BBC Radio 5 Live with Laura Whitmore

I was delighted to be invited back on to BBC Radio 5 Live on Easter Sunday with the lovely Laura Whitmore. The Easter Sunday show featured Jonathan Van Ness, Scott Flashheart, Refuge Charity, Dr Zoe Williams, actress Laura Pradelska and music from Andrew Cushin. A great Sunday morning line up!

This year I have become a contributor to BBC Radio 5 Live, under my blogging alias discussing money and personal finance. As well as identifying what great things there are to do even on a budget. I am one of the UK Money Bloggers; a community for personal finance and money bloggers.

Broke Girl in the City started off as a blog a few years back, positioning as a girl about town. Living her best life, whilst living on a budget. Only recently, have I started looking more deeply at personal finance and how this impacts our lives in so many ways. When I spoke to Laura on the radio earlier this year. We chatted about how money, and more so being broke, was probably the last taboo which people feel unable to discuss, even with close friends and loved ones. This discussion feels more important than ever right now.

I thought I would share some of the things we talked about on the show, as well as some of my top tips for looking after your money right now.

You can listen to the full show on BBC Sounds

Laura: How have your budgeting habits had to change over the last few weeks?

My budgeting habits haven’t changed dramatically. I have spent the last 6 months being careful with my money.

I started a new Budget Planner for the start of the New Financial Year. I have documented all of my outgoings and incomings until next March, which is great as this carries you over the tricky Xmas and NY period. 

My outgoings are less as I am staying in and not leaving the house. Not commuting, buying coffees or meeting anyone for a glass of wine!

I have been struggling to get any food deliveries. I managed to get one food delivery (thanks to Tesco!), so the only thing that has changed, is that I now buy in bulk during the lockdown period, instead of doing a weekly shop. I am currently shielding and can't leave the house.

I have found Your Local Delivered which lists local businesses as alternative suppliers for anyone like me who is struggling to get deliveries. Look at your local communities and businesses deliveries to source food.

Laura: For people who are struggling financially or have found themselves out of work, what help is out there?

Martin Lewis has done an amazing job translating the complex policies coming through from the government. Depending on your circumstances and financial situation, you might be able to apply for benefits to help you through this period. As well as negotiate with banks, lenders and landlords to minimise any outgoings. Anyone who is a high-earner may have lost their jobs, but they may not necessarily be cash-rich. People need to look at ways in which they can manage their finances for the next 3-9 months.

Government websites are the key source of information, which are being updated all of the time. Whether you are self-employed, freelance, furloughed, or being made redundant - they are constantly updating their website with information.

Benefits:

• Universal Credit: 1 million people applied in recent weeks, so if you haven’t already. Apply ASAP. Persevere to book an appointment as you need to expect 5 weeks for a payment. You might be able to ask for a temporary emergency loan to get you through
• Self-employed Income Support Scheme (SSEISS): Use this scheme if you’re self-employed or a member of a partnership and have lost income due to coronavirus. Opening in June, grants are worth up to 80% of profits capped at ￡2,500. You may be able to get a Business Interruption Loan or apply for Universal Credit in the meantime.
• Employment and Support Allowance (ESA): You can apply for Employment and Support Allowance (ESA) if you have a disability or health condition that affects how much you can work. You can apply for ESA if you’re employed, self-employed or unemployed.

Redundancies:

• If you are being made redundant right now. You may be able to negotiate a 'settlement' and ‘enhanced payout’ as part of the redundancy package.
• Don’t spend your redundancy pay straightaway. Try to make it last as long as possible.

Redundancies: Know Your Rights

Free school meals:

• Free school meal vouchers ￡15 can be arranged through your school

Free School Meal Guidance

Housing:

• Landlords: New laws have been put in place to protect tenants from being evicted. If you are unable to pay your rent for any reason, have that conversation with your landlord sooner rather than later. Do not assume you do not have to pay your rent.
• Home-owners: Homeowners may be able to get a three-month payment holiday for up to 3 months. Banks are prioritising people who need this so get in contact after the bank holiday if you need to discuss this option.

COVID-19 Advice for Landlords and Tenants

Foodbanks and charities

• The Trussell Trust (food banks) + FareShare (Distributor of surplus food) are able to help the most vulnerable in the short-term with food.
• If you are in a position to donate. You can donate through Tesco drops in 450 of its stores, with Tesco pledging to support both charities and local groups. Both charities need more volunteers due to excess demand. 

Career Top tip:

If you are leaving your company for any reason. Update your LinkedIn profile and ask for recommendations as you leave the company. Let recruiters know that you are available using the option on Linkedin and also don’t be afraid to promote the fact that you are available to your network. Many senior roles aren’t advertised so use LinkedIn as a platform to network and get the word out there.

Laura: We are also saving money as well. It’s important to go through your credit cards, your current accounts and cut out stuff that you don’t need to be spending.

I always do a financial 'spring-clean' at the start of the financial year. Go back at least 6 months through all of your bank and credit card statements. I have a tendency to forget to cancel 30-day trials. Check your Apple subscriptions. Cut out what you don’t need.

Cutting back: Minimise everything!

Food, rent, bills take priority. Netflix, Amazon might be luxuries right now for those that can afford them. 

FREE entertainment: there is so much FREE entertainment, you don’t have to spend a penny right now!

#CreateForCorona

Sukki Singapora (star of Singapore Social) - a good friend of mine - set up ‘Create for Corona’ which celebrates achievements online by other creatives. The entertainment industry has been really badly affected. “Create for Corona” is a hashtag that was started by Sukki Singapora and her friends when she saw so many of her fellow industry artists stuck in their homes without work. In a gig industry without gigs – she wanted to do something to keep positivity high by asking people around the world to submit videos of themselves “Creating for Corona.” She was also inspired by her terminally ill father who has motor-neurone disease to make sure that the Create For Corona cause raised funds towards coronavirus relief 

What is FREE!?

• Free Comedy – The Covid Arms
• Free Art –  TATE Andy Warhol Tour of the Gallery
• FREE music – Camp Bestival’s Stay At Home Easter Sleepover & Defected Festival this Easter weekend
• Free time for learning: If you have lost work or are furloughing? How to use this time to look for free courses right now to boost your CV. Google Garage for FREE digital courses. 
• Hobbies: Something people have been talking about this to me. Some people have started to learn languages, juggling. Make sure you use this period for some downtime too!
• Exercise: So many FREE online courses. PE with Joe in the mornings, Pure Gym Instagram Live, Cosmic Kids Yoga!

Laura: Watch out for those impulse buys! 

I spoke to a few people about this before the show and was surprised to learn that a lot of people do feel that they are feeling under pressure to spend online. People bored at home are the prime audience for discounts and offers from a range of companies.

Don’t spend what you don’t need to: Try to stay away from impulse buys or what I call ‘insomnia’ buys. Buying stuff off Amazon at 4 am in the morning! I am a sucker for Facebook & Instagram sponsored posts too.

Listen to the full show on BBC Sounds

Disposable income: For people who think that they have more disposable income, due to staying in and not spending too much money. Don’t spend this as tempting as it may be. Think more long-term. You might not have the same expenses or outgoings right now, but you may also have a reduced income even if you are earning, due to furloughing or taking pay cuts in the interim.

Top tip: Keep that cash you would have been spending and put it into a separate account you can’t easily access!