I was surprised how many people were living on the edge. 1 million people applied for Universal Credit in two weeks of lockdown. That situation must feel scary.
3 month’s savings
Job insecurity from Brexit was another reminder I always need to ask myself, “What would happen if I lost my job?” It’s recommended everyone should have at least 3 month’s worth of bills in savings.
Times like these are exactly the reason I paid off my mortgage. Recessions are a fact of life and I wanted to get rid of that worry. Read about how I did it in my book.
Most people can save
You will say “There’s no way I could put away 3 month’s savings”. But I reckon most people can. How much is your phone bill? Some pay £50+ for their deal. I bought my phone outright and pay £6 a month – there’s your savings. See other examples in my post How Can I Save Money?
Stuff always happens
People say when all of this is over, things will be different. One thing that won’t change is that stuff happens. So start saving and be prepared.