CLARE’S 8 WAYS TO TACKLE MONEY ANXIETY IN THE TIME OF CORONAVIRUS

BE PREPARED FOR ANY EVENTUALITY

Make sure you know exactly what help is available to you if you’re furloughed or made redundant. Martin Lewis’s excellent Moneysavingexpert.com has a section dedicated to this – it’s easy to understand and regularly updated, with advice on furlough eligibility, benefits, help for the self-employed, what to do about cancelled travel plans, and much more.

AUDIT YOUR FINANCIAL SITUATION

I would advise doing this in two stages. Start by looking at your broad financial picture: where do you have savings and what are your debts? Open all the letters, check all your accounts and get it down on a piece of paper. Then you need to go in-depth; look at your income and look at your outgoings. Of these, which are fixed, which can be reduced and which can be completely cut out? Start contacting the people you have debt with – find out if they will waive your interest payments for a few months. You might be surprised by their willingness to help. This can be a long and difficult process, but once you are armed with the facts, they can’t hurt you.

CHECK IN ON ALL OF YOUR ACCOUNTS REGULARLY

Apps like Money Dashboard (free) will enable you to check all of your accounts in one place, using clear, visual graphs and charts. It has excellent budgeting tools and you can tag your transactions – food, travel etc – then easily see whether you’ve come in under budget.

SAVE UP TO £400 A YEAR BY SWITCHING YOUR UTILITIES

You can compare the best providers on platforms such as Hoppy and Uswitch. We’re using 25 per cent more energy during the day at home during lockdown, so find the cheapest option.

CANCEL SUBSCRIPTIONS YOU RARELY USE

Things like gym memberships or Amazon Prime. The average person wastes £468 a year on services they never use.

ALLOCATE SOME TIME TO FOCUS ON YOUR FINANCIAL WELLNESS

Explore the things that you feel shame about around money, and consider the reasons why. For most people, money has its tendrils in absolutely every area of life – including identity and self-worth. Aim to be more objective and neutral about it.

HAVE A COOLING-OFF PERIOD WHEN SHOPPING

If you’re about to splurge on something you can’t afford or go comfort shopping online, pause and make a note of it. Consider whether it is an attempt to ease anxiety, for example, and work through the feelings themselves rather than trying to paper over them with a purchase.

HAVE SOME HONEST CONVERSATIONS WITH THOSE CLOSEST TO YOU

You have never been less alone in financial insecurity than you are right now, as most of the nation is affected by the coronavirus fallout. Use this opportunity to discuss your money woes with loved ones.