How's people coping financially at the moment

[Gunk]

That's exactly right, that and protecting hard earned cash should the company go pop. I was involved in a number of others going to the wall and I became a bit if an expert at recognising it.

But companies go bust because they don’t have enough money to pay their creditors, a well run company has reserves for tougher times.

 

[Grant Fondo]

I had to furlough the chauffer, but hey, times are tough

 

[Slick]

But companies go bust because they don’t have enough money to pay their creditors, a well run company has reserves for tougher times.

Well run companies will do that and that's exactly what I did. Lots and lots of more unscrupulous operators remove every penny to avoid tax, vat and seperate it from the main company so at the first sign of trouble theirs is still protected. Please don't quote the laws that are already in place to stop this as I've been involved in far too many scenarios to even go there. When you scratch the surface some companies structure can be quite complicated.

 

[Drago]

Yep, the gravy train is coming to a shuddering halt. The proliferance of low margin high turnover companies has been kicked in the nuts, and at the other end of the problem consumers with any brain cells will simply have learned that using credit to spend beyond their means is perhaps not such a clever idea after all. Both the business model and the consumer spending habits are about to change radically.

 

[SpokeyDokey]

Yep, the gravy train is coming to a shuddering halt. The proliferance of low margin high turnover companies has been kicked in the nuts, and at the other end of the problem consumers with any brain cells will simply have learned that using credit to spend beyond their means is perhaps not such a clever idea after all. Both the business model and the consumer spending habits are about to change radically.

I agree with the sentiment of wanting to change consumer spending habits ie by reducing the use of credit but tbh I think it is a lost cause - as a generalism we are a nation of 'want it now credit junkies'.

 

[NorthernDave]

Talking to colleagues (video chat, we're all working from home) a good number of people are realising just how much they've been spending on grabbing coffee, lunches, etc every month (hundreds of £s a month in some cases).
It wouldn't be difficult to imagine some economies on those fronts once we do return to work.

 

[fossyant]

Work has been getting very stressful. We've been getting nasty emails from a prof about staff time on a project. We've agreed to the extra time but we don't need to pay people more as all indications are they won't be busy come September, so can cope with it. Shes not happy. Made worse that she is a mathematician and can't believe we are arguing about saving £10k. Thing is, these bits here are there are adding up quickly, and if it saves jobs, so be it.

 

[MarkF]

Yep, the gravy train is coming to a shuddering halt. The proliferance of low margin high turnover companies has been kicked in the nuts, and at the other end of the problem consumers with any brain cells will simply have learned that using credit to spend beyond their means is perhaps not such a clever idea after all. Both the business model and the consumer spending habits are about to change radically.

I usually (because I can) spend my entire wage, April's bank statement showed I had spent £600 less than normal. I know exactly where that saving was from and it's nothing to be proud of, it's boozing in Leeds on a weekend, wow it makes you think.

Can't wait to start again.

 

[Gunk]

I usually (because I can) spend my entire wage, April's bank statement showed I had spent £600 less than normal. I know exactly where that saving was from and it's nothing to be proud of, it's boozing in Leeds on a weekend, wow it makes you think.

Can't wait to start again.

We’re spending at least a £1000 a month less than normal

 

[MarkF]

We’re spending at least a £1000 a month less than normal

We'll soon be back powering the economy.

 

[Levo-Lon]

Credit card £0
I put £1250 into my premium bonds today.

It's amazing what you save when in prison

 

[Gunk]

I'm thinking of splashing out on a new Ksyrium Elite wheelset, whe're not going on holiday so I might as well.

 

[johnblack]

Saving plenty, but also had to pay out for a holiday we've absolutely no chance of going on in August, they've said they'll roll it over until next year and give us an extra 20%, so at least it's a better return than my savings.

 

[Milkfloat]

I have taken a big pay cut, lost my promised raise for my promotion (kept the workload though) and am now being asked for more voluntary contributions. The vast majority of our revenue comes from the automotive sector, so I am expecting the worst late this year. I hd built up a very good nest egg, but the majority is in the stock market (trackers) and peer to peer lending so I expect that this egg will be smaller for quite some time. On the plus side the family is still healthy.

 

[keithmac]

I'm on the fence with the credit thing.

Obviously if you buy it outright you've no debt BUT, why not enjoy yourself while you and your kids are younger and enjoy life a bit?.

I'm working as normal, wife is working from home and going to work, we're no better or worse off really as don't go out drinking much anyway!.

Feel sorry for our kids not being out and about but same again, they don't expect ££££'s worth of stuff monthly anyway so no change there.