Money worries post-pandemic

Sailorontheseasea · Aug 16, 2021

I’m really struggling at the moment with worrying about money. During the pandemic my partner was furloughed for essentially the entire time bar 2 months when hospitality went back in the summer last year but other than that we’ve been basically living penny to penny, we couldn’t even afford bread and cheese at one point which was really just so rock bottom. We have the most basic bills ever so can’t really cut down there in any way and we budget well for our food shops.

My partner changed jobs twice for various reasons when he finally went back in May so we are only just this month receiving our first full pay check in about 16 months. We have managed to rack up a small amount of debt, probably nothing in comparison to some but I’m most concerned about my credit cards which are close to being defaulted, especially my big one which I’ve not been physically able to afford to pay for a long while. I’ve been in contact with them but it still feels horrible and never ending. I also owe my mum so much it feels hideous, even though I know she wouldn’t have lent it if she didn’t have it and I know I will get it back to her eventually.

To add to this we have a baby on the way early next year (a very very much wanted and planned baby) so I cannot help but feel totally overwhelmed and stress about saving for Christmas (which is so soon when you have 2 young children !), maternity leave, my middle sons birthday, just actually having a rainy day fund and having wriggle room if anything happened.

I think I’m shouting into the void here but honestly it’d just be nice to know I’m not the only one constantly in a state of panic about, well, all of it. It’s all I can think about, all my partner can think about, I wake up in the night in a state of panic when I’m trying to be relaxed and calm for the baby and my other kids. Is anyone also trying to get back on top of it all after a really rough year? Any tips? Any budgeting fanatics to help save a bit more cash here and there?

So far - I am going to contact step change in the morning to get back on top of my credit cards and other various debts, but honestly, it all feels so

I’ve also started doing “£0 budgeting” (I think it’s called that!) but I feel like it’s just set me off into more panic

sorry for the long one, just would be nice to not feel so alone.

Nosymum · Aug 16, 2021

Debt wise I’ve been there £36,000 worth I had a week of nothing but weetabix with water at my lowest. Now I love doing a strict budget and am debt free. For presents for your little ones try facebook marketplace you can get some bargains and they won’t even know. I still panic about money all the time though. A local baby bank will often lend out items such as prams etc for your new baby (congratulations!) make sure you regularly check and if needed change energy supplier to get cheapest, go sim free on mobile phones, stay in contact with your credit card companies it’s the best way and you aren’t alone in not being able to pay them currently so try not to worry too much. If you wanted to msg me I’ll happily help you go through your budget, food shopping wise bulk meat dishes such as mince with lentils and have meat free days. Bulk cook things like chilli and freeze portions, avoid branded products and try and make extra of meals for leftovers you can have for lunch the next day. Write everything down and see if there is anything you or partner can cut out, once you start getting things organised hopefully you will be able to keep calmer xx

Kaylarina · Aug 17, 2021

Have you considered looking in to a debt consolidation loan? It might be worth looking in to.

As for your credit cards, if you can look into balance transfers - at least then you aren't accruing interest.

1001 others · Aug 17, 2021

You are not alone! These constant lockdowns are wreaking havoc on peoples' livelihoods everywhere.

I agree with @Kaylarina about getting a debt consolidation loan - and chop up those credit cards at the same time. If you're able to borrow a little bit more than you need, to use as a buffer for absolute emergencies, that will give you peace of mind. If you're not keen to go to a bank, could you ask your mum for more money, and write up an agreement of when you'll start paying her back and how much that will be, etc.?

Do you rent or have a mortgage? If it's a case of the latter, enquire about taking a mortgage holiday or paying the interest-only component of your loan for a bit.

Is your partner able to take a second job? I know it's not ideal, but if he's able and willing, then that's a good way to make a bit of money on the side. What can he do - cleaning, labouring ...? And - once you've had the baby and are on maternity leave - maybe you could take in people's ironing or something?