Self-Isolation: Supporting Your Financial Wellbeing

19th March 2020

There’s no denying that COVID-19 is impacting many businesses and individual’s finances – we’ve spoken to partners and industry experts to help put together some useful tips and resources to support your financial wellbeing during this tricky time.

Support From Banks

If self-isolation affects your financial wellbeing or income streams, take a look at what financial institutions and banks can do to support you. For example, Halifax is offering payment holidays on mortgages and loans with additional support provided when you need it. Natwest offer Financial Health Checks, and TSB customers can waive early closure fees on our Fixed Rate ISA products to gain access to their money.

Budgeting 

There are some great tools available including the Money Advice Service Budget Planner to help you to keep track of your spending and plan for the future.

Save on household bills

With the cost of household bills continuing to rise across the UK, the Money Advice Service has pulled together a list of dedicated guides to help you save money. Cutting costs may be easier than you think and the average household can save hundreds of pounds each year by following the tips.

Get everyone involved

Get everyone in your family or household involved with keeping to a budget. Sit down together and make a plan that you can all stick to. Work out how much spending money is available and agree between you what you’ll each have. You can also use the Money Advice Service’s Quick Cash Finder to see how small changes can save you money over time.

Citizens Advice

For further financial advice you can also contact Citizens Advice for support.

To download our self-isolation toolkit to support your financial, mental, physical and social wellbeing, enter your details below:

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