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'm sorry to hear what you're going through OP. And for everybody else here going through financial hardship these days .

We're doing fine....better actually. DH has a secure job, I'm a SAHM and he has invested some of our savings in Bitcoin and made a nice bit of extra money.
I realize how lucky we are but feel very worried about a few of my family members and friends. We are willing to help them out financially if needed but there's only so much we can do as we're not rich. I hope all of this will get better soon.

My DH is SE and works in manufacturing. He has been able to work throughout all lockdowns but with shops closed there were barely any orders from March to June last year. Luckily we were able to get a grant last year to cover rent,but this year the grant is only available to businesses forced or ordered to close.(His is allowed to be open ....but only generating a tiny amount of income, although I know we are luckier than a lot of other people)
I've been furloughed a lot of the year but I just about break even without travel costs or after school club.

OH's income has dropped by 40%+ (dentist so wasn't allowed to work then had a further 6 weeks off having Covid and breaking ribs - not related!) but his fixed expenses for indemnity insurance, surgery and equipment lease etc haven't. He's struggling but thankful he only has himself to support.

My income has been the same as I've been working full time all the way through (small manufacturing company).

We're doing ok.

My job is reasonably recession proof, and although we have had a pay freeze due to the uncertainty I have worked throughout and am getting paid.

As I am working from home I am saving commuting costs although some others have increased (mainly electricity and kitting out a home workspace. I'm trying to support small businesses with some of the extra, but also reducing debt to future proof our finances a bit.

DH's business has been adversely affected, he is still trading but trying to set up online sales and work out how to drive people to his social media and websites as his usual outlets aren't able to operate. He's had the grants so we're ok at the moment but realistically he is going to have to spend money on IT help, on e-commerce fees etc and will still have a reduced income as the big events won't be back up and running this year.

It is very worrying but we are better off than many. My heart goes out to those who are excluded from the assistance schemes and those whose businesses will not survive.

@PattyPan

to those struggling I’m better off financially by quite a lot - both worked from home throughout but without my (significant) commuting costs. I’ve upped my charity donations though.

It's lovely where people are better off that charity donations or buying locally and supporting local businesses is a great way to help.

I'm really sorry OP about your business. You must be devastated.

It seems to have hit people so many different ways. Some people are better off. Some people have lost everything. I have been relatively fortunately despite being self employed. I went into last year with a reasonable cushion of savings - when lockdown one was announced our main tourist season was just about to kick off and I was seriously worrying we would have no income at all last year. But we managed to do quite well over the period of time we were allowed to be open and we have been very lucky with government help. This is a seasonal, tourist based business in a holiday area of the country.

Massive sympathy to those who have not been as lucky

I have been furloughed every bloody time as I am CEV, so therefore I am down 20%, this is OK as my part time job doesn't pay the bills, but it does for some of my colleagues.

DH's salary has more or less remained the same, he used to work in the city, but on a contract, so all train fares, parking at the station, lunches were paid for so no gain there.

What did make us laugh is the fact that he is also part of a team who are (were) required to be able to fly to EMEA at the drop of a hat, when they were asked to sign up to it, they given a golden handcuffs bonus promise as a result.

The bonus (not life changing), dropped into the account about a month ago, he hasn't been out of the front room since March.

Sending love to you OP, not much use I know.

Not much of a change at the moment, but I'm concerned about the future as I'll be job hunting in academia in 12-18 months' time.

For the time being, I'm a funded PhD student and my funding has been unaffected. I've been able to take on more teaching work than usual as recruitment has been frozen but this is balanced by spending more on the food shop with two kids at home, and more on utility bills.

[quote Bargebill19]@Scottishskifun
We try everything. As do other countrywide cleaning firms - we are all having the same problem. No one wants to do a fast paced, physically demanding job. Meanwhile those that are employed are often doing back to back 70 hour weeks. It’s as if cleaning for a decent wage is just not good enough.[/quote]
I must admit, I was thinking about this on the way home, wondering if I could physically do it. I was thinking of a couple of late shifts though, not a 70 hour week.

Maybe that's a thing - the people who can do that kind of work for very long hours are already employed?

No change for me thankfully. Been working right the way through on full pay. Saved more as can’t spend. I know people who have been badly affected though. Stressful enough without money worries.

Really sorry to hear it Candy, it's so crap for hospitality. A wedding venue near us has gone into administration, but there are loads of people who want to get married as soon as they can. The sister hotel to the one my DB manages has closed permanently, his is holding on because they have some essential worker custom.

My business was almost normal between Sept and Dec but grim before that and I've got very little work before April, when I have got about four months of work. I'm doing lots of work to get work but it's pretty demoralising. DD has lost her job too and she's only 17 so no support for her. Practically no Govt support other than a loan that I'll be paying back the next 6 years probably instead of paying into my pension (which is small anyway being self-employed and a lone parent).

@AcornAutumn

We do, like other big contract cleaning companies, contracts with all sorts of hours. Technically I’m on a 10 hour per week contract, but I’m doing 50-60 hours per week. Basically our area manager begs everyone to do extra to cover all our contracts until people apply.
But you may well be right.!
I would say apply and try. It is hard work- but you get quicker at it as you go. Ideally, you would, after a week, be able to clean an office from top to bottom in 6 minutes.

Barge "Ideally, you would, after a week, be able to clean an office from top to bottom in 6 minutes."

How big an office? Now picturing Claire's office in Fleabag 😂

We have always had a low income even before covid. We have always managed. Thankfully things are improving though.

Roughly around 3 desks and chairs, plus printers and filing cabinets. Including all high and low dusting, and hoovering plus bins. Removal of any mugs etc to kitchen and cleaning of doors/ internal windows and skirting boards.
Time frame seems to be standard across all major cleaning firms.

@Bargebill19

Roughly around 3 desks and chairs, plus printers and filing cabinets. Including all high and low dusting, and hoovering plus bins. Removal of any mugs etc to kitchen and cleaning of doors/ internal windows and skirting boards. Time frame seems to be standard across all major cleaning firms.

Thanks, that sounds all right. I will ponder.

I'm surprised enough offices are open for there to be a shortage as well.

@AcornAutumn

Offices need cleaning in factories, schools, warehouses, car showrooms, shops, dr surgery’s etc as well as office blocks!

Apologies op for derailing the thread. Wishing everyone better times ahead.

My income hasn’t been affected but DP was made redundant in June due to COVID although we don’t live together I am helping him out financially paying rent too ups, mobile n broadband, keeping his car on road etc
He has also had to start getting food parcels from food bank and is constantly in fear of bailiffs as has not been able to service debts he was previously able to pay

DH and I have been OK, his job is pretty secure and mine is in a service industry that whilst it has been hit by COVID they are still surviving. I am trying to be careful and save what I would have spent on new clothes, going out and holidays just in case it all goes bad.
Meanwhile my DB has been made redundant, he was highly skilled but in an industry that was suffering before COVID hit
DSis and her DH have both left full time employment which was planned but have not been able to take up their consultancy work
And SIL and partner are working all hours as frontline nhs

Saving a little on commute. I was lucky to be furloughed on 100% for a few months then back at work since June in a pretty secure position. DH is busier than ever as a key worker (transport provision) and WFH most of the time. So a few days transport saved on his part, and three months saved on mine. However we moved house last year so bigger mortgage now. We saved £3k on a holiday we were meant to be going on which was cancelled...but bought tons of new furniture for the bigger house so swings and roundabouts. We've been very lucky regarding Covid financially except we've both missed yearly pay rises which if you look at it long term is quite a substantial loss...but doesn't affect our day to day.

No changes for either me or DH, and in fact we’ve saved a bit as we’ve spent less on commuting/going to the pub etc etc. We are very, very fortunate to be in this position and very much aware of that fact as we have a lot of friends in the restaurant and entertainment industries who are really struggling

I got made redundant during Covid when I was 7 months pregnant so that was bad timing as I couldn't find new job then. I had some savings which I was to use for renovations and to see my maternity year with baby. For ripped off by builder who ran off with 20k. I had to pay for a new guy to come in and finish so what should have costed 20k landed up being double and literally all my savings gone that I saved up for last 15 years of working gone :( I cried, I even had suicidal thoughts. All this happened while I was still nursing a 3 week old. She is now 7 weeks old and I still haven't gotten over it and honestly really stressed financially and emotionally.

My business has been very badly affected. We’ve put the house on the market and are hoping to massively downsize in order to make things easier financially. Heartbreaking.