Shortcuts to making long-term gains

With up to half of all working Britons worried about losing their jobs, these are stressful times. But with a few simple steps, you can head off the worst of the storm by battening down your finances.

BUDGETING BASICS

A simple spreadsheet is all you need, or just a blank piece of paper. list when regular payments are due and, in a separate column, your food bills, entertainment and takeaways. Then total up the cost and compare it to what’s coming in.

Check your bank statements, going back 13 months, and ask your bank to cancel payments you do not recognise, and reclaim money if unauthorised.

CONTACT CREDITORS

if you’re struggling financially, lenders, utility firms and banks should offer solutions to buy you some time. They should also consider suspending interest and charges for a short period. loan and credit payment holidays are available, too. if you are yet to take a mortgage holiday, the deadline to apply is october 31, but they do seem to be harder to get.

prioritise your debts in order of the most serious consequences. for example, nonpayment of council tax carries a threemonth prison term. you could lose your home if you fall behind on your mortgage.

GET A (FREE) PLAN

Never pay for a debt management service — there are many free options, such as the debt charity stepChange. They’ll contact your creditors and negotiate payments you can afford.

SWITCH AND SAVE

eNergy price reviews happen around August, so this is a good time to switch providers. Take your meter readings and ask for a revised bill. While you’re at it, check if you can find cheaper mobile, broadband or annual insurance.

AND FINALLY...

The government has banned home repossessions during this period. if you need help with living costs, you could be eligible for universal Credit — go to