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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask about your financial situation after covid?

295 replies

MrDarcysMa · 02/05/2020 10:49

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.
OP posts:
PhoneLock · 02/05/2020 21:55

@ListeningQuietly I am a university lecturer who has been working her arse off through weekends and booked leave since the start of this mess to make sure my students are not 'screwed over'. I am not alone. Take a look at the Higher Education board.

Posts like yours make me wonder why I bother.

ThroughThickAndThin01 · 02/05/2020 21:56

Universities started screwing the students over before this, strikes. Controversial to say it I know. Strikes then...nothing, just fees.

ThroughThickAndThin01 · 02/05/2020 21:57

And yes, sod all chance if a job or starting a career.

ListeningQuietly · 02/05/2020 22:00

phonelock
I do read the HE board
but my empirical evidence (2 children, 2 unis and their friends) is universally bad
not one of the kids I'm hearing from is at all happy with the combination of strikes and covid nadgering a whole academic year
while they still pay rent and fees and 6%

your students may be fine
they are lucky
lab practicals are another matter

YeOldeTrout · 02/05/2020 22:00

I know Uni lecturers who are doing live Zoom lectures... they only get about 10% attendance. Very disappointed.

PhoneLock · 02/05/2020 22:01

Universities started screwing the students over before this, strikes. Controversial to say it I know. Strikes then...nothing, just fees.

Some people do talk utter shite!

EducatingArti · 02/05/2020 22:02

Self employed as a private tutor. I am currently doing less than half my usual work via online teaching. I will be ok for a while if the government comes up with the 3 months payment in June, but really no idea after that. I'm not sure how long we will be expected to socially distance for. I'm not sue how well I can tutor at a 2m distance as I really need to see what the student is doing/ writing.
Online tutoring is not sensible for many of my current students who have auditory or visual perception problems. Honestly, beyond June, I really don't know!

ThroughThickAndThin01 · 02/05/2020 22:02

Sorry if you don’t like my opinion.

ThroughThickAndThin01 · 02/05/2020 22:03

And yes, you should be working your arse off to help your students at this time.

WingBingo · 02/05/2020 22:09

I started a new role in the NHS as an 8b, I was a band 7 so a substantial pay rise.

As we are not going out and I am wfh we are better off and saving money, which makes a change.

Xmasbaby11 · 02/05/2020 22:09

I'm a university teacher. After lockdown was announced, we had 3 days to plan and train to teach online, then continued with our term. Our dept has been working extremely hard to support our students and put on extra online activities during the holidays as well.

I teach international students and they are still keen to come here in September. Our summer
school, which is nearly all Chinese students, is as popular as ever, even though they will be studying remotely. No guarantee this will not change but I think numbers are pretty good at the moment.

PhoneLock · 02/05/2020 22:13

but my empirical evidence (2 children, 2 unis and their friends) is universally bad

I apologise if my response seems a bit aggressive. We really are working our arses off to try to minimise the impact on students. Feedback and interaction from our students is good. Not perfect, but 'good'. I would say that only 10% of my students are not engaging.

As for strikes. Despite, very valid reasons to strike, the vast majority of staff in my department didn't because they didn't consider it fair on their students.

coronabeer23 · 02/05/2020 22:13

I’m fine. About to go down to 80%, my decision as a single parent needing time to homeschool!!! However, I’m spending less. No travel, parking or petrol or going out to eat which is our big spend. However I have a large amazon habit and am spending more on food. I have a big life insurance payout from when I was widowed and have also had a lot of holidays booked which are refunded so I feel very lucky that finances are not a concern

PhoneLock · 02/05/2020 22:14

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

kittiesattack · 02/05/2020 22:15

Financially better off. Years of childcare/au pair/increased train fair has left us a little bit in our overdrafts. After one month in lockdown - out of overdraft and will be able to save over next 4-8 weeks and will be able to do some essential DIY. I have at the same time had a pay rise. Both our jobs are secure. Very aware we are in the minority.

Desiringonlychild · 02/05/2020 22:17

Both wfh. Saving £2000 every month (usually save £1000, but to be fair that was because we were buying furniture for our new flat). No DC yet but I really feel for the families with multiple children where 1 parent has been furloughed/laid off.

Also we would be financially impacted as I expect house prices to drop 40%-50%, making my flat worth £200k down from £400k. So trying to save so we can overpay the mortgage when our five year fixed term expires.

Desiringonlychild · 02/05/2020 22:27

Also before this,I was dithering between having 1 or 2 children but covid has sealed the deal. I realized I
need 1 year of expenses saved (who knows how long covid will go on for) . We are wfh now but who knows what the future brings ( both work in financial services). Also saving is a lot easier with only one little mouth to feed.

bigdecisionstomake · 02/05/2020 22:29

About breaking even here at the moment. Income not affected yet but I am self employed and because of the nature of my work in another 4-6 weeks I expect to have substantially less work on than usual. Hopefully the government support should mean I am not out of pocket though overall - if this comes through as promised.

Currently I am spending far more on food and consumables - three adults eating all three meals (and snacks) at home every day, plus additional on heating etc... Conversely I'm saving on fuel and other costs such as hairdressers etc... so at the moment it all seems to be evening out.

Am amazed how much toilet roll and how many tea bags we get through now we're home all day though.

Overall I am counting myself as one of the lucky ones.

Doilooklikeatourist · 02/05/2020 22:35

Screwed financially , as we are a limited company , working in hospitality with no idea when we can trade again
However , getting on with it , no point worrying as there’s absolutely nothing we can do

INeedaBiggerBoat · 02/05/2020 22:40

We are keeping our heads above water but only just. Both small ltd companies so don't get any help from the government as we can't furlough ourselves. DH is usually the breadwinner but works in weddings so completely screwed there.

I'm still picking up some freelance work which is helping to keep a roof over our heads but it's very hard to do the kind of work I do while DH tries to entertain our increasingly bored toddler in the room next door.

Really struggling in every way, and honestly a bit resentful of the fact that the government have successfully brainwashed the populace into thinking that small ltd companies are evil tax dodgers unworthy of any help while still paying self employed people 80% of their income while allowing them to continue working. Really doesn't feel fair at all.

moanyhole · 02/05/2020 22:46

Both on same income as still working as usual. We had to move though a couple of years ago so renting out our original house and renting another house where we are now. The people who rent our house have been hit so can only pay half of their rent. Which is ok cos I understand thats all that they can pay. We will be ok with that I think. Just cutting back and loving frugally will make up for that loss mostly

ConnieDoodle · 02/05/2020 22:55

Im still working so same income. Dh is furloughed and not topped up. But we are better off because of fewer outgoings.

Florabella · 02/05/2020 23:07

I think the majority of responses on this thread show that the government has not treated employed and self employed people remotely the same. There are so many small company directors and sole traders falling through their net that it makes me really angry when they talk about parity

Ariela · 02/05/2020 23:51

@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?

rottiemum88 · 03/05/2020 00:20

We're very fortunate to be better off, due to saving on nursery fees and the cost of commuting. DH is a high earner and my salary is ok. We both work full time in jobs that are unaffected by the current situation, apart from the need to WFH. Both of our employers are understanding of us needing to juggle work with childcare so don't expect full hours. We're very lucky