Budgeting

Staying Financially Healthy during the CoronaVirus Pandemic

With the changes and chaos that are currently happening in the world, many people are worried, not only about their physical health, but also about their financial health. People are concerned about not being able to work due to being ill, losing their job or just the increase in day to day expenses. To help you navigate through the changing financial world, we have some helpful tips to help you stay financially healthy.

Tip 1: Refinance your loans to reduce your payments.

Look into your loans and shop around to see if there are better deals out there. But, keep in mind that some financial institutions may have stricter lending criteria during this time. Quite a few credit card companies offer 0% or significantly lower interest rates on balance transfers. Or, they may just have a better interest rate over all.  If you have a mortgage, check with your provider to see if you have been passed the full interest rate drop. If you haven’t, consider changing to a different lender who may give you a better deal.

Tip 2: Consider picking up a side job.

Where possible, consider picking up extra work. As we can already see there has been an increase in the amount of work at supermarkets. Additionally, there has been an increase in demand for contactless deliveries such as Uber Eats, pizza shops and local restaurants. But, while this can help bring extra money, before you do this, check that you’re not exposing yourself to higher than normal risks.

Tip 3: Save where you can.

It sounds easy to just put money into saving but it can be harder than you think. Especially when food supplies run low and the world all seems to have gone a little mad with panic buying. But, with the social distancing and some gathering being restricted, money won’t be leaving the bank account as quickly. Staying home is pretty cheap as most people already have streaming services and aren’t buying a morning coffee. Any money that you save, try to put this away for the unexpected expense that pops up.

Tip 4: Don’t neglect your loans or bills

If you start to struggle financially, don’t be afraid to contact your loan and or bill companies. Let them know what is happening. During this time, most companies are looking to help its customers as much as possible and chances are, they may already have different payment options to help you. It may be a reduction in repayments for a short period of time or extending your loan. It’s better to deal with any repayment issues early so it doesn’t impact your finances long term.

Tip 5: Know what you’re entitled to.

With all the different government payments available and as well as subsidies. It may be time to see what you’re entitled to be it a family payment, decreased childcare cost or an ongoing payment when you find yourself out of a job. Check out the Moneysmart website – it has many helpful calculators as well as info on Centrelink payment finders.

While there are a lot of uncertainties right now, positivity can help us through this. If you’re having trouble at all, don’t hesitate to contact our team at Credit24. Whether you need access to extra money, or an existing customer who needs help with your repayments – contact us. Where we can help, we’ll try.