How long will my money last?
The enormous pressure and uncertainty of the global COVID-19 crisis, has sparked a financial crisis. Many Australians have had disruption to their income with major industries shutting down. For some, it has also meant job loss. You may be starting to worry about how long your money will last. Rather than just hoping for the best, you need to take action. Here’s a good place to start:
- Make a list of all your expenses and categorise them. You should hopefully have a surplus. If you don’t, you may need to cut down on some of your less essential expenses for example entertainment subscriptions.
- Seek financial assistance. The Government introduced a number of income support initiatives to help those whose jobs have been directly impacted by COVID-19. Contact us for more information.
- Review your priorities. You may have had long-term goals in place that have now been impacted. Assess which goal is the most important to you and commit to work towards it.
- Assess your risk. If you have investments you may be wondering how the current crisis will affect their future performance. Do you accept higher volatility for potentially higher returns on your money?
If you are feeling anxious and unsure about making your finances last through the COVID-19 crisis and beyond, it helps to remember that during times of great stress and uncertainty, it can be even harder to make big decisions with potentially long-lasting consequences.
You may need expert advice on your individual circumstances to help you understand your options and feel empowered to make decisions about your future. A CFP® professional is a financial planner who will work with you to understand your needs and create a plan to give you the direction and confidence to get through today and plan for your future.
Uncertain times call for certain advice.