The coronavirus crisis has had a huge impact on all of us. About 8.4 million workers have been furloughed, tens of thousands have lost their jobs and many self-employed workers’ incomes have taken a hit.
Even the lives of those who are still in work may have changed dramatically. Working from home has become the norm for many, and employees at some firms have already been told this will carry on until at least the autumn. Meanwhile, physical distancing measures are likely to remain for many more months and a whole swathe of events, from holidays to festivals to weddings, have been cancelled. And behind all of this is a virus that can be deadly.
With all of this in mind, it’s possible your financial set-up no longer matches your lifestyle and needs. Guardian Money has put together a guide to getting everything in order as we all adapt to new ways of going about our daily lives.
Reducing household costs
- Wholesale energy prices have dropped as a result of factories and businesses being closed and demand for fuel falling across the world. The very cheapest dual gas and electricity tariffs cost £750 a year for a medium-sized house with average consumption. Households on their supplier’s capped standard tariff will typically save more than £300 a year by switching. Tonik Energy’s green super power v4 tariff is arguably the pick of the cheapest deals and it’s fixed for a year. Prices have fallen so much that those on fixed deals bought before March should consider moving supplier too and pay any exit fees. Use Energyhelpline.com to find out what your household can save.
- Housing is likely to be your biggest outlay. If you have a mortgage and have taken a three-month payment holiday, you may…