I work in media on £2,870 a month, but I’m worried I’ll lose my job and not be able to pay my mortgage. How do I plan for an uncertain future?

Let's talk about money…

3/3/2021 1:03:00 PM

Suzie* is 31, works full-time in media in London and has just bought a new home with her husband. Feelings of job insecurity are making her anxious that she wouldn’t be able to pay her mortgage if she were to lose her job. This is her money diary…

Let's talk about money…

For every scenario you’re worried about, work through the following questions:Read nextMoney MattersA really simple guide to ISAs and how to choose the right one for your savingsHere’s your guide to the pros, cons and different types of ISA that are out there, as well as a couple of good alternatives.

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5 days agoDefine - What are the worst things that could happen?Prevent - How do I prevent each from happening?Repair - If the worst happens, how can I fix it?For each fear-inducing scenario, you should consider whether you’re financially prepared.2. The safety net

One big step towards dealing with those fears of not making mortgage payments would be building your emergency fund. The good news, you already know you can save (you’ve a house to prove it!), but a budget will be a huge help here. A budgeting strategy that I like is the adapted headtopics.com

50:30:20 model. In short, break down your spending into needs, wants and goals, setting *realistic* monthly targets for each category. For now, your priority is ‘goals’, specifically, saving for that emergency fund. Remember, you also need to account for those expensive one-off items and big wants (a new laptop, that loft conversation, the dream holiday etc.) Think about what you’ll be buying in the next year and work backwards: how much do you need to put away? Most importantly, your budget should allow you to live and save well without relying on your credit card.

3. Your plan B Read more: British GLAMOUR »

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