How are you doing financially? (COVID19)

[DreamChaser23]

Is your job at risk? If you have lost your job how has job hunting been?

Covid has not been equal at all, some have to work despite the risk, some have lost a lot, some are doing better, etc

We have actually saved a considerable amount about 1.2k a month just on travel & childcare, clubs etc. Jobs are relatively secure but who knows so we are saving it.

We'll be up about £6k by end of the year.

Worse off Dh has been dropped to 3 days a week from 5, as not enough work. Poss he'll be let go soon, and wouldnt get any redundancy as he only started in march.

I'm public sector so still working p/t wfh, but mine is very much our second salary.

We have savings so no immediate crisis but worries me about long term if there is a recession

We're managing to save quite a bit each month. But both terrified we'll be made redundant, so not feeling well off. DH private sector, I work for a charity. Both very precarious.
We're hoping to save enough that we can weather the inevitable storm that's coming.

A hell of a lot better off. Shares are doing well too. I'm acutely aware these circumstances could all change though, our company is going to make redundancies during H2 and I'm always worried I could be one of them.
Am saving and investing like mad just in case

Worse off. My work is OK as I can do everything remotely, but I'm self employed and some aspects of my work have slowed down. DH is a freelancer and has had absolutely no work at all. He didn't qualify for the self employed grant and can't get any UC as I'm working. All a bit bollocks really but luckily we have savings.

OK initially as, although I was on reduced pay due to furlough, we saved money on petrol and kids activities. I've just found out though that I'm likely to be made redundant. No idea where I'll get another job or how we'll pay the mortgage.

Worse off - I am a lone parent and have had to take a pay cut.

About the same. Husband is WFH in very safe industry, I'm furloughed. I earn £300 less a month but now have no commute, lunches, coffee, train tickets to London and evening classes to spend money on, so probably saving about the same per month as before. We have savings for a house deposit so we are just adding to that as usual.

I think the Chancellor said “we’re all in this together”. Unfortunately that’s not the case. Pleased that not everyone is suffering during this but there are about 3million workers not receiving any financial help at all and not always entitled to claim UC. My DH is new self employed. We are currently receiving £75 pew JSA. After 44 years PAYE and never claiming anything that’s insulting. I’m furloughed from my part time job but that doesn’t even cover food. He’s also in one of the industries not permitted to open until 4th July at the very earliest.

I agree with you completely kwest - we most certainly are not all in this together. This is not a leveller and the fact that so many appear to be better off (from looking at this thread and from many I know) and others are significantly worse off, is simply not acceptable. Too many fall through the gaps (myself included) and our household income has halved as a result. It certainly makes me feel depressed to hear of so many being better off whilst I can't claim the SE grant and can't claim any benefits at all (not UC or JSA). I've always worked and paid my NI and taxes and yet here we are, trying to live off my husband's nurse wage for a family of 4 and waiting to find out when I'll be allowed to work again (as a massage therapist).

I'm better off in one way because I was due to be caught out on the tax rules changing for 1 person Ltd companys. With this now being deferred for a year, it gives me another year of being £500 a month better off. I got no help re the self employed scheme or anything like that so at least it's given me something. I was already wfh so that role just continued. I am spending more on cigarettes! Usually I stock up abroad and don't buy them here but haven't been able to do that. Plus all the time at home has prompted me to spruce up parts of the house, so money has gone on that. So on balance, it probably works out that I'm no better or worse off than before, although my house looks nicer!

I've only been spending money on food, therapy and monthly flowers for my mother. My rent has stayed pretty much the same.

I think I've eaten out twice since march.
I used to spend £17-20 a month in one coffee shop.
I'm not spending £20 a month on gym.
Not using public transport so a small saving there.

Let’s just say I’ve topped my isa up 3 times! Still working full time (appreciate how lucky I am that our business hasn’t really been affected and we can all work from home) and only really spending on the weekly food shop.

A lot better off. Me and dh can both work from home luckily. Less outgoings (petrol, school meals etc) I've actually got savings for once! Although might lose money we paid for our August holiday 🤷‍♀️

Trust me he feels kinda grubby taking that kinda money.

Of course he does. Nothing wrong with being paid a lot to do the same job as someone doing it on a lot less pay.

@kwest

I think the Chancellor said “we’re all in this together”.

He did and Boris said "nobody should be penalised for doing the right thing."

If both were true, I don't understand why I lost 65% of my income for following the shielding advice and staying at home and now I've had to ignore medical advice and return to work as I can't afford to live on SSP.

We are very fortunate that we are better off. Husband’s business is still functioning at around 80% of normal turnover so that, plus the Self-Employed Income Grant, means he is fairly profitable. I’m on full pay in a very secure job (teaching) and wfh. So our income is the same but our expenses are significantly less- no childcare costs, no petrol for me, no gym, no activities for kids, no random spending on cinema, eating out, visits to coffee shops etc. Spending a couple of hundred extra on food but offset by saving at least £1k on usual expenses.

We're better off, no commute, lunches, other meals out, no gyms, no haircuts, hardly any petrol costs, saved 15k cancelling 2 holidays, no cinema trips, nights out etc.
. Food and takeaways are costing us a lot more.

Sandybval

Of course he could just not have put in any hours at all during the pandemic, given that he was on sabbatical. But he is and he wanted to do his bit so there you go. He doesn’t set the rate of pay, would you have preferred him to sit at home instead of save people’s lives?

It’s made us realise how little we can live on and how much we can send to savings.

Yes, same. We spend money on wandering around - so, petrol. And obviously train fares and petrol for commuting.

My 19 year old ds is saving loads form being furloughed from hi part time job and not spending on clubbing and clothes. I've told him not to save too much as it will affect him when he has to claim UC in a month or so when he finishes college if there are no full time jobs around. the impact all this is going to have on school/ college leavers like him is going to be enormous and long lasting I fear.

Fine, both working full time but the other half started a new job this week with a useful pay rise.

At the moment we are ok. Both WFH on full pay though husbands bonus been split into 2 tranches and no pay review. We were better off last month but probably not this month and buying a lot more food. Trying to squirrel away what we can in case one of us loses our job.

We've had the same income, just spent less, so saving at the moment. One of my employers was struggling before this, we've stayed open (essential) and operated on a massive loss, so I'd be surprised if I have this job in a year's time.