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.

@Lolo2021 @blackberries5

Sorry to read your posts. I wish you both well

This year has been dreadful

I went almost 2 months last year with no income except a few quid tax credits and child benefit, enough to buy food and essentials, gas/electric but not to pay things like rent, water and council tax.
The loss of footfall in the business, then needing to wait 4 weeks (weekly paid) for furlough. Then having 20% less plus no overtime was obviously not a great recipe for paying these things back, I prioritised paying the rent arrears and had increased gas/electric due to home schooling, had to make sure the WiFi stayed on. The savings of not traveling and TC uplift were totally wiped out by the extra costs/having to catch up paying things, and I got fed at work, obviously didn't when I wasn't there. Then got made redundant.
I did get another job, it is lower paid though I've had a fair bit of overtime, not enough to clear everything off yet, and obviously I've had costs added to some debts (looking at you council tax!) as again, increased costs associated with home schooling (especially in winter) and traveling to work again, have eaten into what I am paid. Overtime has now dried up too.
Now things are back to normal in the respect of no home schooling, the fuel is lasting longer.
It's going to be a while until I'm straight again. I'm fed up with fending off bloody phonecalls asking me to increase my payments because right now, I can't. I'm not in this mess because I was feckless, I'm in this mess because I was in an industry massively hit by covid and then had to take a job at lower pay than I previously had.
Nothing to cut out either, no days out or sky packages or holidays in 'normal' times to save on.
I realise though, I'm in a much better place than many people are, at least I did get furlough, and then another job. Some people haven't even had that.
I too can see a massive difference in how this has affected people, with some saving a fortune and others losing everything. I'm lucky to be somewhere in the middle.

Hugs to everyone struggling so sorry to hear about your restaurant op

I got made redundant at the start of the first lockdown hadn’t been there long so no payout tried care in the community then got a wfh temporary job covid related really enjoyed it but the constant stress of whether the contract was going to be renewed was difficult. I have now secured a permanent job good hours but don’t really like it. The constant changing jobs has messed my tax up and I am still on emergency tax although been in this job since November and I haven’t had any annual the whole time so I am tired and fed up but know we are very fortunate as dh has worked throughout as well so our income has remained the same

I would say better, although I have been under the thread of redundancy twice in the last 6 months (in consultation now).

• No commuting (1 hour per day) petrol / parking costs
• No activities for kids (football / swimming / drama)
• No eating out
• No holidays / days out
• No childcare costs (youngest started school in September)
• Small payrise (1.5%)

My utilities are around 30-40 per month more expensive & obviously food but with not eating out that counteracts that.

We have a lot more disposable income & feel extremely lucky, I am hoping I don’t lose my job though so it’s not all smiles & rainbows unfortunately but grateful.

I am sorry about the loss of your restaurant.

@OxoMonarch

No change. My secondary sources of income has dried up (tutoring, exam marking) but this is balanced by not paying for wraparound childcare and less commuting.

I'm a tutor and my business has been very popular. Have you looked at the national tutoring scheme?

@JaceLancs
Tell me to mind my own if I am overstepping but your DP should contact the people that he owes money to and explain his circumstances.

If he offers a token payment of £1 a month per debt (I know sounds low but shows willing) then he may be able to get some breathing space.

Really sorry to hear about the impact on your business. DH and I are both public sector and have been busier than ever so no financial hit. No savings really as my commute was short and cheap and any reduction has been offset by increased costs resulting from wfh. I realise we’re in a fortunate position. We’ve been trying to support our local restaurants like a pp said, getting takeaways and meal kits but I know they’re all struggling and hope they can make it through to the other side.

So sad for your situation OP.
I've very luckily been eligible for the Self Employment grants, plus have been able to carry on working 1 day a week cleaning for and helping my 2 elderly clients, so ive just managed to squeeze through, just..

I’ve worked throughout but no payrise this year and an increase in broadband, utilities and council tax means I’m worse off than last year.
My partner doesn’t currently work and gets PIP, the review was postponed and we had a letter saying it would continue until October 2021. But then his review came through for this week so we are now waiting to see if we are going to lose 300pm (this is the only money he gets as I earn £40 too much a month for him to get universal credit.

Financially really good, built up good savings due to not going out and paid off all debt. Two dds got little jobs around school and college so they have a good amount of savings now too. I think it's a real split and we've bought from local businesses and booked tables in pubs in April. We're lucky and my heart genuinely goes out to those who are not as fortunate

I’m so sorry for everyone who has been so badly affected. This government should be helping everyone much more than they are - they helped put everyone in this mess by being as incompetent as they have been over the last year. They can spend billions on Dido Harding and her awful track and trace system and other incompetent mates of theirs so they can afford it .

I didn’t have a job during the first lockdown but lived off money from my written off car and then £3,000 that my Dad gave me (it’s me and three teens). I got a job in a school (admin) in August and have been okay since. I haven’t saved but I am not in debt and I know we are so lucky.

(We don’t have a car any more nor can we afford one but I had been going to use the written off money to help update our really awful bathroom (as in in a bad state bathroom) and live without a car in any case - pandemic or no pandemic).

Luckily my husband's job is very safe. My planned work was cancelled but I've managed to replace some of it with work at home. We have been incredibly lucky.

Increased workload so we’ve both done the overtime, plus saved as there’s nowhere to go. We both work for local authorities.

Did anyone manage to claim the £30k business covid grants for self employed business owners? Did that help or not at all...

More should have been done to keep businesses afloat. I’m sorry to hear you lost your livelihood candystriper29.

No change for us. Both industries we work in have had one of their best years ever. My workplace is expanding (actually so is dh's) and we both received pay rises and bonuses this year too. It has been such an odd year. We have saved more than ever.

In an industry tied to litigation and never been busier. It's unnaturally busy so know it will only last til the pandemic subsides. We've had our best year financially ever. Very odd but it's down to people being depressed and argumentative I guess .....

Personally no better off financially as still using petrol as still going to the office etc but saved on holidays and trips out. Spent more on computer add on games for DS so probably cancelled out savings on trips out.

DH has worked from home throughput- financial services- and all going well. He’s had a promotion.
I was off for 6 months but have had the self employed grant a few times plus a small salaried position that carried on. I have taken home about the same due to Rishi.
My family business has done well as it’s essential so didn’t have to close and we did a lot of outdoor leisure stuff for all the staycations and people buying stuff for the garden. Dividends have been good.
We haven’t spent much as we normally have lots of holidays and meals out.
We have paid our mortgage off too.
Glad it’s all ending and happy to go out and start supporting the economy ie go places!

Sorry to all that are struggling. We’ve been lucky that we’ve both been able to wfh full time throughout. OH is earning same as pre pandemic and I actually got a decent annual pay rise. We are spending a similar amount to normal day to day (less on fuel/wraparound care but more on utilities and food. Money we used to spend going out has mainly switched to buying movies, board games & takeaway food but we do have extra savings with not going on holiday and so have plans to do work on the house. Builders around here are all really busy as loads of people want to renovate or extend after spending months at home

We are a bit below. My job and income stayed the same. My DH has moved to wfh so more costs setting up an office at home (desk, chair, printer needed, plus a new laptop for the children for home schooling) and more heating/electricity costs. He has had a pay cut too. No children’s activities for a year apart from a few things online has helped.
But we still have jobs and hope that continues as DH’s is precarious.

No change.

DH and I recently retired, so income is as we expected from our pensions, before that DH was wfh, we are buying much more house and garden stuff though as we can't go on the holidays we were so looking forward to in our retirement, hopefully we are giving @Waxonwaxoff plenty of work as we are buying new furniture, our old furniture was ok when we weren't in all day looking at it but now we have been buying some nice new things

My limited company is ticking along, I've furloughed myself and my DS who works for me. Managed to get a bounce back loan which is mostly going towards topping up our wages. We both get top up benefits and our finances haven't changed much, except a small top-up on our benefits, and I started getting a higher amount of PIP a few months ago (but that was nothing to do with Covid). Own my home outright so we're managing OK since we aren't spending much money.

Less overall income due to a mandatory 15% paycut for 6 mths. Mainly Wfh throughout and have survived 2 rounds of redundancies so feeling fortunate to keep my job at the moment. No-one went on furlough at my company - they announced a small number of redundancies last summer and then again in Dec instead.