Money now nearly a year after COVID hit

[Candystriper29]

Have name changed for this as it’s a bit outing when linked to my other threads.
How has everyone managed financially since March? We are stuffed now. Our Italian restaurant business has folded, we are now on UC. All extras stopped Such a change from this time last year.

I work in the wedding industry so earned a tenth of my usually turnover and don’t really get support as a limited company.

DH is still working so we’re surviving but living on half our normal money.’
Of course there’s no days out/ holidays to spend money on so we’re coping but not exactly loving life.

I had a large redundancy package, then found a new job. I also had 2 inheritances paid out , so I have got through the year with the equivalent of 6 months wages left in my account. Whenever I look at my balance, however, it reminds me of what I lost in order for it to look that healthy and it brings me no joy at all. I know that comes across as selfish when so many people are struggling and for that I apologise.

My job is secure, costs kind of even out with wfh, what I save on travel I spend on bills. My partner is a freelance musician so we’ve lost all his income and are surviving on mine. We can manage lockdown life but if things open up before DP gets work, which is likely, we won’t be able to afford to do much.

So sorry to hear your resturant has gone.
I'm still working as normal (nurse) but one of my sons is in the resturant industry and furlough is hard, He wasn't contracted for anywhere near the hours he actually worked, so now lives on 80% of 12 hours a week, instead of the 40-50 hours he used to work. He applying for everything he finds and we are trying to help keep him afloat as best we can.
It sucks!

Slightly better off. Both in secure employment (keyworkers). Not spending on things like gym, children’s swimming lessons. Slight increase on groceries (trying to help local restaurants).

As someone else mentioned, it’s definitely k shaped among friends. People are either the same (slightly better off) or they have lost their businesses.

Much worse off here. My income has stayed the same, DH has halved. Costs for our household have increased, we didn't live lavishly before but groceries cost a lot more than they did.

I’m so sorry to hear about those struggling 😔

We’re very lucky both still got our jobs and I got a pay rise. Trying our best to support local businesses.

Honestly, I'm better off. Policy work so has continued uninterrupted since the pandemic, but busier. No commuting costs in London and no popping out for eternal Prets/after work drinks/lunch etc. So have saved about twice my usual annual amount. Have used some of it to start a direct debit to women's aid, but other than that I know I'm incredibly privileged

I've been furloughed since March/April- I'm in the catering business. To be honest, I'm lucky they've kept me on thus far. Most of my colleagues have been made redundant. I earn over the threshold amount so have been taking home around 60%, which I'm grateful for but it's been difficult.

Not much change for us as dh still working and I'm being paid to wfh. Has hit the dcs hard though. One furloughed, one laid off, one has seen all work dry up( musician). Their lives have been heavily impacted in so many ways.

We were doing ok until November when I was unexpectedly put at risk of redundancy (they decided to do a restructure under the guise of covid, when it has been found in some meeting minutes this has been planned by the ceo since Jan last year).

I was officially made redundant last week and kicked out without having to work notice etc..... It will make it very very hard now for us until I can find find new job. It will mean me taking any job that I can get and stepping out of my specialist field, as I just need money to keep a roof over my children's head.

@dementedma

Not much change for us as dh still working and I'm being paid to wfh. Has hit the dcs hard though. One furloughed, one laid off, one has seen all work dry up( musician). Their lives have been heavily impacted in so many ways.

We know several musicians, absolute disaster for them.

DH got made redundant just before Christmas so we have money in the bank but obviously this won't last forever.

He's now working on a temporary contract earning a bit less than before but doing a much more physically demanding job with a 40 minute commute,before/after a 12 hr shift (previously 5 minutes) which has added costs.

DD's hobbies have gone on zoom (ballet, modern & piano) & they are all charging full price. This is grating on me as the service is nowhere near as good on zoom, especially dance! However, she's enjoying it mostly & it's keeping her active/engaged so will grin & bear it for now. Both DS's clubs have stopped so saving money there.

Setting up the DC with enough tech for a decent level of home learning has been costly but probably an investment in the long run.

Other costs have mostly stayed the same so we're ok & managing & feeling grateful for what we have.

I was on probation for a new job in March 2020 and it was going well, but when the lockdown happened the company could no longer keep me on and I was unemployed for several months. DH was furloughed for several months also and was on a low wage to start with. This was all on the back of my maternity leave so we had no savings left before COVID. We actually had some money from an inheritance so we didn't struggle but it wasn't for that I'm not sure what would happened.

I have a new job now but DH is furloughed again sadly.

I'm doing much better then I was this time last year.

My husband left and financially I'm much better off. My work carried on all through the pandemic so I haven't lost anything there.

And for the first time in my life I have savings.

Not a massive change here so far 🤞

I work in a school so income has been unchanged. Dh set up a new company tail end of 2019, which is an 'essential service' so has continued to operate. We have had a couple of very ropey months but on the whole it is ticking along. Obviously if all this shit hadn't have kicked off we would have expected it to be far busier, but we are keeping fingers firmly crossed that it keeps on surviving for now.

All siblings still working as prior to covid, just from home. A couple have actually switched jobs, just never been to new offices etc. Parents are retired and comfortable.

DH owns pubs in London. He is not entitled to any benefits and has had little to no income since lockdown started. Virtually no help from the government and all rent/business rates still expected to be paid.

Thankfully I work from home on the same salary as before but he is looking at losing the last 10 years of hard work and money he's put into this business.

Thankfully me and my dh have not had any drop in income as both worked throughout. However my ds lost all his hours at his part time job and they wouldn’t furlough him. Thankfully it was only a part time job that fit around college so it wasn’t needed for bills but it has affected his savings for University so he will be needing more help from me for that.

Absolute shite tbh but we are still managing to keep a roof over our head, the heating on, food in bellies and internet for home school. Therefore I feel privileged.

If any of you haven’t heard of ExcludedUK have a look on their website www.excludeduk.org/excluded-taxpayers

People are excluded if they’re limited companies (particularly without premises), newly self employed, made more than 50% of income in last 3 years (eg left a job to go self employed or worked part time and SE), PAYE freelancers and a list of other reasons.

I’m SE but not entitled to the self employed support because of a job I left 18 months ago. No premises so no local authority grants.

My business dried up last year as the area never opened up, not looking promising for this year either. Wasn’t entitled to any financial help as self employed and not for long enough to qualify. I study part time and that has been a disaster too. Husband’s businesses, work disappeared overnight but slowly began picking up in October. It’s difficult though as Covid/Brexit has caused supply issues which have had significant impact.

We have cut costs, cut back, along with not doing any leisure stuff we are kind of bumbling along but costs are going up so not getting easier. I know of many whose businesses have folded recently as costs continue but income is still non existent. Several of Dh’s clients are struggling too and have been going for decades and weathered many economic storms. It’s awful to hear and see and so many people seem blissfully ignorant of the financial shitstorm that is happening.

I am better off financially as I am working from home so have saved £200 a month on commuting costs. Nothing ever goes smoothly though and I have just had to pay a huge vet bill that has pretty much cancelled out everything I had saved :(

We’re better off. We’re both key workers, I’ve increased my contracted hours and my husband had received good bonuses. Childcare costs have gone done because one of our children is in school now. And we normally go on about 3 holidays a year and only managed one last year so we’ve saved loads in that respect.
Feeling very lucky that we’ve chosen the career paths that we did, and I wonder if this pandemic will affect how we guide our children when they come to think about future jobs.

Lost jobs due to the pandemic...so we are living off our savings, not entitled to any benefits obviously because of the savings. We were going to use the money to move house, it's annoying of course but I just keep reminding myself we're alive and lucky to have savings put by.