Being out of work can be extremely frustrating, especially when it’s down to circumstances out of your control such as illness, injury or redundancy.Losing your job is a huge shock and can be extremely stressful when you have a family to support and a mortgage to pay. It’s thought that nearly 40 percent of young people will be unable to work at some stage of their life due to injury, illness, or mental health. But a new tool launched today to see how long people could afford to pay their bills if they suddenly lost their income.
The How Would You Survive tool created by Holloway calculates how long a customer would be able to continue paying their bills if they were unable to work.
All customers have to do is enter their average monthly outgoings, how much they have saved and the region they live in.
The calculator then shows how many months or years they would be able to keep up with their monthly outgoings.
It also takes into account the average rent and grocery shop in the customer’s specified areas.
This will provide an accurate representation of how long it would take before they run out of money.
A spokesperson for the site, Georgia d’Esterre, said: “There are so many of us who may, at some point in our lives, might be unable to work.
“Luckily for most, this is likely to be a short amount of time but for those who do find themselves in this situation for longer, income can be a real and detrimental issue.
“We created this tool to increase awareness of this issue and highlight how quickly anyone could face this harsh reality and end up on the breadline.
“We all need to ensure we have a plan should our income diminish or go away entirely as it really can happen to anyone.”
Holloway are now encouraging people to prepare financially for unexpected moments in life.
Another thing people often aren’t financially prepared for is the death of a loved one.
Martin Lewis, Money Saving Expert, recently appeared on Good Morning Britain to tell viewers of a rise in probate fees, which is the legal method used to validate a will, proving in court of law that is was written by the deceased loved one.
Martin said: “When someone dies and leaves property, money and possessions – collectively known as their estate – the person looking after the estate needs to administer out who gets what.
“If there is a will the person appointed an ‘executor’ will need to get a ‘grant of probate’.
“If no will was left the next of kin must apply for what is known as a ‘grant of letters of administration’.”
Then the executor of the will will need a ‘grant of representation’, which proves their authority to administer the estate.
He said: “Currently the probate fee for estates over £5,000 is a flat £215 (or £155 if you apply through a solicitor).
Yet from April in England and Wales only (Scotland and Northern Ireland have different probate fees) this plans to change – yet there’s no exact date yet and it still needs to be approved by House of Common, so could be delayed.