Over the past few months, Coronavirus has significantly impacted people’s lives and their finances in a number of ways. Whilst some people may have been in the position to save during lockdown, others may have been furloughed, facing redundancy or tackling job loss and the financial problems that may follow. Whatever your personal circumstances may be, we are all likely to have faced unexpected, challenging situations and uncertainty.
With this in mind, The Money Advice and Pensions Service have recently created a new, online tool; the Money Navigator Tool. This tool aims to help individuals who may be concerned about their current financial situation to navigate their finances in the wake of COVID-19 and help reduce the risk of any financial problems worsening going forward.
What is the Money Navigator Tool?
The Money Navigator Tool gives you an instant plan of action based on your own situation. Within 30 seconds you can find out:
- The areas where you should consider taking action more urgently, in order to prevent money issues further down the line
- Advice on staying on top of payments and bills
- Any additional financial support you may be entitled to, such as benefits, grants and payment holidays
- Where to access free advice for debt, housing or redundancy
Who is the Money Navigator Tool for?
The Money Navigator Tool is suitable for those looking for money advice and guidance but who don’t know where to start. You may be concerned about your financial situation, for example, if your income has taken an unexpected drop or you’ve been furloughed, or if you’re facing redundancy or you’ve recently lost your job. Whatever your circumstances, the tool will provide you personalised guidance based on this.
How can I access the Money Navigator Tool?
The Money Navigator Tool is easily accessible on the Money Advice Service website. All you have to do is answer a short series of questions about your own financial situation before the tool provides you with helpful, actionable guidance that is tailored to your personal situation and requirements. Where appropriate, the tool will also direct you to specialist, third party advice to help you further with your current circumstances.
For more information and to access your personalised advice today, head to the Money Navigator Tool. Alternatively, if you are still struggling financially, Ealing Trading is here to help. We offer short term loans with affordable weekly repayments; get in touch today to find out more.