Top 5 Finance Tips to Consider During COVID-19

May 28, 2020

We are sure you are tired of hearing about it by now. The dreaded Coronavirus has made the world go on stand-still and everyone of us has taken a hit. Fear, panic, frustration are just a few of the words to describe the social climate at the moment. However, now more than ever it is imperative to speak to a financial adviser in Perth.

Before you let worry get the best of you, speak to us so that we can help point you in the right direction. By speaking to us at Visia, you can get your ducks in a row during Corona and post Corona too

Here are 5 of our tips to get you started.

1. Eating into your Super

Accessing your super may have a significant long term impact on your wealth, and is to be considered as an absolute last resort. Talk to us before making any massive moves with your Super as this could cost you tens of thousands of dollars between now and your retirement. Touching your Super during this time should only be done if your circumstances are dire and all relevant options have been considered.

2. Have you been stood down?

If you or someone you know has lost their job, the government has upped the tempo for acceptance for Job Seeker allowances. We advise checking if you are eligible for a $550/fortnightly Coronavirus supplement. Some families may even be eligible for a once off boost of $750.

3. Acquaint yourself with JobKeeper

The JobKeeper payment is designed for employers to keep their employees. If you are part of a business which has been impacted in a big way, this could be an option for you. Employees, please talk to your employer about JobKeeper. Try and stay connected where possible on the updates that the Government releases about JobKeeper.

4. Home loans

Are you worried about your mortgage? Well, the Government has been working with banks to ensure that there is support from lenders to homeowners. If your employment situation has changed, whether that be less hours or being let go, did you know that some banks are offering up to 6 months of deferred payments, while most will offer a minimum of 1-3 months? Speak to us so that we can talk you through your options.

5. The B word strikes again. Work within a tight BUDGET

Use this time to assess your savings. A good rule of thumb is to have up to 6 months or more of your regular living expenses in savings. If you do have an emergency fund, this could be the emergency those funds have been waiting for. You should also take into account any refunds or credit receipts you may be getting as a result of Corona-related cancellations. Start cutting back! Now you have a better idea of where you stand financially, you know exactly where to make changes that will allow you to cut back and save. Regardless of where you stand, now is a good time to bring out that inner frugal spender. Avoid unnecessary spending and use this time for cutting back.

What’s next?

Uncertain times can beg the question, ‘what do I do now?’. We totally feel you on this front. Making any big purchase decisions or making moves with investments can feel daunting to say the least. This is why we implore you to chat to one of us. At Visia, we are here to support our clients through the tough times. Contact us today.

Disclaimer: Kora Drage and Visia Financial Services are Authorised Representatives of Sentry Advice Pty Ltd. The information contained in this article may contain general advice. The information contained herein is of a general nature only and does not constitute advice. You should not act on any information without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances. Any views and opinions provided in this article may not reflect the views and opinions of Sentry Advice Pty Ltd.

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