One of the things we all have in common is that our lives have been completely rearranged due to Covid. We’ve had to adjust to a new way of living and working, and it’s made us think differently about how we spend and manage our money. For some, it provided an opportunity to save some cash. Others have faced the opposite - furlough, changes in income and struggling with bills. Whatever your situation, as life slowly returns to normal it’s worth taking the time to plan how you want to spend your money going forward.
Here are four steps you can take to keep both your bank account and wellbeing healthy post-pandemic.
Check in with the status quo
Looking into your finances might seem daunting, especially after a challenging year. But life after lockdown is (thankfully!) quite different from what it was before. As pubs, shops, hairdressers and workplaces open, it’s only natural to want to make up for lost time and spend money doing the things that make you happy - and it’s likely to cause another shift in your spending priorities. Rethinking your spending plan isn’t likely to be at the top of your to-do list but it’s an important step to take to make sure you’re prepared for everything you need and want to do.
Support is available
Being in control of your money is important to enjoying the best that life has to offer. But the pandemic may have made things complicated. Whether you’ve fallen behind with household bills, taken payment holidays or have existing debts weighing on your mind, it can be difficult to know where to look for information. But did you know you might have access to an EAP provider via your employer to help you through this transitional period?
In addition, Neyber offers affordable loans repaid through your salary as well as financial education - all designed to make your money work for you. To ensure you don’t miss out on help you are eligible for - find out more here.
Automate your savings
If you’re one of the lucky ones who have been able to save during lockdown, make sure you stick to it. As life begins to ramp up again, if you can automate your savings each month to help keep you on track you may be able to avoid the temptation to spend when your social life is back and booming. You can do this by setting up a standing order to transfer money to a savings account the day after you get paid.
Just because you can…
Doesn’t mean you should! It’s wise to take the time to think about all the things you managed to go without during lockdown and think about if you need them. If you’re someone who enjoys home workouts and walks in the park, is it time to ditch that gym membership? Similarly, for those of us who discovered a love for cooking - do we really need that daily Pret fix? Now is the time to rethink old habits and start mapping out what your new ‘normal’ might look like instead of simply falling back into old ways.
Important: This is an option, not a recommendation. Your employer does not benefit from offering this service and all your communications will be with Salary Finance limited trading as Neyber. Loan applications will be assessed to ensure the loan is appropriate and affordable for you. Finwell content is for guidance and educational purposes only and is generic in nature. Salary Finance limited trading as Neyber does not offer regulated financial advice. Please seek independent financial advice.