Are you economically better or worse off now due to corona?

Sheep_shear

How's your financial situation now compared to say in January? My wife retained her full salary wfh but due to stresses at my company I've had to forgo a pay rise I got at the start of the year, for three months. I didn't mind as I appreciated the company wasn't laying anyone off and we're doing their best.

Taking into account commuting costs, less buying of rubbish, we're doing much better overall than a few months ago. The Guardian had ana rticle on this today, basically it seems society is divided in two with one half (service workers, self employed etc) doing terribly and the rest who can comfortably wfh doing great.

Where do you fall?

JDD

Better off. Both of us WFH on full salaries, saving €2k a month on childcare costs, saving on commuting, lunches, babysitter costs, nights out, health insurance rebate, sky sports rebate, etc.

The only companies that have done better out of us have been Dunnes, the local takeaway, and Amazon.

ednwireland

i should be better off but my bank accounts just as empty (mainly cos ive been buying stuff)

theteal

50% bonus deferred from March pay to July. Payrise applied from April but 20% company wide reduction also kicked (at least it's 20% of new salary). Without having to pay for the train into London and childcare, I find I'm only down a couple of hundred but it barely feels like it as I'm not spending on lunches - which I thought I was quite disciplined about but clearly not.

Business is picking up so I expect pay restored for next pay cycle as detailed in the original proposal.

Has been a bit of a boon for me with overtime if I'm honest.

krissovo

Saving 1300 a month with childcare, saving by not taking a holiday this year (6k) and some investments in cloud tech industries after the initial crash are really paying off so I am looking at increasing my savings and investment value by ~35/40% by taking advantage of the initial panic.

However, a new kids climbing frame and some serious garden and home investment as we will be spending more time there is taking away any real benefits.

Salary wise I am lucky as its the same but but company are no longer providing a pension contribution, no raise and no bonuses this year and a promotion I was expecting will be deferred for 6 months.

seamus

Worse off overall, have taken a massive temporary salary cut, and the food bill has doubled because we're all at home all of the time. But a lack of any other costs has meant I can tread water for now provided I keep the frivilous spending to a minimum. The stars aligned for me a bit in terms of timing, so even if my job were to go completely I could invoke the mortgage payment break and probably function for 6-12 months on the dole and savings.

joseywhales

Better off, because I have a daily rate and nothing to do but work, getting a bit tired though. My vacation is driving around my state for a week this year(in the US), so that is the cheapest possible vacation. Also I got a government check in the mail??? I never registered anywhere and my income is about $600 a day. I bet there is a lot of pointless payments out there, I dont want to cash it, it seems like a trap where I'll face penalties later.

I fear the inflation and new taxes though, I feel like I will get shafted but investors will be protected again, which is a societal issue.

krissovo

joseywhales wrote: »

Also I got a government check in the mail??? .

The $1000? My CEO who earns about $9mil a year was saying he also got the cheque

joseywhales

krissovo wrote: »

The $1000? My CEO who earns about $9mil a year was saying he also got the cheque

Yes some odd number just below 1k buried in a drawer somewhere, I think I wont cash it

I am more concerned by the corporate bailouts to be honest, its like , lets promote capitalism until something happens that affects us politically, then interfere, then blame capitalism later when our intervention leads to long term inefficiency. Maybe we will have communist movement in 10 years because supposed "businessmen" spent trillions bailing out failing industries.(Who exactly is going to take a cruise in the next 50 years???)

suicide_circus

down about 30% in salary and the industry i work in is in free fall.

_Brian

Ironically we’re taking in more money.

My wife was working half time up to the crisis but as a front line worker her hours were significantly increased so more pay as a result.

I’ve been at home on 100% pay and 5% workload, missing about 900km a week driving has been like a €60 net pay rise for me.

She has been cutting back her hours in last two weeks and my work should take about 8-10 weeks to ramp up fully.

Strange times indeed.

Haven’t even looked online at my pension, presume it’s a joke.

Be allot of annual leave carried over.

Geuze

_Brian wrote: »

Haven’t even looked online at my pension, presume it’s a joke.

It's surprising, but some shares have recovered a bit after initial falls.

biko

Still working and not spending as much, so better off.

tallaghtfornia

Spending less still working away - however the food bill has gone up with the kids at home all day.

I keep getting reminded im one of the lucky ones !

I'm a photographer. Financially I'm about the same as I was before covid19 (thanks to the unemployment payment) but Ultimately I'm 'down' in the sense that I won't have any communions, confirmations, weddings, etc. to try and boost my income with.

So I'm probably down in the long run, but ultimately the €350 has kept me afloat and I am extremely thankful for it.

If I was making any less, I'd probably have to start letting staff go.. and I'm a sole trader, so I'd be the first one fired.

gmisk

I'm probably better off.

Wfh so electricity etc will go up but bar that spending very little when it comes to eating out or going to pub obviously.

Annual bus tax ticket still being paid...but tax saver sent an email to say it will be extended for number of months you can't use it.
So pretty handy really.

Philo62

Sheep_shear wrote: »

How's your financial situation now compared to say in January? My wife retained her full salary wfh but due to stresses at my company I've had to forgo a pay rise I got at the start of the year, for three months. I didn't mind as I appreciated the company wasn't laying anyone off and we're doing their best.

Taking into account commuting costs, less buying of rubbish, we're doing much better overall than a few months ago. The Guardian had ana rticle on this today, basically it seems society is divided in two with one half (service workers, self employed etc) doing terribly and the rest who can comfortably wfh doing great.

Where do you fall?

Makes sense lots of people better off but that’s looking at it very short term because as economy dives, the welfare burden will become colossal & most of us that are feeling better off now will be hammered with tax. I am WFH & it’s fine but For everyone’s sake we need to end this lockdown madness.

phormium

Self employed in wedding industry so you can imagine how that is going Initially all bookings were postponed until later in year so I foolishly didn't even claim the payment as sure it was only income postponed and I'd recoup my losses later in year but since that all have cancelled and rescheduled to next year. I applied and have one week got so who knows how long that will last.

It's looking very likely there will be zero self employment income this year and realistically I can't do 2 yrs work in one next year even if I got it so definitely worse off. Lived cheaply anyway so nothing to cut back on, on the plus side no mortgage though.

rahmalec

Worse off for sure.
Worked in the music industry. Income reduced by 90% to 95% and have been kicked off the Covid payment because of the trickle of income left, which is a minor fraction of the Covid payment. The entire field will be non existent until all social distancing ends.

blade1

I'm feeling flaithulach!

Worse off on the 350 but saving on diesel and breakfast/lunches. Have myself set up to get by on the dole if it comes to it.

Foweva Awone

No change in income, working from home. Saving lots of money on eating out and social activities. Spending a lot on online shopping. Probably works out about even overall.

KindOfIrish

Don't full yourself. Only very reach and top civil servants and politicians will be better off as a result of this "pandemic". Middle classes working in non government jobs will be destroyed. Prepare yourselves for 2-5 years of recession.

Jim Root

25% cut in pay with more to come id expect. I saved a fortune in April with no childcare but costs are creeping back, as I have the minder back 4 days a week now, as unlike some other sectors, I need to work a proper week to get my full pay.

Danzy

A business I helped setup and still have a share in will give me nothing this year, expected 9k.

On the farm it will cost me I'd guess 3k in price losses.


Spending next to nothing.

Using time to build new venture.

Down 6k when swings and roundabouts are accounted for.

Herself is on full pay and saving like a savage so as a unit we are well up.

owlbethere

Deleted User wrote: »

I'm a photographer. Financially I'm about the same as I was before covid19 (thanks to the unemployment payment) but Ultimately I'm 'down' in the sense that I won't have any communions, confirmations, weddings, etc. to try and boost my income with.

So I'm probably down in the long run, but ultimately the €350 has kept me afloat and I am extremely thankful for it.

If I was making any less, I'd probably have to start letting staff go.. and I'm a sole trader, so I'd be the first one fired.

I'm only just reading this now. I hope you were able to seize the opportunity to get some pictures of Ireland under lock down.

I would love a photo book later in the year of Ireland under lockdown because we won't ever see some of them beautiful scenes again of towns and cities in quiteness and stillness.

A photo book with some proceeds to charity would be lovely.

I would love a photo book of European scenes under lockdown too.

duff_man14

Spending next to nothing currently, previously spending a small fortune on Coffee/lunches during the work week and beers at the weekend. Working from home and pay very cheap rent relative to where I live, so savings have defiently increased for me - pretty much all my close circle of friends are in the same boat with regards working from home and making more money than before as a result !

Jim Root

[Deleted User] wrote: »

I'm a photographer. Financially I'm about the same as I was before covid19 (thanks to the unemployment payment) but Ultimately I'm 'down' in the sense that I won't have any communions, confirmations, weddings, etc. to try and boost my income with.

So I'm probably down in the long run, but ultimately the €350 has kept me afloat and I am extremely thankful for it.

If I was making any less, I'd probably have to start letting staff go.. and I'm a sole trader, so I'd be the first one fired.

Perfect example of the upside of the €350 payment. Hope it picks up for you.

James Bond Junior

Up and down at once. Got 2 free meals a day in work but the place went from having 800 people a day in it down to just me and the accountant meaning the canteen closed so the food bill went through the roof. Can't go out drinking like I did at the weekends anymore and living in a Muslim country meant a few drinks for the wife and I could be €250 easy enough so that pays for the increased food bill. Cooking more means we don't order in or eat out 3 or 4 times a week either like we had been. Probably up overall but I'm not looking forward to the next electricity bill, AC has been on permanently and it's hitting the high 30s early 40s so that won't be going anywhere but up.

arctictree

KindOfIrish wrote: »

Don't full yourself. Only very reach and top civil servants and politicians will be better off as a result of this "pandemic". Middle classes working in non government jobs will be destroyed. Prepare yourselves for 2-5 years of recession.

Sounds look everyone in NPHET will do very well out of it....