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.

My income is about half (self employed) and Dh's unchanged (public sector)

However we've stopped spending pretty much totally and focused on paying off credit card debt - paid off £2,300 this month

We've stopped overpaying our mortgage in favour of getting rid of the credit card

I am much more worried about the younger generations particularly as it looks like the gig economy will be massively affected

I work FT nhs and DH self employed and had to close business 4 weeks ago. No money from government yet for self employed so just scraping by on my salary. After lockdown I doubt DH business will pick up so he will have to get a job elsewhere. It's all a bit shit

This is all really positive, I would have thought a lot more people would be negatively impacted.

I’m NHS admin, low wage but job should be fine. DH business dropped off a cliff so he’s worried. We are in our 50’s and have savings so should manage for quite a while.

We’re both still on full pay and working from home, so very lucky. Not expecting to lose jobs-public sector so should be ok.

Like others, we’re actually saving loads due to reduced costs.

My job involves a lot of travel so I think its 50/50 whether I'll be made redundant or if they decide I can wfh for a while. Currently furloughed.

I'm desperately unhappy there anyway and was looking to leave but a job is a job.

Can just about survive of income from property if I lose my job, but will be tough. DH not working at the moment.

Full time lone parent, working from home on 20 percent pay cut. I'm still better off due to massive reduction in bills -childcare and kids activities plus eating our 1-2 times per week. And petrol.

Job insecure but thankfully the mortgage is paid (widowed so life insurance) and I have enough money to live for 18 months, easily.

Currently furloughed and better off as commuting costs were high. Just paying off a big bill (vets) on credit card, so have been skint this month, will be ok then.

But my job, that I’ve had for 23 years is going in June. We’ll be ok for a few months, but it’s a bit of a worry.

Me and DH run our own business, but it's all done remotely. Our turnover in April was about 20% higher than last April . We are still recieving a fair few new enquiries. We have managed to save a substantial amount of business revenue due to not spending anything . I know we are very fortunate.
Our employees are still working full-time and we have not needed any government assistance. The only change is we didn't give a pay rise for employees in April due to the uncertainty, but that will be reviewed in the next few months. On a personal level we have managed to save money from our income as we also can't spend any money . I have paid off a chunk from credit cards and feel financially confident we will be ok .

@JingsMahBucket
Definitely I’m completely banning buying coffees/bottles of drinks at work. I do it when I’m bored to kill time.

I love going out for food and drink but I’d often literally eat every meal out Friday-Sunday, so that is definitely getting scaled back. I’m horrified at myself

@sotiredwe payment is usually due by the 8th so I'm waiting to hear what the government has to say before I pay them anything! But will definitely be aiming for 40-50% of the usual fee

I’ve been told elsewhere that I shouldn’t be claiming JSA when my husband earns enough and we have rental income and savings.

I’m entitled to it until September and it ensures my NI contributions. So I’m claiming.

Our income has remained the same - dh is retired and I'm wfh on full pay. Food bills are a bit higher as no special offers at the moment. We do our shopping online due to both being vulnerable for different reasons. Otherwise, we're not spending as much on
petrol and so on, so on balance, we are possibly slightly better off.

I’m support staff in a school so my PT job is still going. DH is furloughed and he’s an LGV driver. Hoping his job restarts soon (reliant on industry getting moving again) and if it does we’ll be better off from it all due to not spending crap and saving on kids hobbies, petrol, buying lunches and all the little day to day stuff that adds up.

DH works for nhs so wages not affected, I am self employed and currently have plenty of work (although thanks to the kids not enough time to do it) but jobs are delayed and projects are going to prolonged although thankfully none have been cancelled so my income will be down going forward from here for quite a while (fixed fees so prolonged projects cost me money)
On the upside nursery fees have been greatly reduced (I'm still paying a 25% retainer whilst he's home), school coach & lunch fees, after school clubs, swimming lessons, DHs Costa bill & fuel bills are currently being saved and the increase in the food & booze bill is only a little.
Unfortunately we were about to cash in a big sum of money for a big work project - investment in my business and our share values have plummeted - which will make this tougher.

Both wfh on full pay. Saving huge amounts of commute costs, trips to Costa, weekend outings, meals out etc.
Slimming club cancelled. College course refunded.
2 cancelled weekend breaks which have been refunded
Not having to pay for DD school lunches. We'd just finished paying for her school trip which I presume will be cancelled and refunded
But. Very scared about job security. Particularly DH. We're both in 50s, so fewer options for career change.
So I'm squirrelling away savings as well as overpaying mortgage (which we'd been doing before too).

Were both out of work, both SE contractors. Effectively had contract I was due to start cancel and his was ended.
DH was withholding all funds so now being on benefits actually makes me feel flush.

When we go back to work were going to have a pay cut, we have been told that our day rate will need to drop by 20% so that'll not be great, I'm more concerned about the possibility of there being no work which will be absolutely shit.

On the upside, things are going to have to change with DH, and if they dont, Its not a hard move to be on my own.

@sotiredwe well, speaking as a tenant I think it is a bit dickish for a tenant to just not pay if their income hasn’t actually been affected? Don’t think this is on the landlord

DP was made redundant just before Christmas from his job in the oil and gas industry - chances of him finding something else now are not looking good. My job is secure, and I am WFH on full pay. We can manage on just my salary but it is tight.

DP was doing some contract work after redundancy so didn’t apply for JSA until that ended - hopefully he will get some money eventually which will help, but there is a huge backlog of applications.

I’m on UC so my income has gone up but that’s been offset by increased food costs so I’m about the same as I was.

Both key workers so actually managed to save money not going out etc and in shortage jobs, so if we do get let go for whatever reason I would be fairly confident of finding more work.

No real change here. I work part time in education so that is the same, no childcare costs but will see how long that lasts. DH changed careers at new year and set up a new business, which yes, has taken a bit but will bounce back as soon as things reopen. So we had cut our expenses right down so we could pay him the smallest salary possible already. So we have no spare money each month, but deliberately and the business has enough to pay him that for a year or so even without turning over more. Broke but secure/fortunate at the moment.

@MrDarcysMa I think the generally positive view reflects the fact MN is largely populated by more middle class, averagely older people rather than being indicative of the country’s position as a whole. Those in more professional jobs are more likely to be furloughed, and also have more space in budgets to allow for cuts to income. Lots of factors. Those working in cafes, bars etc will be struggling more

Fucked unless Lockdown is lifted

We had very few travel costs anyway as kids and I walk to school just round the corner, so no real savings there.

WFH and full pay. Only had fixed term contract to April next year. Very worried about after that. Realise how lucky I am to have any job.