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Managing your money in a pandemic

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The last year was challenging for everyone. We're experiencing a global pandemic that is unlike anything we have dealt with before in our lifetimes.

A cause of stress for you right now might be your finances. You may be one of the millions of people who have lost their job or had their hours cut. If you're still employed full time, there's uncertainty about the future of work and the economy.

Wherever you land on this, now is an excellent time to take care of your financial health and manage your money.

1. Take a look at your spending; what monthly expenses or subscriptions could you cut down? A budget will allow you to see where your money is going so you can adjust that where necessary.
2. Save money and put it into an emergency fund to cover essential bills if necessary.
3. Create a Plan B income source - If you are likely to have decreased hours and income from your main job, a side-hustle is a good idea.
4. Know what needs paying first - Be strategic about how you pay your bills if you get to a place where you cannot pay them all. There are some assistance programmes available that suspend fees on specific products and services.
5. Take care of your health - mental and physical. Focus on your health and what little things you can do to look after yourself.

If you want some assistance, we can help to grow your savings and help you manage your money. Talk to the team at Hallam Jones today.

Want to find out more? Simply give Mark Jones a call on 0800 404 202 or send him a message.

This post has been provided for information purposes only and is not intended as a substitute for specific professional advice on investments, financial planning or any other matter. Read our disclaimer notice and privacy statement.