The World is changing from the impact of Covid19 (corona virus). The corona virus can make us sick, some extremely ill, but its also impacting us in numerous other ways. There are new rules and laws in place to protect our health, and the governments making changes and plans to help us recover financially, but in a lot of situations help can be far from near.
Although, many are suggesting a wait and see scenario, if you have already been affected by COVID19 DON’T sit back and wait. “Action is the antidote to despair.” ―Joan Baez In times like these it’s important to act, Look over all your financial commitments, Loan Payments and cost of housing should be the first items you look over! Don’t just stop paying loans as this could harm your credit score and affect your ability to access competitive lending in the future. Numerous homeowners are paying above the minimum repayments for their home loan – a simple logon to online banking can check if you are and you can reduce it to the minimum if you see fit. Australian Banks and lenders now offer relief packages for homeowners impacted by Covid-19 but, be sure to look at all your options.
BUDGET – it is now more important then ever to commit to a budget. Budgeting in these times should be ‘easier’ than before as, entertainment and other lifestyle spending should be greatly reduced! However, other challenges such as the ease to shop online will need to be overcome! Start by reviewing your fixed cost – you’ve got time look into your insurance costs, negotiate better deals on phone/internet or other fixed expenditures. Whilst you’re not busy rushing from work to social events take this time to really look at where your using your electricity, perhaps you leave the lights on during the day? Perhaps the washing in the dryer could be hung outside … You’d be surprised at how much money you can save by turning that coffee machine off at the wall, or turning off the phone charges when not in use – or that TV .. NOW Look Your saving some cash …. and with any luck some changes that are made will become everyday habits and when everything does change you will be still saving.
While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Unlocked Finance Pty Ltd (Australian Credit License 483863) for any errors or omissions. This publication is predominantly for social reading and does not constitute financial advice. Nothing in this publication is, or should be taken as, an offer or recommendation. You should seek professional advice relating to your individual circumstances before taking any action in relation to the matters regarding the content within this publication.