Finding the good side to the current Covid-19 outbreak is quite hard specially when the number of cases keep rising.
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If employers agree that staffs will start working from home or quarantining their selves because of coronavirus, then many may have more free time than usual.
Sarah Coles, personal finance analyst at Hargreaves Lansdown said:
“Anyone run ragged by everyday life could be forgiven for thinking self-isolation has its attractions,”
“But once you’ve spent a few days in your PJs and watched a box set or two, the joys of a fortnight at home can start to pale. When you’re several days in, and have even considered sorting the cutlery drawer, it’s worth remembering the odd financial jobs you’ve been putting off.”
“Not only can you get them out of the way – but you could leave yourself hundreds of pounds better off too.”
So here are some tips to boost your financial situation.
Sort your bills
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Double check which payment you need or where to get way cheaper service.
Laura Suter, personal finance analyst at the investment platform AJ Bell said:
“If you’re someone who doesn’t regularly shop around each time a contract needs renewing, offer period ends or savings rate matures, you could be paying way over the odds for basic bills like broadband, energy, mobile phones and your mortgage.”
Start some savings
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After cutting down your bills and spending, ensure you have sufficient savings to handle a future crisis.
Make a budget so you know how much is coming in and going out each month and can manage your discretionary spending more effectively.
Sort your junk
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Becky O’Connor, personal finance specialist at Royal London, says this is the perfect time to make some space and even some money.
“Take pictures of unwanted items and sell them on second hand sites like eBay, FaceBay, Shpock or Gumtree. Specialist sites sometimes fetch higher prices. Old electronics and games cluttering your living room can be sold on websites such as zapper.co.uk.”
Move your mortgage
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Changing mortgage provider is on the list of boring jobs that’s easy to put off. It can take time and might require you to dig out paperwork that you’ve probably left in a pile under another pile.
Sarah Coles said:
“If you haven’t moved your mortgage in a while, and you’re on the standard variable rate, this is a brilliant opportunity to cash in on rock-bottom rates.”
“You can use the time to search for a better deal online, or call a mortgage broker for some long-distance advice. You could save over £1,000 a year.”
Deanna is full time content writer and blogger with her fingers on the pulse when it comes to breaking news. She keeps her focus on contributing in depth news to her audience and when she's not writing she' loves travelling to new destinations