LOSS OF INCOME?

loss of income

Have you experienced a loss of income as a result of Coronavirus? Here are a few steps to lessen the financial burden and position yourself to bounce back as the economy recovers.

WHAT TO DO IF YOU EXPERIENCE A LOSS OF INCOME

  1. Review your budget

    If your household’s income is about to change because of coronavirus, it’s time to review your budget.

    Calculate your monthly expenses to determine if your reduced income still allows you to afford all your basic needs. We may help you find possible additional saving avenues or additional sources of income.

  2. Decrease spending where you can

    Part of reviewing your budget should include identifying what unnecessary costs could be reduced or eliminated such as spending money on social activities, gym memberships, and transportation.

  3.  Talk to your lenders

    Get in touch with your lenders to gain information about available debt repayment (Credit card debt, a car loan, or a mortgage). As you may be eligible for their financial hardship schemes.

  4. Make sure you’re not missing out

    The government is responding to coronovirus challenges with benefits and relief options to support Australian households. So make sure to check out the government website for updates and more information on relief packages.

  5. Don’t be so hard on yourself

    Review all options available before jumping into anything that could have a long-term impact, like taking money out of your retirement savings. When making decisions about your finances, remember to keep in mind things may go back to normal. Don’t forget to look after yourself and your mental health during this challenging period.

 

At Fin15 we understand that Financial Advice sounds like something unaffordable when you don’t have an ongoing income, however, we offer a range of payment plans that can fit your personal budget. We may even offer you the option to pay our fees from your Superannuation. It would be worth contacting us or even dropping into our office to make sure you are in the best financial position for when you gain new employment.