The UK is in the largest recession on record due to the coronavirus pandemic – but what does this really mean for workers, families, and business owners? The uncertainty of a recession can trigger an unstable environment for those looking to buy a new home. Any leftover money should be put into savings straight away and forgotten about.By writing down a plan of attack, you’ve got something to work towards and it can help you live within (or below) your means, avoiding overspending and getting into debt. However, some experts say a recession can provide new opportunities for entrepreneurs if they are willing to be creative and pay attention to what society is demanding.

Generally, legitimate companies and banks will ask you to clarify your details yourself for security reasons.If you get a message from a company that you don’t have any accounts with, do not click on any links provided or give any details, as this may result in your money being stolen.If you’re unsure, simply check the issue directly with your provider first and do not click on any links in texts or emails to stay on the safe side.Even if the receiver did have an O2 account, the best thing to do would be to visit the O2 website yourself (A recession can be a stressful time for everyone, but try to remain calm and focus on tidying up your finances step-by-step to avoid feeling panicked and stressed.Remember, things will eventually work themselves out, and there is plenty of reputable information available to help you keep on top of everything.If you liked this guide, be sure to take a look at our guide on Dying without a will can lead to unnecessary stress and uncertainty, so here are three reasons why it’s important to make one while you’re still fit and well. Coronavirus update: Is there a recession coming in 2020? Sunak issued a warning today that ‘many more’ Brits will lose their jobs in the coming months as the recession was confirmed. Life Insurance with an Illness: A-Z Medical Conditions List  Also, ask yourself - are they essential? In July, the The Institute of Fiscal Studies (IFS) described rising taxes as an inevitable part of the country’s coronavirus recovery. Hundreds of thousands of people are already out of work due to the pandemic. It’s the deepest in history.’Care worker, 31, first person in UK to catch coronavirus twice and beat itCleaner sent £90,000 by charity in error let ‘temptation’ get the better off herWoman who married cousin says ‘you can’t help who you fall in love with’Exhausted migrants wade to Kent coast as record 409 make trip across ChannelTeens hacked factory worker to death with samurai sword and tried to decapitate himPaedophile who faked his own death to avoid trial caught getting Tesco breakfast By paying off as much as you can now and working to get rid of the burden, it will help you if times get financially tougher later down the line.Alternatively, if you don’t have any savings, you may want to look into getting a 0% balance-transfer card, a zero interest personal loan, or compare online to see if you can get a cheaper interest rate. Could you do without them temporarily for a few months to ease the burden? With the current lockdown rules, you’re likely to have more time on your hands, so use it wisely to get ahead of the game!If, after looking on comparison sites and getting quotes from a range of companies, you feel like you’re paying too much for your bills, you'll need to address them by getting in touch with your current providers to see if they can offer you a better deal or at least a payment holiday if you’re struggling.If they can’t offer either, - it may be worth cancelling your agreement with them and switching providers, but make sure you fully understand the repercussions of doing this and work out whether or not it will actually benefit you, as some companies may charge extra for cancellation fees, etc.By going through the above step-by-step, you’ll have more money to put towards savings or paying off any debt, and it’ll make life much easier later on in the recession.While we are currently living in difficult and unstable financial times, it is important that you keep up with your debt repayments. If everything’s jumbled up in your mind, it will be harder to focus and work towards your financial goals.For more advice and help on how to budget, take a look at our useful in-depth guides:While taking control and working on your finances is the best thing you can do in a recession, it’s understandable if you find yourself having doubts as to whether or not your money is safe in your bank, as many companies tend to go bust during times such like these.To make sure that your money is secure, write down all of your financial products (bank accounts, loans, insurance, etc.) Since the Covid-19 pandemic began, March 2020 saw the biggest global economic fall ever recorded.


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