Make a list
Start by building a clear picture of your income and expenses to help you understand your overall position. For example, make a list of:
- Savings (if any)
- Income (from wages, government benefits, income from investments)
- Lump-sum payments (government payments, redundancy etc)
- Your expenses, including rent or mortgage payments, bills, other loan repayments, health insurance, vehicle, utility and grocery costs, and insurance premiums etc
This will help you understand how long you can sustain your current position and determine the timelines for any actions you need to take.
Non-essential expenses
Look through your list of expenses and consider whether there are any non-essential items hat you can live without at least temporarily.
Seek assistance from providers
Speak to providers such as electricity and gas or phone providers. They may have options such as payment plans to help get you through this period.
Expenses you might be able to freeze or defer
Consider what expenses you might be able to freeze or defer, such as your mortgage repayments(please see our Mortgage Options section for more information).
Some income protection insurance providers are also offering a premium freeze, where you can stop premiums for up to 12 months.
Please be aware however that you won’t be able to claim during this time. The possible benefit is you can resume when you are ready and don’t need to reapply.
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