The path towards those goals might have taken some unexpected twists and turns in the past few weeks, but if you are still working and your income hasn’t been disrupted too severely, these four tips will keep you heading in the right direction.

The pitfalls of online shopping haven’t changed just because you’re ordering essential supplies and food in a crisis. When (mostly) everything you want is just a click away, it’s all too easy to make spontaneous purchases or buy too much. You might think you’re spending less just because you’re no longer eating out or going to events. But if you’re not keeping track of your clicks, you won’t really know until you get your credit card statement at the end of the month. 

A little bit of planning and budgeting can spare you a major spending shock. Take stock of what you really need before logging into your favourite online shopping accounts. It’s the simple things that can help like scheduling a week or two of meals so that you can shop less often. (That’s if you can secure a click and collect or a delivery, both of which are as scarce as hen’s teeth right now!)

Also, review your direct debits and take a hard look at any subscriptions and other regular commitments you won’t be able to enjoy during social distancing. Get in touch with your suppliers and providers and see what options you have for recurring charges or fees you’ve already paid. You might want to keep supporting some organizations but for others you might be better off recouping now if possible. 

Be careful though – it is never a good idea to simply cancel a direct debit or fail to pay an agreed sum without first talking to the supplier to explore your options.

Top-up your emergency fund.  

Ideally, your stay-at-home budget should be less than you would spend in a typical month (before Covid). For some people the best use for extra funds is to top-up your emergency savings account. Even when interest rates are low, we recommend that you have enough money set aside to cover six months of your living expenses. That reserve could be critical in this crisis, especially if there’s a sudden health issue or necessary home repair. 

Once we get to the other side of this crisis, a healthy emergency fund is going to be an important part of your retirement plan.

And if what you’re saving on petrol/diesel, daily Costa or Starbucks coffees and twice-weekly take-away lunches is getting swallowed up by your online shopping … Take another look at that budget. 

It’s been inspiring to see communities rally around and help the vulnerable and more needy. And many people are turning to support more small, local businesses that have adapted to social distancing. Many of these have implemented 'no-contact' delivery, which keeps customers safe and helps business to go on as best as it can. People are also buying gift cards and donating to funds that support the newly unemployed, charitable organizations, and health care professionals.

We’re glad that the pandemic has inspired charity and goodwill in so many people. Of course donating to every cause could throw off your budget just as easily as overspending on groceries. Even your best intentions need to have limits.

Once you’ve covered your basic needs and emergency savings, there are other things you should consider to stay on track for your long-term financial goals. Our Government has put in place a massive package of assistance for individuals and businesses and although it doesn’t presently address every need, it does cover the majority of businesses and many groups of people and circumstances in some capacity. Take a look at www.gov.uk for further information.

And remember, we are always here to help Any concerns, contact us here: info@jwafinance.com