Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts

Financially Surviving the COVID19 Pandemic

By    May 12, 2020 // No comments

Unless you have been living under a rock or in outer space it’s no secret that the world is facing the worst financial crisis that we’ve seen in probably three hundred years. COVID19 has pushed us all to the absolute limit, mentally, physically and financially.  I don’t know what the current situation is where you live, but in the UK things are pretty bleak with no real end in sight as yet.  If you are lucky enough to have clung on to a job, then believe me you should thank you’re lucky stars because for many the harsh reality is that they have been plunged into poverty or barely making ends meet.   If any of this ring true there is help for you out there.  I’m no expert on all of this, but if I can use this platform to help at least one person then I can at least feel satisfied that I tried. With that being said, I have pulled together a brief outline of what’s available to help you during this trying time. 

The Furlough Scheme

Furlough also known as the job retention scheme, was introduced by the UK Government in March to support those companies hit by the coronavirus.  It works by temporarily assisting with paying the wages of people who are unable to do their jobs. The benefit of this scheme is that you are able to stay on the payroll even though you aren’t working. Your employer also has the option of topping up your salary  if they choose to and must inform you if you have been furloughed.   The Government have extended the scheme until October 2020 and further guidance is available. Read the guidance it’s imperative that you know what your rights are because when this all ends you need to be crystal clear about your employment status. 

Help for the Self-Employed 

The self-employed income support scheme (SEISS) was introduced in March to offer financial support to the self-employed during the Coronavirus.  The scheme covers up to 80% of self-employed workers earnings (average taxable monthly profits).  This scheme has faced much criticism because it’s only eligible to those who can provide their average profits over the past three years and a cap of £2500 has been placed on this, which is also taxable.      This is not ideal if you are newly self employed but you might be able to get support from one of the many voluntary organisations.

Advice and Support 

There are a number of organisations that are offering support for those who need it. The BritishRedCross Coronavirus Support Line . If you are finding it difficult to cope and might need support with accessing food and medication or dealing with the isolation, the BritishRedCross is there to help.   There are other voluntary organisations that are doing the same such as Mind, Crisis, the Citizens Advice Bureau.  If you need to speak to someone, do it because the loneliness can be unbearable.  Contact your Local Authority and if that fails contact your local Member of Parliament they are there to help their constituents so hold them accountable. Whatever route you choose, get help If you need it and do not suffer in silence.  

How You Can Support
If you are in a more fortunate position in this time of global crisis there are some things that you could do.  

 Volunteer

 Check on your neighbours especially if they are elderly, vulnerable or live alone

 Donate unwanted items or extra food items 

 Offer a skill, if you are a teacher offer free online tutoring, or if you have counselling skills 
call someone who might be feeling lonely. 

 Donate PPE, if you can sew our NHS workers really need medical uniforms 

 Donate blood 

 Cut down on frivolous spending and be less wasteful 

 Be kinder to yourself and others 







On the Road to Better Budget Management

By    April 19, 2020 // No comments

Much of our financial bad habits are formed somewhere between adolescence to adulthood, and as simplistic as this sounds,  most of us have never really been taught how to manage our finances.  We are taught that we should perform well in school and land that dream job, but never taught how to properly manage our finances and build generational wealth.  So many of us have great careers but fail to take the necessary steps towards effectively managing our finances.  
This isn’t anyone’s fault in particular, because it’s not something that we learn in school or for most of us learn at home, but you are expected to know what to do and that’s not the case. Don’t get me wrong, I’m certainly not irresponsible when it  comes  to money management,  but I do recognise that I have made some fatal errors that have negatively impacted on my financial health.  
I believe now more than ever that it’s imperative right those wrongs and teach my daughter  healthy financial habits from an early age if I want to break the cycle of debt creation.   Education is key, but part of educating your children should include providing them with the tools to develop healthy financial habits.   
It’s not too late for me to learn and I am making steady progress by firstly recognising my mistakes and re-learning how to better manage my finances to rebuild my financial health. I am still on this journey but wanted to share some of the lessons I have learnt so far.

1. Know Your Financial Status
My journey so far has taught me that knowing your financial status is crucial whether you like it or not.  There is no way you can become debt free if you bury your head in the sand and refuse to accept the state you are in.  Knowing your credit score and debt status will help you to devise a plan of action. It’s free to check your credit status so there’s really no excuse. 

2. Avoid Getting Into More Debt
Now I know this might be hard to achieve, but you have to try and avoid increasing your debts further. This means you are going to have to make sacrifices and ask yourself do I need this item or do I want it.  I have fallen prey to this but I have learnt to go without holidays, new clothes every month and other frivolous expenditures.  My mantra is if an offer seems too good to be true then it probably is.

3. Budget 
This is probably one of the more crucial lessons.  If you want to become more financially healthy you have to keep track of everything you spend and how much income you have.   Create a list in excel of your income and expenditures because this will help you to budget properly.  Do not be alarmed by this, because if you have large debts like student loans or credit cards this might be a depressing revelation but the main thing is that it will get better. 

4. Seek Advice 
I have found that speaking to a financial advisor has been essential, let’s face it they are paid to help you so why suffer in silence.   Seek all the help and advice you can, there are debt management agencies Like Step Change that can assist or agencies like The Citizens Advice  Bureau that you can contact.  One of my favourite resources is Money Saving Expert , it has a wealth of information on how you can manage your finances and become more financially literate. 

Turn Your Talent into Profit

By    April 14, 2020 // No comments

Today more than ever it's becoming increasingly important to think about how you can generate multiple streams of income and it's certainly something that I am starting to tap in to.  Gone are the days of landing that perfect forever job or that get rich quick career, but thankfully that doesn't mean you have to lose hope there are plenty of ways that you can turn your hobby into a serious money making machine or at least create another source of income to set you on the road to financial freedom and here are five ways you can kick start your journey.

1. Start a YouTube Channel

I know, it sounds so cliche these days to say "i'm a YouTuber" but the reality is there's still serious money to be made.  Just research your favourite content creators and you will be blown away by the figures.  It may seem like a daunting thing to do but there are so many ways that you can create on the platform and it;s not just for beauty gurus or gamers' because there is something for everyone and a waiting audience ready to watch.

Now I must say that for most people it takes hard work and dedication so you have to be prepared to stick with it, and if you perform well enough and your channel becomes monetised you can earn a fair amount of extra passive income.   Better yet many of the bigger YouTube channels receive far more income from brand deals, so what are you waiting on.

2. Create an E-Commerce Store

If you are someone who loves to sew, knit or even thrift then you might be able to generate some extra income by opening your own online store.  There are so many ways that you can sell your goods thee days and you can use social media to promote your store.  If you are more of a crafter try Etsy  or  if you want to try your hand at a drop shipping enterprise then you could try Shopify.   Either way, there are so many options for your to buy and sell but the number one rule is do your research and find out what works best for you.

3. Start a Blog

This is a relatively simple and low cost way to channel your creativity and if you love to write this could be one way that you can turn your passion into a booming business.  If you love cooking and want to showcase your skills then a blog might be one way of sharing your culinary delights with other like minded individuals.   If you happen to be reading this, then you see I am also trying my hand at blogging.  I like to write and I like to share my life experiences with others so it's the perfect match for me.  

Like YouTube you can monetise your blog by adding affiliate links, Google Adsense Ads or by promoting products and brands.  The key thing is to try and set up your blog properly so make sure to research all you can.  I am new to this so we can share and compare notes.

4. Create an Online Course or Webinar 

This is a really good way of using your skills and expertise to create a source of income, while helping others to learn something new.  There are many different ways that you can market your course and can be done relatively easily on platforms such as WordPress or Thinkific .

5. Sell Stock Photographs 

If you love photography then why not consider selling your pictures online.  It's not the most profitable venture but you can make a reasonable amount of extra income and you are getting to share your photography skills with others.  

There are many places that you can sell your pictures including Adobe Stock and Shutterstock.

Become Financially Independent

Now that I have given you some ideas to kick start you're road to financial freedom lets see if we can share our experiences and be great together. 


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