Taking control of your personal finances in a COVID-19 world
Australians are becoming more engaged with their personal finances.
It’s fair to say 2020 hasn’t quite panned out the way any of us thought it would. From local bushfires to a global pandemic it’s been a rollercoaster of a ride. But there’s growing evidence that Australians are tapping into their reserves of resilience to set their family finances up for a post-coronavirus landscape.
Regardless of whether it’s forced by circumstances beyond our control or simply because we’re spending more time at home, research by Nature & The Lab shows COVID-19 has prompted many of us to become more engaged with our personal finances and focus more on our financial wellnessi.
The pandemic has impelled us into a state of heightened financial consciousness and put personal finances front of mind. With the bigger picture so uncertain, we’re looking to control what we can.
5 ways COVID-19 has changed our financial behaviour
- We’re tracking our finances more closely than ever, with more than one in three Australians surveyed either reviewing their budget or creating a budget
for the first time.
“This has been a breath of fresh air, I'm doing a financial spring clean and looking forward to getting back on track”
- We’re saving more and borrowing less by tracking our spending, looking for better deals and choosing the right products
“It's the mindless swipe of the credit card. I'm realizing the consequences of small incremental spending adds up over time”
- We’re more engaged with our super and while most of us have taken the long view and avoided over-reacting to market volatility, we’re checking our
account balance and investment options.
- We’re focusing more on our investments and seeking more frequent updates on financial performance.
- We’re more conscious of needing an emergency fund and building a safety net so we’re better prepared in the future.
“I've always been careful with money but this has made me more determined than ever to get ahead”
Tips to help maintain your financial wellness and realise your goals
- Implement small realistic steps to reach your long-term goals - if you feel your retirement plan isn’t quite on course, we can help you get you back on track.
- Manage your debt more effectively - contact us if you’d like a hand getting on top of your debt.
- Become a better saver - it doesn’t have to be a complex spreadsheet. There could be some simple day-to-day tricks to help you spend less and save more. Have you heard of the Seven-day rule or the 50/20/30 rule? They could be the catalyst you need to change your relationship with money for good.
- Set a budget and review it regularly - there are online calculators to help make your life easier, like ADNA Financial Services Budget planner calculator.
- Take advantage of your financial provider’s online tools and app
If you need further help in making sure your personal finances are on track, speak to us.
We can bring the right knowledge, expertise and guidance to identify your specific goals, and help you achieve them.
Want to know more? Contact Us.
i Nature & The Lab research, Apr-May 2020
Important note: While every care has been taken in the preparation of this article, ADNA Financial Services makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. This is general information only and is subject to change at any given time. Your complete financial situation will need to be assessed before acceptance of any proposal or product. ADNA Financial Services Pty Ltd ABN 56 799 461 211 is an Australian Credit Representative (485550) of OUTSOURCE FINANCIAL Pty Ltd, Australian Credit Licence (384324), ABN 42 131 090 705 | www.outsourcefinancial.com.au