Your very own financial survival toolkit

Your very own financial survival toolkit

No one could have predicted the events of 2020 so far, but we don’t need a crystal ball to know that COVID-19 will have a lasting impact beyond lockdown.

As the restrictions surrounding lockdown lift, and normality begins to creep back in, you may find that not everything falls back into place the way it was. There may be uncertainties about your income, perhaps your business has taken a hit, or there’s the possibility of redundancy.

Although you can never predict what the future holds, what you can do is plan ahead, and make adjustments now to minimise the long-term impact, cushioning the blow of any unexpected financial changes.

The internet is a powerful tool, but there is so much out there. So, how do you know where to look to get the right advice? It might feel overly time-consuming to surf the web (as it were), but you could be missing out on invaluable advice.

So, here a just a few resources to help you build your very own financial survival toolkit:

Free guides

The Chartered Institute for Securities and Investment (CISI) published two free money guides in collaboration with Certified Financial Planners (CFPs) across the UK. The guides contain helpful tips on managing your finances during uncertain and challenging times. They have a guide for employees here, and a guide for the self-employed/small business owners here.

The Money Advice Service has dedicated an entire section to coronavirus information, featuring guides that address all coronavirus-related financial concerns. So, if you’re wondering what help is available and for whom, it’s worth checking this website to make sure you’re not missing out on any financial relief.

Similarly, the Money Saving Expert has a series of Coronavirus guides pinned on their homepage. As well as offering guides for individuals, employees and the self-employed/small businesses, they provide guides on universal credit & benefits, travel rights and financial FAQs.

Speak to a professional

Free financial crisis meetings – We understand that not everyone is in the position to benefit from the support and guidance of a financial adviser. That’s why we’re offering free one-to-one sessions with our professional advisers, available to anyone impacted by the current pandemic. The aim is that people will have their most important financial questions answered, as well as going away with some top tips on organising their finances in the best way to see them through this period of economic uncertainty. To book your 15-minute COVID-19 Crisis Coaching Session with one of our professional advisers, click here.

Free webchat and telephone options  – The UK government have set up a COVID-19 helpline. Specifically, if you’re having trouble paying taxes due to coronavirus, you can speak to one of their tax advisers here. Or, you can talk to one of the Money Advice Service’s advisers via webchat or telephone here.

Your questions answered

In an ongoing series called ‘your questions answered’, our Managing Director, Rebecca Aldridge, steps in front of the camera to answer some of our most recent frequently asked questions. In the first video, Rebecca talks about investing during market difficulties – watch it here. And the second explores pension and investment withdrawals during COVID-19 – watch it here.

Other resources

Government support – Keep up-to-date with the latest government support schemes available for people who have been affected by COVID-19.

Citizens Advice – Visit the Citizens Advice website for free and impartial advice. On the right-hand side of the homepage, you’ll find a list of coronavirus-related issues that they can help with.

Just Finance Foundation – The Just Finance Foundation has put together a coronavirus financial help hub to help you navigate through all of their information and resources.

Check your mail – Make sure you’re reading the correspondence you get from your providers, such as your bank, insurance company etc. These businesses may be offering some sort of financial support to help you tackle the financial impact of coronavirus.

If you have any questions at all, about your finances or the wider economic outlook, please get in touch and speak to one of our financial planners.