What's Next? Looking after your finances after lockdown

There’s no denying that the past few months have been trying times for us all. Many people have taken an unexpected financial hit during lockdown, and are struggling with what this means for the future.

Here’s how you can look after your wallet coming out of lockdown and beyond!

Don’t look away

We’re all guilty of avoiding looking at our bank balance to delay knowing the truth, especially if you’ve suffered a wage cut. However, continuing with normal spending and hoping for the best is even more harmful in the long run, and you will have to cut back eventually.

Staying aware of your incomings and outgoings from the get-go is crucial, especially as restrictions begin to ease and businesses around the country begin to reopen.

If you’re at home a lot, now could also be the right time to have a sort through things you don’t need and sell them on eBay or Gumtree, giving your bank balance that extra little boost.

Shop around

Any money saving guru will always stress the importance of shopping around!

There’s plenty of tools out there which help you compare the best deal on all of your household utilities, and switching is really easy, too.

Considering different or supermarket own brands for some of your grocery shopping can also really help in cutting the costs. Why pay more when there are cheaper alternatives?

Plan in advance

When it comes to managing your finances, budgeting is king.

Create a plan of how much you can spend each month, taking into account groceries, bills etc., and stick to it! Make sure your plan is realistic and you allow for a few small treats here and there, if you can – if you’re too harsh with your projections, there’s very little likelihood you’ll be able to adhere to it.

Claim the benefits you are entitled to

If you’ve become unemployed or your job has been affected by the pandemic, there may be benefits you are entitled to which you are not yet claiming.

A Better Off Finance Key Worker will help you with a Better Off calculation and assess which benefits you could be entitled to, as well as providing support with debt and rent arrears.

Get in touch!

About us:

Better Off Finance is offering residents of the Liverpool City Region who are currently unemployed (although don't have to be claiming benefits), a bespoke programme of support. 

This support will be provided at a local community venue or at home if a participant prefers.

Each participant will be linked up with their own key worker who will support them to:

Improve their financial capability through 1-2-1 support and group work

• Access employability sessions within the programme

• Access a Level 2 Accredited ‘Money Mentor’ opportunity

• Progress into training and education opportunities

• Prepare and progress into sustainable employment.

Please contact us via our Facebook or Twitter pages to make a referral or for further information.

Better Off Finance is a programme jointly funded by The National Lottery Community Fund and European Social Fund as part of the Building Better Opportunities Initiative.