Prevention is better than cure: Tips for safe-guarding your finances during COVID-19.
Updated: Apr 1, 2020
You've bunkered down, socially distanced, working remotely, stocked up and doing your bit to make sure you are not contributing to the greatest health challenge our community has faced in 100 years. You're doing this because you understand prevention is better than a cure. Now you've covered your physical health bases, let's help you get started on your financial ones.
1. Cut & Cancel
Look through your last month of transactions and ask these simple questions: Is there anything you're paying for but not getting value from? In our time of subscriptions, there are so many services we pay for but don't use enough. Is there anything you're paying that you can cut or cancel?
2. Cash-in & Cash-out
Look for money that available to you that you haven't "cashed-in" yet: Have you done last years tax? There might be a refund owed to you. When was the last time you went for a scour through your storage to look for things that are worth money that you can list for free on gumtree/marketplace? A great way to make some quick cash (for hygiene reasons use paypal or EFT for the transaction if possible).
3. Quarantine your spending
Don't be tempted by the seemingly incredible sales on right now as business' sale prices to keep trade happening. Also, delay purchases that you may not be able to use for the next few months. Resist the urge to bulk-buy or stockpile supplies, you'll just be over spending and we're blessed to live in Australia where we have an abundance of food, and reliable supply chains (and remember ScoMo says hoarding is un-Australian). Go through your house do a personal Stocktake of everything you already own. We guarantee you'll find things you forgot you had.
4. Know the Government supports available
Have you familiarised yourself with the information provided by the Federal Government about the relief package and how it may help you?
5. Check you're not double-dipping yourself
What is your current insurance cover? Many people are amazed to find that they have multiple policies for the same thing. ie. paying double the premiums they have to! When it comes to insurance do you know what your superannuation does for you? And when was the last time you checked on its performance?
6. Lower your mortgage
Have you heard from your broker or banker in the last 3 months? If not, they're not working for you. If you have, have you checked that they are actually offering the best rate? Does your bank offer a reprieve on payments if you're adversely affected in this crisis?
7. Get a financial expert on call
Just like you're seeking out the advice of health professionals right now, do you have a financial professional thats licensed and registered on call in this troubling time? We'd love to offer you a free online 15-minute consultation for you to work out if we are the experts for you. We'll chat via video (or phone) from the safety of your home. It just takes a moment to book via this link.
In this challenging time, know that it will pass. Things will get better. There is hope for you and your family. Until then stay safe!
Disclaimer: Any information contained in this content is of a general nature only and not intended to be advice of any nature. Further details here.