Savings! Do you have any? The great 'they', recommend you save a minimum of 3 months of salary. It should never be touched until needed. Occasions when needed might be long term illness, death, losing your job or the current pandemic. Personally, I think you would be better to save for up to 6 months. If this pandemic has shown us anything, it is how quickly you can get into debt after losing your job (or being furloughed on far less money), which can lead to the loss of a roof over your head.
If you have never saved before, preferring instead to
use every penny every month enjoying yourself, maybe this has been a
wakeup call. I really, really hope so but to be honest, I'm not wholly convinced of that. So
many people poured out of shops, overloaded with many
bags of clothes in particular, once the first lockdown ended.
Talking of savings, we have been taught a salutary lesson recently. We have an instant access savings account that for some reason, got locked out of. Now luckily, we didn't need to access it at that particular time but it took 10 days to be sorted out. It was their problem, not ours and so far, no apology has been received. What if it had been our bill/mortgage/food account, how would we have paid those bills? Lesson learned.
We have now opened a new account, with a different group and some money from our current savings will be diverted into that. Hopefully, that will be the problem sorted and we will always be able to access savings when needed. If you are in the situation with all your instant access savings in one basket, might it be worth your while distributing them into other accounts?
Luckily, when DB retired, he opted to take his government pension weekly. If ever there is a week when money is tight, we know some is coming soon. If I have the option when my time comes, I shall do the same.