The Chancellor has extended the furlough scheme by four months, pushing the scheduled end date back to Halloween. Is there a metaphor in this...?

Probably, but moving on. The extension helps add financial security to many, many people. Time to discover more.

First off, like any good sequel, we need to recap the key details:

The furlough scheme allows employers to temporarily stand staff down, by covering 80% of an employee's salary. Up to £2,500 per month. All payments are claimed by the company, on behalf of their workers.

One of the key details of the extension is that the 80% cover level is being maintained. There was speculation that this was being reduced to 60%. Thankfully not.

The scale of the scheme was also illustrated, as 7.5 million workers and 935,000 businesses are currently enrolled.

There was however one key change announced. Which is that from August, employees will be able to return back to their jobs on a part-time basis.

As it stands now, it is either employed full-time or furloughed. There is no middle ground. From August this is all changing.

The intention is for this to be a halfway house and pave the way for the economy to get moving again. Although, August is 11 weeks away...

Leaving uncertainty for many. Because of this, it is paramount to put ourselves in the best financial position we can. So how do we do this?

There are two key steps we can take. The first is to pay off interest charging debt. Not mortgages or student loans. Instead credit cards, overdrafts and god forbid, payday loans.

Debt will always grow faster than savings and investments. Stopping it early is key.

Secondly, we need to set a budget and try to save money each month. After paying off debt of course. Helping us build up our emergency funds to cover any unexpected costs.

Now more than ever, we need to build up our safety cushions. Making that lockdown viewing more comfortable.

I want to finish this thread by saying, don't worry. Times are difficult, but we are all in it together and I want to do what I can to help.

If you have any questions or need any pointers on anything. From setting a budget to credit card queries. All you need to do is ask!!