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How to fix your finances part 1 — Where does it all go?
As well as the horrific loss of life coronavirus has hurt thousands of us. How? It shone a spotlight on that dark corner of our lives many of us try to avoid…how precarious our personal finances are.
I’ve been in debt in the past. A lot of it. Not one of those poor souls on the edge of bankruptcy and using one card to pay another thankfully. I had unsecured debt totalling around 75–80% of my annual income. Yikes!
I did realise how unsustainable this was and over the last few years, it’s reduced significantly. Or not depending on how you look at it. I have a mortgage! I don’t worry about my mortgage though. I see it as an investment and the interest rate is significantly lower than on unsecured debt.
Until recently I thought my finances were fine. Everything was getting paid. Our only non-mortgage debt was one credit card for a few thousand. Thanks to a small windfall from the estate of my husband’s grandmother we even had a few thousand in savings. Sounds good, right? Wrong!
Enter Coronavirus
I started a new job in February this year. It paid a bit more than my current job and had more responsibility. I was…
