Don’t hoard your cash
When claiming compensation for cancelled holidays and events, consider accepting a voucher to use later on rather than asking for a refund if you don’t need one.
From your local theatre to national airlines, this will help companies by promising them future business and avoiding having to shell out for refunds now, said Anthony Morrow of financial adviser Open Money. By helping to keep them afloat you also ensure you can still use these services once the crisis is over.
If you want to stop paying for a service you no longer use, such as nursery care, consider negotiating a reduced rate instead. Some firms may still be having to pay staff that have been put on furlough and are awaiting payments for the Government to cover these costs. By maintaining their cash flow for now, you can help to stop them going bust and they may refund you later down the line.
Many self-employed people, including gym instructors and music teachers, are now offering their services online. But many entrepreneurs failing to monetise what they do.
Sarah Coles of Hargreaves Lansdown, another broker, advised small businesses that are no longer able to make money as usual to try to find alternative ways of doing so. “You could offer more tailored one-to-one online sessions or ask people to buy vouchers for classes once the lockdown is over,” she said.