SOLVED: The four financial worries keeping you awake at night

1. I’m earning less money right now – should I still be thinking about my pension?

If you have been furloughed, or had a pay cut, your company still has to pay into your pension, so if you opt out you’ll lose this ‘free’ money. If you are self-employed, you might consider a pause but only to shore up your cash savings.

2. I have more money at the moment due to reduced childcare/transport costs; how can I save/invest it?

The future is so uncertain; ask yourself how long could you pay your bills, rent or mortgage if you lost your job? Use this time to save enough to cover that. Regular savings accounts often have the best interest rates.

3. I was saving up towards buying my first flat; should I delay this for the time being? Focus not on whether now is a good time to ‘invest’ but whether buying a flat is a financial priority because it offers a more affordable or secure place to live.

4. Can I afford to have a baby? If you are furloughed, pregnant, or planning to be, how much you receive in future maternity pay may be affected. Charity Maternityaction.org.uk has a lot of useful guidance on its site.