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 think a big issue for the people who still have an income & businesses that do initially survive is the public's mindset. Will people want to social distance & avoid crowds? Will people now know about that rainy day & want to save more? Will people realise how much they have saved by not buying that lipstick, sandwich, drink after work etc & not want to spend so much.

My dh is self employed and has lost 100% of his work. So far we have lost about £5000.00, same will happen in May. Dread to think what will happen after that. My mother is helping us out financially.

We run a business. We will all probably continue to take the same salaries but it's looking like it will cost us £100k of built up savings against pre covid forecasts. We are lucky, very lucky. But I'm still bitter about it a bit

Our household income is halved and it looks like DP won't have any work for the rest of the year as he works in the music industry. Luckily we earn the same, and I'm in line for a promotion with my job being super stable at the moment. It's incredibly stressful though and he hates the idea he's not earning.

I am a single mum to a 13 yo working full time in in local government. I have been working full time from home. My wages wont change and I am saving on fuel and going out (although this is infrequent) but spending more on alcohol, groceries and takeaways!

We wont be having our big holiday this year and have used the money already paid to Tui, towards next years holiday (a smaller trip) which is now booked and paid for. I am going to use some of the money saved by not going on the holiday this year towards a big purchase for the house which would have otherwise had to wait and putting some money aside for a uk trip in autumn or spring. Our big holiday will be postponed until 2022 so plenty of time to save up again.

At the monent, if anything we are better off (although wont have had our bug holiday).

big

Nothing has changed for me yet so far. Still working but from home and part of the NHS supply chain so presumably still needed.

I’ve saved A FORTUNE by not buying shit and spending on grooming/travelling/eating out though which has been sobering. It’s made me realise that I could afford to service another house if I wanted to.

From now on, I’m going to be investing my money instead of wasting it.

I know I’m very lucky compared to some.

DH and I are both still working (from home) so on full pay, and the kids (early 20s) are furloughed on 80% but have no outgoings as still at home with us.
The only outgoings we're paying out beyond household D/Ds/bills are for food (and alcohol!!! ), so we're saving quite a bit on a monthly basis.
BUT, I am too scared to even THINK about what's happening to our stocks/shares. But I also appreciate we are fortunate to even have had any.

Definitely agree that those who come out of this ok financially will likely be spending less after this. Combination of realising the importance of having a buffer- however small, and realising you can manage without that takeaway/ outfit/ coffee.

I read an interesting quote something like 'the economy is collapsing now that people are only buying what they NEED' ....

We are ok, I think. I should have been getting a bonus that makes up around 10-25% of my annual income in July but that won't be coming. My job should be stable (international disputes lawyer), as should my husband's (also a lawyer), but I know law firms can be ruthless and the sector is already suffering from fewer deals and property transactions so I am not counting any chickens. Our outgoings are lower due to no commuting, work clothes, dry cleaning, haircuts, etc.

I am too scared to even THINK about what's happening to our stocks/shares. But I also appreciate we are fortunate to even have had any. For those of us with private pensions they have been reduced on average by a third - for those approaching retirement this is really going to hurt!

I read an interesting quote something like 'the economy is collapsing now that people are only buying what they NEED' ....

Wow

And actually I forgot to add that those in jobs will likely face higher taxes & all of us maybe higher VAT etc.

@eurochick I heard that some law firms were looking to partners to stump up & help ease the future burden.

Ok as both frontline key workers but worry about our health constantly.

I will definitely be changing how I spend as I feel less anxious having money in my account at the end of the month. I think a lot of people will spend less tbh.

About the same here — I was furloughed for a few weeks but have been unfurloughed now so back up to full pay. I work from home anyway so no transport costs, we only used to eat out maybe 3x a month (local curry house) although my husband would buy a meal deal at work if we didn’t have leftovers for him to take in. He cycled to work so again no change in transport costs now he’s working from home. So we haven’t been able to make massive living cost savings. My sister and her husband who live in London have saved massively from not being able to go out though!

@sotiredwe one of our friends is a partner in one of the magic circle firms - they have asked for a contribution. Another friend works for a law firm and they are furloughing the lawyers on a three week cycle (on 80% pay as opposed to Gov limit) and asking everyone to generally take a 20% pay cut - it's not looking good, she says they are all fearing redundancies.

@phoneLock
I am sure some universities are providing good support but some are not.
My daughter has got 5 new online style exams and had no information or revision support at all from her teachers. When some students asked for some revision material as it is new style exams they were told to use Google! How fair is that?
And it is one of the best universities in the country with lots of foreign students.

No difference for our situation.
DH is a civil servant and in the country where we live, it's a job for life. I'm a SAHM.

We are spending less now plus every resident of this country will receive the equivalent of about £800, so £2400 for the three of us, as a gift from the governement.
They are hoping to stimulate the economy after the state of emergency ends with this measure.

I feel grateful that we don't have to worry about our situation and hope that those who do manage to get in a better situation sooner then later.

I have a small pension pot which I was going to take as a pension this year but I guess the value of that has been obliterated. I say guess, I'm too scared to look at what it is!

I’ve saved A FORTUNE by not buying shit and spending on grooming/travelling/eating out though which has been sobering.
Which is why millions of small businesses and the self employed know that they will be out of work for a VERY long time.

What's the £800 per person gift? Is that public knowledge yet?

What's the £800 per person gift? Is that public knowledge yet?
US$1200 from Trump - not a UK thing

I'm very grateful that we don't have money worries , my husband has had to furlough some employees that can't work from home but we are making up there pay to full pay , the only difference will be no bonuses this year , however my husband will not be having a bonus either .. My husband has also let his employee 's know that if they are in financial trouble then they can come to us , we've have 2 so far with partners that have lost there jobs and we have set up a loan that's not payable until next year , to cover 4 months rent payments each , also we are landlords and we have informed everyone that if they lose there jobs and cannot pay we will not evict them and we are here to help , even if that means writing off rent arrears ... We feel that this is the only way to deal with this crisis and we are absolutely appalled with the way some people are being treated by there landlords /employers x

@CallmeAngelina we have agreed that we won't look at our stocks and shares for a while , luckily we have shares in Amazon as well and we know that they will continue to do well , everything else we've just got to grin and bare it x

I did look at my stocks and shares ISAs and was pleasantly surprised, they were down but not significantly, I've not dared to check my pension though. Or DD's child's trust fund, which is due to mature shortly so particularly at risk. Fortunately I didn't put much extra into it as I wanted to have greater control over the money, though on the other hand because it's in my name I would be expected to spend the money I've saved for her over 17 years if I needed to make a claim for universal credit.