How long will my money last?
The COVID-19 pandemic has caused a massive amount of pressure and uncertainty that has resulted in global financial crisis. Many Australians, just like so many others around the world, have experienced disruption to their income with either reduced working hours or outright job loss. Watching this all unfold, you may be starting to worry about how long your money will last. Instead of just sitting back and hoping things work out, you should be taking action.
Here’s a good place to start:
- Write down all of your expenses and categorise them. This should result in a surplus. If it doesn’t, you probably need to reduce some of your less essential expenses.
- If applicable, seek financial support. The Government has introduced a number of income support initiatives to help those who have been financially impacted by COVID-19.
- Review your short and long-term goals. You may have had goals in place that have been directly impacted by the pandemic. Sit down and assess which of your goals are the most important to you right now.
- Assess your risk. If you have investments you may be wondering how the current crisis will affect their future performance. Think about your goals for those investments and when you plan to cash out.
Uncertain times call for certain advice. A CFP® professional is an expert financial planner who can help you create a financial plan that will weather potential setbacks or crises that arise and continue to allow you to live the life you want to live. If you have been affected by COVID-19 and want to discuss your situation, or if you just want general financial advice, then contact us and we’ll set you up with one of our financial planning experts.