How to prepare for a recession [+including tips specific to the Coronavirus]

Our article below is a good place to start if you are thinking about how to deal with a recession.

You have an detailed section specific to the Coronavirus at the end of the article.

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Great article @Jonathan.

Some more tips here:

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very nice, thank you for sharing Jamie.

Martin Lewis and the MSE team are doing a great job of creating really informative and helpful guides for people now - cross posting some here in case you haven’t seen else where.

Signposting in particular if you are:

  • For Self employed /freelance >
  • For employees who can’t go to work or have no work to do? Ask your employer to ‘furlough’ you and Govt will cover 80% of your salary up to £2,500/mth.
  • Info on Universal Credit: He’s highlighting this particularly if you were on zero hour contract as it might help in some cases. Universal credit is a benefit available to many who are employed, self-employed, unemployed or on low incomes (but usually not pensioners), provided you’ve less than £16,000 savings in your household
  • Renters ( you’ll be protected from eviction if struggling due to coronavirus)
  • For those with mortgages How to apply for a mortgage payment holiday (5 major lenders let you apply for a mortgage payment holiday ONLINE.)