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There’s no denying that COVID-19 has affected many people’s lives in Britain. We’re now in another national lockdown, and many regions have previously been hit with ‘local lockdowns’ to stem the spread of the virus.
As you can imagine, financial uncertainty is something that a lot of people in the UK have at the forefront of their minds. Especially people in industries badly affected by COVID-19, such as hospitality. With that in mind, you’ll undoubtedly want to secure your finances.
Plus, you’ll also wish to keep your savings intact and grow them in case the ‘worst’ does happen, and you end up without a stable monthly income. Here’s what you can do to ride the wave of economic uncertainty currently gripping the UK:
Go through your income and expenditure
The first thing you should do is review how much you earn and what you spend each month. That’s because there are likely some expenses you can remove to help bolster your savings. If you’ve not got a head for numbers, consider hiring a financial advisor.
Such a professional can help you find ways to bolster your income through savings and wise investments. Plus, they can advise on tax strategies – an essential factor to consider if you’re self-employed or are in a high-earning tax bracket.
Did you know that financial advisor costs are relatively low compared to advise you might get from an accountant, for example?
Earn some extra cash in your spare time
You may have one full-time job, but that doesn’t mean you can’t use your spare time to earn some extra money! There are thousands of ways to bolster your savings by sacrificing just a few hours of your spare time each week.
What’s more, some side gigs are ones that you can “set and forget” – meaning you can potentially earn a passive income! Any money that you can make from such extra-curricular activities can go straight into your savings accounts.
And even if you didn’t want to have a second job, you could still earn money by doing other things like selling unwanted items around the house.
Invest in COVID-friendly industries
During periods of lockdown in the UK, many folks will spend much of their time watching TV or buying stuff on the Internet. As you can imagine, the service companies associated with those activities are doing well during COVID-19.
Brands like Netflix and Amazon are continuing to remain strong financially during the pandemic. You may want to discuss investing in such businesses with a financial adviser as a potential way to get exposure to potential growth in these sectors.
Make use of the government’s ISA allowances
Last but not least, if you’re not taking advantage of ISA savings accounts, now’s the time to start! The government offer a range of ways to save money tax-free and earn interest on your savings.
There’s plenty of information online that tells you more about what’s available. Alternatively, a financial advisor can recommend the best accounts to set up so you can make your savings grow.
