Hey everyone welcome back to the blog, it’s Friday, it’s almost the weekend, not that really makes any difference in these current times as all day seem exactly the same!
I recently posted up about my finances, what I was looking to save over the coming year, my debts, and everything in between!
From now until next year when I plan to move into my first home, every Friday, I want to post something relating to money, and what’s going on with myself and money personally!
This week let’s talk about the current situation, I’m not sure on everyone else’s situation but I wanted to go over my situation, and what is happening with myself and work!
Let’s start from last year!
I used to work for a large supermarket chain, I had been there for 10 years, and had done almost a every department and job! I worked hard, was loyal to the company and always helped on overtime when needed!
Out of the blue I was made redundant, the company had decided the role I was in at the time along with about 1500 other colleagues across the company would need to be moved around or move on!
I decided that given the circumstances it was time for a change and that I would take redundancy!
I didn’t waste much time, I didn’t want to be out of work, and wanted to throw myself into something new! So, I was looking around the usual indeed, Totaljobs, jobs 24 etc & then I found a job ad on Facebook that I went for!
Fast forward a few months and I have an offer of employment from the company and started work!
I went from working in retail as a stock controller, to a reception manager at a busy hotel, pub & restaurant! A job that I love!
As time went on I have learnt plenty, and have taken on any responsibility I can! For myself, my goal has been to get to a place in a company where I am salaried and no longer hourly paid! I do like the hourly paid side of a company, but to have a constant guaranteed amount of hours and pay each month would be far more appealing to me!
Just before corona broke out, I was close to getting to this position, I was almost at the point of being offered a contract for a role in the company that is salaried! But…corona hit, and I was put on furlough leave! This is on my hourly pay, and I am now unsure as to what will happen when I return to work!
However, I do know the business will be extremely busy once reopened due to the nature of it, and I believe I will easily be able to hit myself £1300 a month target if I was not to get the new role!
Furlough & Corona Isn’t all Bad!
As I say! It’s not all bad! Of course the future right now is un certain for a lot of us, and we don’t know what will happen with jobs etc!
Now I’m not one to be negative, in fact I’m a very positive person, I’m always thinking glass half full, and I’m always thinking of the bigger picture!
For me, this time in furlough is an opportunity! It’s a chance to build up some knowledge around the next role that I believe once I am back to work I will get!
It’s also a great opportunity to do something different with my money! When I’m working I will usually look to put enough hours in to bring home £1300 a month after tax!
Whilst being furloughed my income is around £950 a month! But, like many others, you can take payment holidays from different loans & lenders, and I believe this is a great chance to use these holidays to help you!
Using Payment Holidays, or Deferring payments
During lockdown, one thing I am looking to do is save some money, yes I have gone from £1300 a month pay, down to £950 but this is where I will be looking to make the most of my payment holidays & deferring payments in order to maximise savings!
The way I am currently looking at the situation with corona is that this is an opportunity that you will potentially never have again! I have taken a 3 month payment holiday that is offered from a couple of loans (this will not affect my projected payment plan set out in a previous blog), but I will then use those payments to save some cash aside!
For me, I’m comfortable paying my bills each month, but find I have little left to save sometimes, so now Is a great chance to build a base for this! With payment holidays from the companies I have used not affected my credit score it’s a great time!
What about in the long run?
I can imagine some people are asking about the long run, and what about when I go back to work and have arrears, the payment holidays will add 3 months into my existing contracts, and with my plan I set out, I aim to pay the arrears off fairly quick!
Of course I don’t condone people doing this if they believe when they are back to work they will not be able to afford to do it,
Nor would I do it, if I believed my job was at risk, but currently I think we are getting to a good stage in the lockdown and potentially will be looking to exit this situation shortly, I believe over the 3 months I could save around £300-£350 per month which is great at this point! And a nice chunk of the 5% house deposit I will be looking for come next year!
I believe this is a good plan, and that I will be able to stick to my repayments once back to work, but, if you are thinking of doing the same please take into consideration your own situation and go from there!
As always I appreciate anyone coming through and reading my blog, i hope your staying safe, staying home, and staying positive! Have a great weekend ♥️