COVID-19 help and support

We understand this can be a worrying time and recognise the financial impact COVID-19 is having. We're doing everything we can to help. You can find out information on managing your accounts, frequently asked questions and our contact information online.

Help on how to manage your money if you’ve been furloughed

Have you been furloughed, or is it possible that you might be in the coming weeks? If your first reduced paycheque is coming up, and you’re concerned that your new income won’t be enough to live on, read on. We’ve put together some simple tips to managing your money on a smaller wage.

Work out how much you’re spending each month

First things first: set aside some time to look at your weekly or monthly outgoings.

Being on lockdown doesn’t automatically mean you’re saving money. You might not be using public transport or dining out, but you’re probably spending more in the supermarket and on your bills.

Outgoings to keep track of include rent or mortgage payments, gas and electricity bills, council tax, and supermarket shops. You’ll also want to include repayments on loans, credit cards, or finance plans.

The easiest way to find out how much you’re spending is to check your bank statements. Once you have a figure, you can compare this to your adjusted paycheque. If your new income isn’t going to cover everything, you should move to the next step: budgeting.

Make a budget

When making a budget it’s a good idea to sort your outgoings into three categories: Needs, Debts/Savings, and Wants.

Needs covers all essentials, such as mortgage/rent, council tax, bills, insurance payments and food. Debts/Savings covers savings contributions and any repayments that you may owe e.g. a loan or credit card.

The Wants category contains all non-essential payments. Right now this might include lockdown temptations such as takeaways, TV subscription services, and online shopping.

Usually, we suggest that you allocate 50% of your income for Needs, 20% for Debts/Savings, and 30% for Wants – but you should only start buying the non-essentials if you can cover the first two categories.

Review your Direct Debits via Online Banking

If you’re worried that your furloughed income won’t cover your budget, log in to Online Banking, take a look at all existing Direct Debits and ask yourself if they’re essential. Are you still signed up to a gym membership that you’re not using? Have you subscribed to one too many TV streaming services?

If you’re not using a service regularly enough for it to be worthwhile, then consider cancelling the Direct Debit. Just make sure you’ve checked the Terms & Conditions of your agreement, in case there are any penalties involved in leaving the contract early.

Download our Mobile Banking App

Our Mobile Banking App will help you keep track of payments on a daily basis. You can easily check how much you’re spending and find out where most of your money is going.

Switch your utilities providers

It’s no secret that energy providers are in constant competition with one another. So if you think you’re paying too much for your utilities, don’t be afraid to call up your providers and ask for your payments to be reduced. If they won’t budge, use a comparison site to find a better deal through their competitors.

As we move into the summer months, your gas and electricity usage should naturally go down. If you don’t have a fixed price plan you can save some money by negotiating a lower rate, asking for a refund if you’ve overpaid, or switching to a new provider.

Get help from Tesco Bank

We’ve recently made some changes to help out customers who are struggling financially. To find out more, please visit our COVID-19 Community page.