{"id":2208,"date":"2020-05-18T00:35:30","date_gmt":"2020-05-18T00:35:30","guid":{"rendered":"https:\/\/www.tagfinancial.com.au\/blog\/?p=2208"},"modified":"2020-12-09T01:01:19","modified_gmt":"2020-12-09T01:01:19","slug":"tips-to-manage-your-money-during-covid-19","status":"publish","type":"post","link":"https:\/\/www.tagfinancial.com.au\/blog\/tips-to-manage-your-money-during-covid-19\/","title":{"rendered":"Tips to manage your money during COVID-19"},"content":{"rendered":"\n
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The last few months have been extremely challenging for businesses, families and individuals. No matter what your personal circumstance is, we have all been affected in some way by COVID-19, both personally and financially.<\/p>\n\n\n\n

There are many things that we can\u2019t control but now more than ever it is important that you keep a close eye on your finances and spending habits.<\/p>\n\n\n\n

Here\u2019s our 5 tips to avoid a spending spiral during lockdown and into the future:<\/p>\n\n\n\n

1 – Review your expenses<\/span><\/strong>
It is a good idea to review your outgoing expenses at least every 2-3 months. Make a list of outgoing bills, rent\/mortgage payments, insurances, money spent on groceries, recreational spending etc. and work out what your priorities are. Visit the government MoneySmart<\/a> website has some great tips on budgeting.<\/p>\n\n\n\n

2 – In case of emergency<\/span>
<\/strong>Building an emergency fund can be a huge safety net should any unexpected bills or costs. The current situation highlights the need of an emergency fund. When you\u2019re able, consider setting up a regular automatic transfer to your fund every week\/month or whatever works best for you. The more money you can put away the better your peace of mind.<\/p>\n\n\n\n

3 – Avoid impulse purchases<\/span><\/strong>
As we continue to spend considerably more time at home, the temptation to online shop is more readily available. Before clicking \u2018buy now\u2019, consider the \u2018sleep on it\u2019 approach and the next day ask yourself if you really<\/em><\/strong> need the item.<\/p>\n\n\n\n

4 – Hands off your credit card!<\/span><\/strong><\/p>\n\n\n\n

Avoid using a credit card unless completely necessary – think of it as a last resort. If you do need to use one, make sure you pay your credit card balance in full every month to avoid interest fees. Read our article \u2018Credit Cards \u2013 The Good the Bad and the Ugly<\/a>\u2019 to help work out how dependent you are on credit cards and how to manage them.<\/p>\n\n\n\n

5 – Utilise government support<\/span>
<\/strong>If you haven\u2019t already, check to see if you are eligible for government support such as JobKeeper or JobSeeker. For more information visit https:\/\/moneysmart.gov.au\/covid-19\/financial-assistance<\/a>.<\/p>\n\n\n\n

If you have any questions, please contact us on 03 9886 0800<\/strong> or via email<\/strong><\/a>.<\/p>\n\n\n\n

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What should you do now?<\/strong><\/p>\n\n\n\n

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Become Money Smart<\/strong>
Build your financial knowledge and join our online community<\/a><\/strong> where you will receive TAG updates and invites to our Information Sessions.<\/p>\n\n\n\n

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Meet with us<\/strong>
If you would like to discuss your investing options, we offer a 1 hour no obligation, complimentary consultation with one of our advisers to discuss your situation. Contact us to arrange a time.<\/a><\/strong>
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Wealth Projections<\/strong>
Our most powerful tool for wealth creation, TAG’s Wealth Projection Tool will show you how long your money will last, is easy to understand, provides clarity and helps create targets and goals. Contact us to arrange a time.<\/a><\/strong><\/p>\n\n\n\n

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Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686).<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The last few months have been extremely challenging for businesses, families and individuals. Read our 5 top tips on how to avoid a spending spiral during lockdown.<\/p>\n","protected":false},"author":1,"featured_media":2225,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-2208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-and-wealth"],"_links":{"self":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts\/2208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/comments?post=2208"}],"version-history":[{"count":0,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts\/2208\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/media\/2225"}],"wp:attachment":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/media?parent=2208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/categories?post=2208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/tags?post=2208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}