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5 Productive ways to spruce up your finances in isolation

Apr 03, 2020

How to spruce up your finances during isolation.

 

With everything that's going on, I want to check-in and see how you are going.

It can be really overwhelming all the things that are being thrown at us, so many people losing jobs, working from home, homeschooling and self-isolation and not to mention the toilet paper shortage.

I have to tell you, sometimes I feel like 2020 is in need of a big overhaul - CTRL - ALT - DEL .. can we please restart.

But we can't and life has to go on. Don't lose touch of your dreams, you can still dream and you can still dream big

It's the small things we can do now that can keep us on track to achieving our goals.

So with the extra time you have, don't spend it thinking about what could have been, think about what can you do. Don't spend time procrastinating and the truth bomb is.... there is only so much Netflix, Stan and TV you can watch!

Why not spend some of this extra time sprucing up your finances? 

So, here are 5 productive things you can do to your finances whilst you are in self-isolation at home. 

 

1. Audit your bank statements 

  • Review your reoccurring payments, memberships, subscriptions
    • Are there any that you are not using or can't use at this time - pause or cancel them?

  • Check your bank accounts are fee-free. 
    •  Don't pay unnecessary fees? There are plenty of fee-free accounts in the market... take advantage of them! 

 

2. Review your bills and health insurance 

  • Review your utilities, phone and regular bills. Ring your providers and ask for a better deal. Don't be afraid to shop around.

  • Review your health insurance - There are a variety of comparison sites where you can review your health insurance to make sure you are getting the best deal and value for money.

 

3. Home Loan Health Check 

  • Give your home loan a health check... now couldn't be a better time to ring your broker, bank or financial adviser and ensure that you are getting the best interest rate.... take advantage of the historic low-interest rates we have been seeing save some money and refinance! 
  • If you are finding repayments difficult at this time, most lenders are providing assistance with mortgage pause. This is where your lender can help you stop repayments on your loans for up to 6 months, but remember if you take this option the interest is still accruing. 

 

4. Goals

  •  Set financial goals
    • Having goals allows you to have direction and your money to have a purpose. You know what you are working towards, so you are motivated to achieve it. Financial goals can be big or small, long term or short term. 
    • Continue to contribute - Remember to keep contributing to your goals account, even if it's only a small amount, it all adds up.

 

5. Reduce your debt

  • If you managing okay with your finances, now is a great time to reduce any debt you may have. 
    • Interest rates are at a historic low, this is the time to reduce your debts and pay as much as you can off it.
    • If you have credit card debt get rid of it.
    • Make extra repayments if you can on your home loan to be ahead.
    • Work out a payment plan that works for you and stick to it.

 

Take the time, review your finances and by doing this you are putting in place good habits and you know that you are in a better place, financially and mentally. Remove the financial stress and overwhelm knowing that you have just given your finances a good spring clean as I like to say.

 

There's no excuses... use your time productively and ... let's make the most of this isolation!

 

Fairien x

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