How has the COVID19 affected you financially?

[DreamChaser23]

Do you think it will take a few years to recover at least when this is over?

Nothing yet as we are both still working. If they lock us down further I will not get paid but not sure about my husband as he works for an America company here in the U.K. they have been great so far though.
We have enough for our bills for next month. After that we will be borrowing money from his mum who has already offered

NettleTea
did you have to file self employed tax returns? Can you apply for the 80% of self employed income based on those (you had to earn less than 50k at the minute I think unless they changed the rules)

If you are a business did you pay yourself anything through PAYE as I believe you can furlough yourself and apply for 80% of that.

I think they are offering government backed loans to business owners with no interest for a year?

We are better off at the moment but appreciate we are extremely fortunate; we are both public sector workers so salaries remain the same, I commuting costs, mortgage payments decrease due to interest rates.

I know many aren’t this lucky though.

I'm much better off. I work in the NHS so I'm going to be paid no matter what. I'm getting overtime and travel because I have to see patients all over the place and I have nothing to spend my money on.
If this goes on for 6 months I'll have enough in savings to do my new house up.

I went self-employed in September after may leave and working 17 years for a company. As far as we can see I will get nothing. We are also meant to move in 2 weeks and someone further up the chain wants to push on. If we can't get movers then we will be paying rent and mortgage. Seeing if we can get a mortgage holiday even if we haven't made the first payment.

I am able to work from home, but the sector I work in is highly unstable due to as revenue falling off a cliff so we are all bracing ourselves. I’m very worried as I am a single parent

waterjungle
It sounds like your circumstances have changed a lot since your mortgage offer was agreed. You are supposed to tell the lender when that's the case - not necessarily telling you to do that - it's up to you - but if you ask for a mortgage holiday before the mortgage has even started you are basically telling them that your circumstances have changed and they may pull the mortgage. Can you afford the house when you are not earning?

Be very careful what you do now. Take careful advice from your solicitor about the lending situation before you exchange as you will then be liable for the deposit and possibly other expenses if you exchange and then can't complete.

We're ok. Both DH and I are working from home and salaries unaffected. Saving money by not commuting and incidental spending. But spending more on shopping as going online and getting more from smaller independent shops which cost more.
Still paying for my cleaner but doing it myself.
Getting no rent as tenant has no work. But have no mortgage on property so it's not a disaster.
Could be much worse so I'm not complaining.

I work in a school and live by myself so thankfully my finances are unaffected.

I realise I'm one of the lucky few in that regard.

It's a double edged sword though as financial security also comes with a much higher risk of contracting the virus.

I have taken a voluntary 10% pay cut for 3 months at the request of my employer.

DH is now unemployed as he was a self employed builder.

So just my wage for the foreseeable but we can manage on that, especially as we are now not going anywhere or buying anything!

My next freelance contract has been cancelled so income halved in next few months and no idea what happens after that.

Took a career break last tax year for unpaid caring duties so will not be eligible for govt support despite having been running self-employed business for over a decade.

Nothing yet as we are both working from home. But dh's work have started making redundancy noises. Mine not yet.

We're very lucky but are much better off as a result of this. Saving 50% on childcare plus £140 on commuting costs and we can't go out and spend money!

In the short-term, better off. Both of us working from home so no travel costs (London commute for me, petrol costs for dp), no incidental spending during the working day, no nipping to the supermarket for milk after work and 'accidently' spending £30-£50 on 'bits'. No going out. Teenage ds isn't going anywhere either so no spending there.

Feel incredibly fortunate and privileged at present, but worry about the longer term both for us and for the economy as a whole. The economic repercussions of this are going to be huge and I'm not convinced we will necessarily remain as lucky as we currently are.

Someone mentioned university halls of residence. If the students have gone home to parents are they still obliged to pay the university for halls? (presumably up until the end of the academic year)

We are OK for now and should be for a year or so. I’m wfh on full pay, I earn a decent amount but will be going on mat leave in July when it will decrease slightly.
DP is furloughed on 80%.
Thankfully we have never had huge outgoings and can cover with one income if needs be which may be the case as we’ll be lucky if the business DP works for survives this. There may be redundancy at my workplace I imagine in the next year to 18 months.
As we were starting a family we saved a years worth of money so are now going to not to touch it just in case and get through my mat leave on a lesser amount.
Trying to look longer term as this may impact the worlds economies for some time yet.

We sold our flat last year prior to brexit and DH worked abroad for 1 year. He has been made redundant by the shadiest company who havent given him what he was due but would cost more in legal fees there that what we would have got (around 14k total). As we have our deposit that we have worked so hard for we get no assistance from UC so I am going to be working as a registered nurse on the frontline with a 10 week old baby at home. DH unlikely to get job in his field for at least 6 months maybe even a year.

Furloughed on full pay at the moment, dropping to 80% after 11th April.

No debts though, and live in a council flat so low overheads. Wanted to buy an house this year...well, didn't want to exactly as prices are absurd but running out of time to do so (am 43.)

It is as it is.

We're much worse off. Me and my husband are key workers and the nursery we used has closed. I'm having to go into work for 3 hours before my husband starts work and 3 hours when he finishes. My hours have reduced from 30 a week to 17 to cover childcare so financially it's a huge hit for us 😔 and now we hardly see each other!

I’m not working from home and I can’t see my work being affected long term - financial sector.

Partner is self employed so not earning but all bills etc paid this month anyway and his next wage packet (work a month in hand) is enough to cover 2 months worth of all bills/mortgage so we will be doing that. Means we don’t have any play money to spend but we can’t go out anyway.

Saving approx £300 a month at least on petrol combined.

No childcare costs anyway.

We are also taking 3 months mortgage break just incase so technically we could live on his 2 months wages for 4 months if need be but we also have enough savings to pay all our bills monthly for nearly a year so we won’t really be affected.

We were in the middle of redecorating our front room and dining room so that’s put on hold which is a big annoying but nothing we can do about it.

I’m now working from home* 🤦🏼‍♀️

So sorry to hear the awful situations people find themselves in.

My job is Civil Service and keyworker. I can work from home indefinitely. DH will be paid for April but may be furloughed or possibly made redundant after that.

I am spending more despite no commuting or lunch expenses. Both DDs are home so double food costs (which seem to have shot up in price) and saving nothing on student accommodation. Also I had to fork out for a new computer monitor and table to enable me to work.

Realise I am very lucky.

wannabe
Private rented houses are NOT student halls.
Landlords collect rent 12 months a year with huge deposits up front.

Income wise, fine - able to wfh and still being paid, plus saving on commuting costs and the hundreds I spend a month on eating and drinking out.

Was about to exchange on a flat purchase before lockdown came though and now that’s all on hold; have already spend several thousand on valuation, surveys, searches, conveyancing etc, not sure whether things will be able to move again before my mortgage offer expires and then not sure I’d be able to get another one if lenders are being super cautious afterwards, so likely to lose the money I’ve already spend.

Not the end of the world, but a hit all the same.

Short term better off (for now).
Both classed as ‘key workers’ - I can work from home with the children so no usual childcare fees / commuting / parking costs.
DH can do paid overtime if he wants (as they are struggling with staff).
Loan is paid off in May so we’ll be £300 better off with that too.
I am aware we are incredibly lucky but I’m not taking anything for granted and know situations can change in an instant.