Prepare Your Family Finances for COVID-19
Updated: May 27, 2020
Okay, you've stocked up on toilet paper, bought the pasta and mince and you've set up the home office. Now what?
Maybe it's time to think about how to prepare the family finances for this Coronavirus crisis. We've made a few suggestions below to help you out.
1. Check Your Mortgage Rate
Your mortgage is one of your biggest expenses. Has your bank passed on the recent Reserve Bank reductions or can you get a better rate? It might be possible to knock a few percentage points off and keep more dollars in the family coffers.
2. Trim the Budget
Is there anything you can do to reduce non-essential spending? Some options are:
- Some gyms will let you freeze your membership for a few months.
- Is it time to cancel that wine club or magazine subscription?
3. Find Rainy Day Cash
- Have you lodged last year's tax return? If you're due a return, a few extra dollars could help.
- Sell some unwanted goods on Gumtree or Facebook Marketplace. Maybe it's time to sell that guitar you never play or your old mobile phones. Just make sure they're properly wiped down to protect the new owner! See some tips from Kidspot here on what to sell.
4. Can You Recover Trip Cancellation Funds?
Recent advice from the Australian Competition and Consumer Commission (ACCC) states that if your travel plans have been cancelled due to COVID-19, you may be entitled to a refund or a credit note. Definitely worth checking out!
5. Review Your Superannuation
It's worth checking your superannuation to see what type of hit your balance took. Did your fund perform generally over the past couple of years? Or is it time to look at changing? How can you position your super for buying opportunities after the crisis? Do you have double-ups on life insurance or income protection? Are there some potential savings?
We're Here to Help
The Mavuno team can help you with reviewing your mortgages, superannuation and personal insurance. Book an online consultation with one of our experts to explore options.
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.