17 November, 2020 / IN Wealth management / by Kurt Purkiss
Everyone in Australia has been affected by the COVID-19 pandemic to some degree. With the disruption to our work and social lives, it is one of the most significant challenges many of us have ever faced. But what has it meant for our money and financial wellbeing?

The Financial Planning Association of Australia (FPA) recently undertook a survey which discovered that four in ten Australians have lost income as a result of COVID-19 and are struggling to make ends meet, with over 30 per cent of all respondents needing to dip into savings to pay the mortgage. So, it is no wonder a quarter of all Australians are currently experiencing high levels of stress about their financial security.

As we rapidly approach 2021 and with the imminent deadline to the job keeper stimulus, we share our thoughts on what you can be doing to stay on top of money matters.

Start a ‘COVID-Proof’ Plan

Take this as an opportunity to harness the positive financial habits you have picked up during COVID. Prepare a list of expenses you don’t need any more and another list of how you could use this money to meet your current needs or look after your future – by saving, investing or paying down debts.

By maintaining the COVID money mindset, you can make a lot more progress towards your financial and life goals.

Plan and Make a Road Map

Work out where you want to be in the future – think five, ten or 15 years down the road. Where do you want to be? What do you want to be doing?

Once you have taken the time to consider your needs and goals, we can work backwards to plan how to get there. Setting a timeline of the critical milestones you need to reach to meet your objectives is an excellent way of keeping    focused on your objectives.

Make an Appointment with a Qualified Financial Planner

Understanding your current financial situation, short and long-term financial goals, and having a financial plan means you can better manage your finances. Knowing you are taking care of your immediate expenses, without compromising on saving for the future, allows you to live your life today while making sure your tomorrow is planned.

Financial Advice Makes a Difference

One in five people responding to the FPA survey have engaged a financial planner and have experienced less impact on their finances compared with others who have not received advice.  Almost all who regularly engage with their advisor (87 per cent) did not need to access their super early.

The data is quite clear – Australians who have planned for tomorrow, with an advisor’s guidance, experience greater peace of mind and wellbeing today. They are clearer on what they can spend and save and will sleep peacefully at night knowing they have someone there to help them understand it all.

If you would like to talk to someone about making or adapting your financial plan, contact Kurt Purkiss on 02 4969 6600 or fill in the form below and we can arrange a complimentary initial discussion.