How will covid19 (and brexit) affect your future finances ?

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karatestu
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How will covid19 (and brexit) affect your future finances ?

Unread post by karatestu »

Many of us will be financially worse off due to the virus and there could be a double whammy when you take brexit in to account too.

In the short term my financial situation is much the same. Still working full time and the money is still coming in. In fact i am better off as discretionary spending is much reduced and fuel is relatively cheap at the moment. This can't go on forever though.

I expect I will be affected by future gov policy like income tax hikes etc etc. Also many in agriculture don't know what the furure holds due to brexit and what will replace the CAP. Will brexit arrive with no trade deal at all ? Time is running out and the gov is busy dealing with CV.

Your views are most welcome.
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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by savvypaul »

Difficult to be specific as there are so many unknowns.

The 3 businesses I'm involved in - Savvy Row, NVA, e-commerce consultancy - are all selling direct, online, or supporting those that do. That looks like being a useful advantage.

For NVA, travel looks to continue to be difficult, so Tomasz is geared up for his next UK visit to be for an extended period - months rather than weeks. We may also move production of cables and pre-amps to Poland, giving us the ability to increase overall production, but that depends on what trade arrangements come out of Brexit. At the moment, we are not ruling anything out.

The clothing business (Savvy Row) will face challenges to get new stock as people may become reluctant to have visitors to the house, but I have already implemented an online form and courier collections, so we can hopefully minimise the impact. Demand for quality vintage pieces remains strong but prices may come under pressure for items that are less rare / high-end.

In the last week, I've had 3 calls regarding website set-up from 'bricks & mortar' specialist shops, so I expect to have some work from that (I just do 2 or 3 projects per year by word of mouth referral).

On an emotional level, there are so many different things to worry about that I've just decided to enjoy the challenge. Some are still going to do well, so let's make that the people around me that I care for. Normal is out of fashion, and that suits NVA very nicely.
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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by slinger »

As a retired "gentleman of leisure," I foresee nothing much changing for me, hopefully. My incomings (pensions) should remain the same, and I certainly seem to be having no trouble spending what I receive at the moment. I live alone, so isolation is not a great change in my circumstances, and due to relatively minor health issues, I shop online 99% of the time already, so don't miss "popping out to the shops" in the slightest.

I've pretty much stopped drinking, so I don't miss pubs, and my clubbing days (we called them discotheques, kids) are long gone, not that they actually began, except under protest.

A roof over my head, a bed to sleep in, food and drink, my music, and my musical instruments. I'm sorted.

Yes, the above is probably an oversimplification, and obviously, there will be bumps and curves along the way, and but it's pretty much on-target,



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savvypaul (Sun Apr 26, 2020 2:56 pm)
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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by zebbo »

Personally, not a jot. I have months of work booked in and as soon as we're released back into society I'll be straight back at it, albeit with the added difficulty of social distancing. I could theoretically work now but as all the builder's merchants are shut I couldn't get any materials. I'm actually loving this enforced time off, the house has never looked so good.
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savvypaul (Sun Apr 26, 2020 2:56 pm)
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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by CN211276 »

I am better off financially wit no holidays, pubs, racing, concerts, eating out, petrol expenditue, extended MOT, fishing and Sky Sports. Can't see things changing much for me when restrictions replace the lock down. Being retired I am used to being home a lot, but not anything like this much. The important thing ie being safe and I am resigned to the long haul. We are lucky to be close to some open countryside and to have a nice south facing garden so I am making the most ot the nice weather. Very thankful for my music, hifi and headphones, also Zoom. Had a family quiz last night spread over Cardiff, London and Dublin which me and Mrs CN won. :grin: The future is difficult to predict with the only certainty being that Brexit, and the increasing possibility of no deal, making things a lot worse. Time for common sense and pragmatism to prevail.
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savvypaul (Sun Apr 26, 2020 2:56 pm) • Copperblue (Sun Apr 26, 2020 8:05 pm)
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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by karatestu »

I can see its not going to make any difference to most retired people. I feel sorry for those who are about to retire and have their pension tied up in shares.
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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by Fretless »

My income is currently zero as our business is completely closed due to the lockdown

Do finally have the time to get around to a lot of necessary maintenance work on the house and the garden was already in the process of a complete overhaul.

That keeps us very busy, and I have just been given a translation job to do this week.

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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by savvypaul »

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CN211276 (Tue Jul 14, 2020 4:59 pm)
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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by Fretless »

Amazes me how anyone could NOT have expected this.

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Re: How will covid19 (and brexit) affect your future finances ?

Unread post by CN211276 »

Fretless wrote: Tue Jul 14, 2020 4:01 pm Amazes me how anyone could NOT have expected this.
It was so obvious and people are so thick falling for all the lies and :Bllocks: . Brexshite is only going to add to the huge economic hit of Covid and should be cancelled. No way would anywhere near 52% support it now.
Main System
NVA BMU, P90SA/A80s (latest spec), Cube 1s, TIS, TISC(LS7)
Sonore OpticalRendu, Chord Mscaler & Qutest, Sbooster PSs
Network Acoustics Eno, ifi iPurifier3, AQ JB FMJ, Cisco 2940 & 2960
DH Labs ethernet, BNC & USB cables, Farnells cat 8 ethernet cable

Second System
NVA P20/ A20, Cubettes, LS3, SSP, SC
Sonore MicroRendu, Chord Mojo 2 MCRU PSs, AQ Carbon USB cable & JB FMJ

Headphones
Grado SR325e/Chord Mojo, Beyerdynamic Avetho/AQ DF Colbat

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