Budgeting for COVID-19 is critical. In this episode, we introduce the first of a 2 part series focused on helping you fast track the financial skills that’ll help you avoid the traps that are currently disguised as opportunities and tactics for surviving the COVID-19 cash crunch.
In this short Covid-19 focused series, we cover two core disciplines:
- Sustainable Saving (this episode) digs into strategies and tactics to help you stretch your dollars further and kickstart your savings to get off the financial edge.
- Smart Spending (episode 2) focuses on how to use your resources in time, talent and money to use this as an opportunity to rebound better than ever and avoid scare tissue that can ruin your relationship to money.
What you'll learn.
In this episode, we discussed the One-Time-Actions that can continue to pay you in savings throughout the years to come.
Firstly, to reduce impulse spending.
- Cut up or Freeze your credit card.
- Delete your payment details from chrome and frequented online stores - think Amazon, Iconic, Asos, and so on.
- Do a digital detox. Unfollow people who create discontent, Unfriend people who do the same, and unsubscribe from the marketing mail outs
- Shut down your AfterPay account (or other credit providers) that tease you into spending money you don't have, causing you to give away money you haven't yet earned.
Secondly, to reduce overspending.
- Do an Energy Audit. Go to compare.energy.vic.gov.au or energymadeeasy.gov.au
- Review your Insurances. Chat to your broker or use a comparison site like canstar.com.au
- Review your mortgage. Again, chat to a broker or use a site like the above to compare what's out there. Remember, a 1% interest rate gap on $100,000 is a $1,000 that can be better used by you than the bank.
Coming soon.
