” I’m better ! ‘: How the leave saves Britons from consolidate credit card debt and overdrafts | Personal Finances | Finance

Thanks to the leave, those who found themselves temporarily without work were able to earn and save money which was used to cover their daily expenses and to get out of serious debts. The coronavirus job retention program was introduced to supplement the salaries of employees at companies that have closed due to the pandemic. As part of the initiative, the government sent grants to UK employers to cover up to 80 percent of employees’ wages.

“Sadly my one bed apartment rent consolidate credit card debt, commuting and the cost of living in London meant I was barely breaking even and living in the wrong place with my £ 2,000 student overdraft. ‘a decade ago.

“I also had a £ 1,000 credit card years earlier that I was paying the minimum on to keep operating.

“I had been trying to repay them since 2012 with varying degrees of success consolidate credit card debt

For Alex, being put on leave during the pandemic meant that she could receive most of her salary without having to worry about the additional costs associated with the commute to and from work.


Ms Aldhouse said: “Going on leave meant I still got 80% of my salary, even though I no longer commuted through London those costs were still ‘wasted’ in the 20% I wasn’t paid .

“My biggest saving was food. When I was working, I left home at 6.30am and didn’t come home until around 7.30 / 8pm.

“I ate breakfast at work, but lunch was always bought and my evening meals tended to be ready meals bought on the way home, so I was spending way too much each day.

“I had tried batch cooking before, but my schedule meant I was always too tired to think about making lunch the next day at night, and going to lunch was often the only time I managed to leave my desk. during the day.

“The money I would normally spend on socializing with friends has been redirected to my savings account, which certainly helped me reduce my debt in 2020.”

During the pandemic, Ms Aldhous started her own business as an independent consultant which she was able to work on while on leave.

She added, “My dad loaned me enough to upgrade my laptop, but no bank loans to get started. I actually started working with clients on my first day in business as I started networking when I was on leave / notice.

“The first year on the job I had a turnover of £ 17,300, of which around 50% was profit.”

According to Ms Aldhouse, the leave gave her the opportunity to save money, get out of debt and start a new stage in her professional career, which would never have been possible otherwise.

She said: ‘I’m better now in every way and incredibly grateful for the opportunity that Covid and the leave has given me.

“Financially, I am better off as a self-employed person. I work from home which means my business expenses are next to zero and I have multiple sources of income through my business to give me the income stability I need.

“I have recurring income through a small business owner membership that I created and my job as a consultant now has a waiting list, which is an incredible position to be in just a year in my professional life. ”

For those starting their own businesses, Holly Andrews, Managing Director of KIS Finance, shared some helpful tips. First, she said, Britons should take enough time to create a solid business plan, undertaking extensive research in their field or area of ​​interest.

Second, they should strive to separate their business and personal finances from the start to avoid confusion.

Finally, as soon as the profits start to pile up properly, Ms Andrews recommended setting up an emergency fund to act as a buffer.

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