and partner is working maybe 1/3 of usual.

In 2019/20 & 2018/19 returns around £21k but previous 2 years a new business so £12-£14k, so I’ve struggled for a few years and finally felt like a had a little money for fun and booked a trip abroad with mum and sister which has obviously been cancelled. 80% of the past 3 years accounts won’t be great but better than nothing but I’m concerned about when I’ll be up and running again especially as 1/3 clients are over 70.
daughter is off school atm but I’m worried lock down will be softened and my daughter can go back to school (part time?!) or me partially to work but I won’t be able to do the hours required because daughter isn’t at school full time / I don’t have child care as mum is over 70 and then I also won’t get support from government because we are effectively open for business. I’m concerned this will also all happen in the run up to summer holidays, I struggle with cover for childcare over a 6 week period at the best of times and to juggle it I’m worried that I’ll loose clients because I don’t have my usual family support.

We moved last year and need to do some work on electrics and general poor condition of the property and the money we have worked hard to save looks like it will be diminished during this virus 😭

4 adults, all on UC.

Dd and Ds will go back to working when this all starts up again.

Dd is getting work lined up for September to Christmas time. Covid permitting.

She also has various other work that she was in the middle of to go back to.

Ds was just getting going when things stopped

Dp made an appointment for a scan in November as he wasn’t feeling right. He has stage 4 bowel cancer.
The appointment was supposed to be in February then it was cancelled and made for a date in March then that was cancelled until further notice.

Everything else is just back ground noise and numbers until we can see where abouts he is health wise.

I was taking over from Dp as the main earner. That has been put on hold and when we have the results of his scan then we can sit down and work out a way forward.

Dp has the possibility of some very p/t work which he would be doing if things hadn’t stopped

About the same. I'm a key worker but working from home busier than ever in a public sector job so job security is pretty high. DH is a key worker so petrol use is still the same. I get the bus in to work so have saved on my bus fares and after school club but food costs have gone up so it balances out. Possibly slightly better off.

we are in the process of trying to sell our flat though so who knows how much we may lose on that. We've already had our offer accepted on the new house so no chance of saving money on that to balance it out.

Our income is unchanged - dh is a civil servant (working from home), I'm NHS - so we're cushty. Except for the threat of me bringing a deadly virus home on a daily basis

No change for us and my 2nd adult son who still lives at home. Our eldest and DiL if anything are better off.

Eldest is working from home, so on full pa. DiL furloughed, on 80% pay. They have no childminding fees, petrol etc to pay out, so got a few quid extra, per month, left. They could live on eldest money anyway, as he is in tech industry, without DiL's which pays the luxury side.

I did give him a gentle telling off as DiL was furloughed just before the lockdown and at that stage they didn't know about the government money. The reason he grumbled was he only had £300 a month left over after paying everything. He got a gentle telling off. He did blush and say ''I know''

Youngest son also in the tech industry is working from home.

Daughter has been the only concern as she lives abroad in Canada, as they don't have the same welfare state there. However the government are paying each person furloughed $2000 a month so she is now O.K

Know how lucky we are on a financial level that we are all O.K. So many aren't. We do our bit to try and serve in the community where we can

Thankfully been furloughed 100% pay as I work in a school so I know my job will be safe I'm so lucky compared to some 😭

Very worried as DH (Furloughed) works in an industry hugely affected by what’s going on & likely to be one of the very last industries to get back on its feet/will be the longest hit. He’s taken a 27% pay-cut already for 3 months & then a further 20% for 3 months thereafter. No shift allowance or duty pay so that works out around £1000 a month down before we even look at the actual pay drop. No profit share or pay increase that had been scheduled for April & we had been counting on to help us out going forward. If things go on longer than 9 months, it’s highly likely the company he works for will fold & the industry itself will be over run with a glut of out of work colleagues. We have a mortgage holiday agreed for 3 months but our food bills have been so high. I’m a SAHM as our children have special needs. Nonetheless I know we are lucky compared to many So Trying to enjoy spending extra family time together & the slower pace of life as well as being thankful that we are safe and well; it’s tinged though with fear as 3 of our kids have complex medical needs & given their vulnerable status, it feels extra scary.😔