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Should I Start Stockpiling For Brexit?

Ask Jenni

brexit stockpiling
Hi Jenni
There’s been a lot of chatter in the office over the last few weeks about all the people doomsday prepping for Brexit. My colleagues keep laughing about it and saying how OTT they think all the people are for stockpiling food and toilet paper etc.
I laughed along but I’m secretly wondering if it’s really such a bad idea? When my boyfriend and I were doing our weekly shop the other day, I started loading extra tins into the trolley. Deep down I feel like everything will probably be fine but then again everything Brexit-related has been so crazy up until this point and the government seems so useless that it wouldn’t surprise me if we did face problems with food supplies come March. My boyfriend laughs at me for stocking up and tells me it’s selfish because other people will be left with nothing but every time I watch the news I just get so overwhelmed with anxiety and worry that I’d rather play it safe, you know? What do you think? Am I overreacting?
Jessy, 29, Cheshire

Hey Jessy,

I completely understand where you’re coming from, Jessy. I wouldn’t go as far as saying I’m worried, as such. I do sense that everything will probably be okay, but like you, I have been putting a few extra tins in my trolley when I do my food shop at Aldi.

The truth is I have no greater idea of what will happen than you do. Considering how clueless the country’s leading economists and politicians are, we don’t need to feel any shame for this lack of knowledge and inability to predict the future.

The way I see it - if stockpiling will give you some comfort and ease some of that pre-Brexit anxiety, why not?

If you’re the type of person to get overwhelmed by bad news and economic uncertainty, it’s never been more important to look after yourself and put yourself first. So, if you can afford to buy more tinned food than usual, go ahead. It’s not like it will go off any time soon. If a few months pass and all this prep has been unnecessary, you can either gradually work your way through it or donate it to a food bank.

Some people are complaining that those stockpiling are making it more difficult for others to access the items they want in the supermarkets. I get it, I really do, but if the actions of today’s stockpilers are resulting in empty shelves (as far as I know - this isn’t even the case) are things really going to be any better when we actually leave the EU? I doubt it.

If supermarkets are currently unable to handle growing demand for pasta and tinned foods now, they probably won’t fare much better when we’ve made an official exit and there are delays at the border & whatnot. In which case - stockpilers did right by themselves.

If you’re worried that people will mock you for stockpiling, you don’t have to tell anyone about it. But please do make a mental note of anyone in the office who mocks Brexit preppers they see on the news in the coming weeks. That way, if shit does hit the fan, you can smugly rub your cupboard full of kidney beans in their face.

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About Jenni

Hi! I’m Jenni, a personal finance writer and freelance journalist on a mission to help people be better with money.

Tired of counting down the days until payday? No idea where your money disappears to each month? Eager to save a deposit against the odds?

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Instagram post 2278464580048202578_43786404 SHOULD YOU ASK FOR A MORTGAGE HOLIDAY? This post is likely to be most helpful for homeowners, but some tenants may find it interesting too
Over the last few weeks 'mortgage holidays' have been talked about widely on TV and social media, but they've also been misrepresented. I've seen a lot of people arguing that if their landlord gets a mortgage holiday, they should automatically get a rent holiday
Although I'd love to see financially-comfortable landlords letting struggling tenants live rent-free for at least a couple of months, as I'm about to explain, the last thing you want is for their mortgage holiday to be passed onto you
Basically, if your lender agrees to give a homeowner a mortgage holiday, this means that mortgage repayments won't need to be made for a specified period of time. Basically, it's like your mortgage is put on pause
Unfortunately, the missed payments will need to be paid back eventually. This is likely to mean that once the mortgage holiday is over, the homeowner's mortgage repayments will increase
Let's imagine you usually pay £350 a month. Your lender may agree to a 3 month mortgage holiday, meaning you won't have to pay anything until July. But when your repayments resume, you may have to pay £370, £400, or even more than that each month
The exact amount will depend on a number of things such as the lender's terms, the amount of debt you have, and the period of time you'd like to spread the missing payments over
Not only will most homeowners be expected to pay back the missed payments eventually, they'll also have to pay more interest too
Basically, a mortgage holiday isn't as fun and rewarding as it may sound. Essentially, you're just taking on more debt
If you're really struggling to make ends meet at the moment, a mortgage holiday may give you some much-needed relief while your finances are overstretched. But please remember this isn't 'free' money & if your financial circumstances haven't drastically changed as a result of COVID-19, you'll probably be better rejigging your budget so that your mortgage repayments continue to be a top priority
Hope you're all doing as ok as can be♥️
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Instagram post 2272672653391592536_43786404 'snitches get stitches' no longer applies
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