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.

DH has just taken a 10% pay cut but think that's just the start. My contract is due to expire or be renewed in June. Either way, we'll be ok as we have savings.

Most of our costs at the moment are being saved by not travelling anywhere etc, so no obvious hit just yet.

I've lost probably 70% of my income and as a company director get no help. I'm a lone parent and the main carer for my DM so I was only earning a little over the average wage anyway. Some of my work will pick up again but I think it's going to impact my line of business for a few years. I'm trying to develop new services, but struggling a bit to do this at the same time as keeping existing clients on board, providing more emotional support to my DM (my DF died a few months ago) and making sure DD is okay.

No change for us, probably slightly better off. I'm self-employed in an industry that hasn't really been affected and DH works for local government and his job is pretty vital and secure. Very fortunate.

DH and I run a limited company. We have very little coming in at the moment and no help from the government.

Fortunately we have savings and life is cheaper than normal so we're fine but I am a tad resentful of those who are getting help or in secure jobs but we made our bed I guess?

it's genuinely good to hear it's not all doom and gloom for everybody. Gives me hope that the economy can keep going.

So much better off!
Me and DH are both wfh on full pay. We're saving money on:
Bus travel
Petrol
Childcare
After school activities
Going out to soft play
Take away coffee, sandwiches, newspapers, etc etc etc
I'm honestly amazed at how much money I used to fritter away.
I'm making donations to the food bank and local food delivery services and still putting money away in savings each month.

I'm better off as just had a substantial pay rise and on 100% wages for only a quarter of the work.
Dp 20% worse off for 5 weeks. Although now back in 3 days which is all he did anyway. Both in part time jobs that are pretty safe.
We have rental properties owned outright and still received the full rent so far.
We also own our house mortgage free.
We are quite big spenders on holidays and social life, gym, petrol so have saved a fortune there as we only have bills and food.
Don't think we will be that worse off if at all.

It turns out I was spending a fortune on drinks after work/ bottles of fizzy drinks from the vending machine. My salary is the same but instead of saving about £200 I’ve put a grand away this month. All of that money was going on food and drink out I’m quite appalled to be honest.

I'm furloughed but will likely keep my job, although expected pay rise wont happen. DH in financial services & wfh but bonuses & increments have been deferred. We were looking to move but anxious now. We have also saved money which has spurred me on to reduce future frittering however if this is collective thought that will impact the economy too.

Also worried about wage stagnation as experienced that after 08 & future tax hikes in general so higher VAT, income tax etc.

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.

Awh a lovely landlord.

We're both working from home which is tricky with a bored 3yo, I'm only part time at least.
Our income hasn't been affected now but the subsequent drop in the economy could have an impact. We just need to wait and see. We're saving as much as we can just now and have been over paying our mortgage for a while.

We are better off for the moment - both DH and I working from home (me PT). Not paying for expensive train commutes, no going anywhere saving us money and just the one weekly food shop (which has gone up!)
Over the longer term possibly we might be worse off if where we work starts to struggle (ok for the moment).

No change for us, both still working (civil servants). We won't lose any pay if we have to isolate/get sick/take time off with the kids.

To be honest, no idea what will happen.

I work in fundraising and DP does IT support for a travel insurance company.

I'm on furlough at 100%. My bosses seem really positive that I will be back. DP is on furlough at 85%. Was 90%, but they've just decided to drop it.

Everyone in my organisation works remotely so there have been no commuting costs anyway, most of our expenditure remains the same except I'm spending so much more on food.

We are renting and last month we still had to pay 100% nursery fees. I am hoping to negotiate this month on the nursery.

DS starts school in September so we are going to see a substantial drop in expenditure. And as long as I go back to work in my current role, we wont have to pay for any before or after school clubs.

We also have the option to move into a relative's empty home if we can't afford rent anymore, but we love this place and chose it due to the proximity to our first choice school.

We are probably luckier than most, But there are too many if's or but's for me to say if we will be on after the lockdown.

I teach and DH has been furloughed on full pay so our finances thankfully haven’t changed.

@DonnaDarko negotiate with the nursery, we are paying 40% to the childminder & will notice in Summer if this continues as lo will start school

We will be fine. However friends of ours - she is self employed and her industry has ground to a halt and he is self employed and just injured himself so they are totally brassic.

Both DH and I are fortunate and our pay isn’t affected. We’ve also saved a fortune on commuting, petrol, bus fares, takeaways and lunches. I know many haven’t been so lucky.

We're okay, both still working, no mortgage or other debts. DH's job might be at risk eventually if the economy doesn't recover. Our biggest financial challenge is having DS in uni and DD supposed to start uni this fall. We're in the US, so universities here are hugely more expensive than they are in the UK.

Me and DH both WFH on our normal pay so no impact income wise. In terms of outgoing, our food bill has shot up from being home 24/7. I guess thats offset by not eating out as often or buying lunches at work but I’m convinced the price of food has gone up.

We commute together normally so saving about £100pm on petrol. Oh and we aren’t paying our gym memberships at the moment so saving £60pm there.

DH was supposed to be qualifying in his new job this summer and getting a pay rise but so many of his courses have been cancelled so I worry that will get delayed.

So not much impact really.

I’ve got two friends whose DHs have been furloughed on the 80% but they both have young children including a baby so they are actually pleased about getting to spend more time at home even with the pay cut.

DH still working so wage/fuel still the same, spending more on food but not as much on eating out/buying stuff we dont need etc so🤷‍♀️

@lastqueenofscotland
It turns out I was spending a fortune on drinks after work/ bottles of fizzy drinks from the vending machine. My salary is the same but instead of saving about £200 I’ve put a grand away this month. All of that money was going on food and drink out I’m quite appalled to be honest.

Wow!! How do you think your habits may change after returning to normal work?

Husband is military on 60k. We live in married quarters. Two flats rented out currently, one mortgage free.

30k in savings.

I’m hoping to start new job soon (£32k) but currently claiming contributions based JSA. £74 a week.

Absolutely buggered to be honest. DH runs a small ltd company which is impossible to run from home. All future projects cancelled/postponed til further notice. I earning £700 a month and that is all that’s coming in. Not sure how long that will last either 😔

We're alright. My job is safe and still working FT. My husband unfortunately has been furloughed and the company are not topping up his wages so he has had a huge drop in income.

We can pay all the bills on my salary so that's fine and we're both saving money at the minute as there's nothing to spend on.