Money decisions and COVID-19
- During challenging times, making money decisions can feel overwhelming. ASIC’s Moneysmart website is a great starting point to help connect people with support and services available to help. In this article, we will address some common financial situations people may be experiencing at the moment, and where they can go for help and support.
- Urgent money support: The Government has announced a number of new measures to support affected workers, businesses and the broader community. If financial support is required due to the impact of COVID-19, start with Moneysmart’s COVID-19 financial assistance page, that summarises what’s available and where to go to address specific individual circumstances.
- Managing on a lower income: Getting the most out of your money can help provide a greater of a sense of control and financial security. A good place to start when it comes to managing on a lower income is to think about what money is coming in versus what is going out. Moneysmart has information that can help to do that, including strategies to track your spending and ideas around ways to save money.
- Problems paying the mortgagee: Many Australians may be concerned about being able to continue to cover ongoing mortgage payments. In this situation, it’s important to talk to the bank or loan provider and discuss the options that are available. There are often options to pause or reduce loan repayments. This is called a hardship variation.
- Scams: It’s important to watch out for scammers who try to take advantage of COVID-19. Scams can take many forms, so be wary of offers to assist you accessing your superannuation or high-return investment opportunities.