We are all facing a lot of change and although our health and that of our family is most important, now is definitely a time to think about money.
Saving
If you have been fortunate enough to keep most of your income you may have seen your spending drop a little in not being able to go out and spend as you usually would . If this is the case you might consider putting a little money aside for regular saving. Even if it is only a small amount, it starts you off on the right track to building a pot of money if you need it. Although it is unlikely we will ever experience something like this again, it does make you think of the benefits to having some savings put by if you need it.
If you have already got a Clockwise account, you simply need to set up a standing order from your bank account and you can start saving straight the way. If you haven’t got an account with us, you can set one up now within minutes, just click ‘Register’ in the top right hand corner of this page. Remember it doesn’t matter if you are saving £1 a week or £10, the key is to start and we know that having savings in a separate account means you are less likely to dip into it.
Debt and Borrowing
If you are struggling to make ends meet, it is important to remember that many people are. Although at the moment it is a difficult situation to work on resolving debt, it is better to deal with it head on than bury your head in the sand. If you are struggling to make regular payments – whether for bills or loan accounts, get in touch with the organisations as soon as you can to let them know. You may find that things can be put on hold until the lockdown has passed and you are able to start making regular payments again at that time. It is important to reach out and let the organisations know that you are struggling, rather than ignoring it and thinking you will deal with it later.
If you do need to borrow to make ends meet, we can help. Whether you want to consolidate existing debt or need a bit extra to help you thorough a tough time, find out more on our loans page. Clockwise encourages responsible borrowing. Get in touch if you are unsure of what to do next.
By taking time to think about money, you are being honest about your financial situation and can take the steps to start saving and improve the way you manage your money.
