How to Keep Your Income from Dropping during Lockdown?

COVID-19 pandemic has affected everyone all over the world. Lockdowns were imposed in places where the deadly virus cases are rampant. As people stayed at home, business establishments lost their customers, and many eventually closed down. Millions of people lost their jobs and their livelihood. If you have been dependent on your salary alone, you will find savings dwindling without any means of reversing the situation. A severe recession especially in the UK, is coming, and everyone must find a way to keep his income from dropping during the lockdown.

Here are some ways to keep your finances on the positive side during this pandemic.

Always Monitor Your Savings

You are lucky to have some savings during this pandemic. Always check your bank balance to avoid overspending. The pandemic is not the time to buy unnecessary things or to go shopping every day, eating out in expensive restaurants, or taking a vacation in places where you can freely move around. If you keep on spending without a specific source of income, your bank account will soon be empty and you will find it a challenge to have some savings again. Always monitor what you have in the bank and avoid dipping into it unless you have an emergency.

Besides, knowing that the money that you have kept in your bank account is slowly disappearing will motivate you to find more ways to stop your income from going down during the lock down.

Request for Payment Holiday

If you have loans to pay, a lockdown during the pandemic may not be a happy time for you. With your wages cut or gone at all, there is no way that you can meet your payment schedule. However, in the UK, borrowers can ask lenders for a payment holiday. You can temporarily stop payment for up to three months with no interest to minimal. However, you must pay for the months that you missed payments.

Instead of your loan ending after six months, the lender will add three months, making it nine months for you to pay back the money that you owed in full. Payment holiday may also apply for rent, utility, and other bills. However, always talk to your landlord, the utility companies, and the lenders about your payment holiday.

Take Steps to Earn

Many companies that did not lay off workers allowed them to work from home to continue getting paid for their work. If you have the misfortune of losing your job, look for a different source of income immediately. There are thousands of positions online if you have the patience to look for one that will suit you best. People with good writing skills can take a writing job while experts in information technology and become online programmers, website designers, and website builders online. The pay is also competitive especially for experts.

People who are not comfortable working remotely can engage in online business. During the pandemic, the entrepreneurial spirit of many people soars high. Earning opportunities include baking and selling cakes online, preparing snacks and delicacies to market, offering home service for hairstyling, manicure, and pedicure. Some people engage in the direct selling of clothing, cosmetics, other beauty products, and gadgets to have a steady income source.

Check for Financial Benefits

The UK government offers financial assistance to people that lost their jobs because of the COVID-19 pandemic. The UK government has been offering financial support to self-employed individuals to help them survive during the pandemic. The government will cover part of the wages of workers whose employers have cut their salaries and provide financial assistance to establishments that are struggling to keep their businesses afloat.