array(1) { [0]=> &object(stdClass)#4974 (52) { ["id"]=> string(5) "15670" ["title"]=> string(37) "Capitalising on the COVID-19 pandemic" ["alias"]=> string(37) "capitalising-on-the-covid-19-pandemic" ["introtext"]=> string(208) "

More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

" ["fulltext"]=> string(1236) "

In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["catid"]=> string(3) "302" ["created"]=> string(19) "2020-09-01 07:00:26" ["created_by"]=> string(4) "2386" ["created_by_alias"]=> string(0) "" ["state"]=> string(1) "1" ["modified"]=> string(19) "2020-09-02 02:50:12" ["modified_by"]=> string(4) "2386" ["modified_by_name"]=> string(12) "Grace Ormsby" ["publish_up"]=> string(19) "2020-09-02 02:50:12" ["publish_down"]=> string(19) "0000-00-00 00:00:00" ["images"]=> string(218) "{"image_intro":"images\/podcasts\/Billie_Christofi_WEB_ne.jpg","float_intro":"","image_intro_alt":"","image_intro_caption":"","image_fulltext":"","float_fulltext":"","image_fulltext_alt":"","image_fulltext_caption":""}" ["urls"]=> string(121) "{"urla":false,"urlatext":"","targeta":"","urlb":false,"urlbtext":"","targetb":"","urlc":false,"urlctext":"","targetc":""}" ["attribs"]=> string(782) "{"article_layout":"","show_title":"","link_titles":"","show_tags":"","show_intro":"","info_block_position":"","info_block_show_title":"","show_category":"","link_category":"","show_parent_category":"","link_parent_category":"","show_associations":"","show_author":"","link_author":"","show_create_date":"","show_modify_date":"","show_publish_date":"","show_item_navigation":"","show_icons":"","show_print_icon":"","show_email_icon":"","show_vote":"","show_hits":"","show_noauth":"","urls_position":"","alternative_readmore":"","article_page_title":"","video_url":"","channel_id":"UCLBR-2LtTtui_WiRuEfW3qA","show_publishing_options":"","show_article_options":"","show_urls_images_backend":"","show_urls_images_frontend":"","send":"0","test":"0","readingDiff":"3","canonical_link":""}" ["metadata"]=> string(68) "{"robots":"","author":"","rights":"","xreference":"","metatitle":""}" ["metakey"]=> string(105) "podcast, savings, financial goals, financial freedom, lockdown, pandemic, wealth, wealth creation, saving" ["metadesc"]=> string(186) "More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?" ["access"]=> string(1) "1" ["hits"]=> string(4) "1176" ["xreference"]=> string(0) "" ["featured"]=> string(1) "0" ["language"]=> string(1) "*" ["readmore"]=> string(4) "1236" ["ordering"]=> string(1) "0" ["category_title"]=> string(7) "Podcast" ["category_route"]=> string(17) "resources/podcast" ["category_access"]=> string(1) "1" ["category_alias"]=> string(7) "podcast" ["published"]=> string(1) "1" ["parents_published"]=> string(1) "1" ["lft"]=> string(2) "82" ["author"]=> string(12) "Grace Ormsby" ["author_email"]=> string(33) "[email protected]" ["parent_title"]=> string(9) "Resources" ["parent_id"]=> string(3) "300" ["parent_route"]=> string(9) "resources" ["parent_alias"]=> string(9) "resources" ["alternative_readmore"]=> NULL ["layout"]=> NULL ["params"]=> object(Joomla\Registry\Registry)#5001 (3) { ["data":protected]=> object(stdClass)#4997 (95) { ["article_layout"]=> string(14) "momentum:newne" ["show_title"]=> string(1) "1" ["link_titles"]=> string(1) "1" ["show_intro"]=> string(1) "0" ["info_block_position"]=> string(1) "0" ["info_block_show_title"]=> string(1) "1" ["show_category"]=> string(1) "1" ["link_category"]=> string(1) "1" ["show_parent_category"]=> string(1) "0" ["link_parent_category"]=> string(1) "0" ["show_associations"]=> string(1) "0" ["flags"]=> string(1) "1" ["show_author"]=> string(1) "1" ["link_author"]=> string(1) "0" ["show_create_date"]=> string(1) "0" ["show_modify_date"]=> string(1) "1" ["show_publish_date"]=> string(1) "1" ["show_item_navigation"]=> string(1) "1" ["show_vote"]=> string(1) "1" ["show_readmore"]=> string(1) "1" ["show_readmore_title"]=> string(1) "1" ["readmore_limit"]=> string(3) "100" ["show_tags"]=> string(1) "0" ["show_icons"]=> string(1) "1" ["show_print_icon"]=> string(1) "1" ["show_email_icon"]=> string(1) "1" ["show_hits"]=> string(1) "1" ["record_hits"]=> string(1) "1" ["show_noauth"]=> string(1) "0" ["urls_position"]=> string(1) "0" ["captcha"]=> string(0) "" ["show_publishing_options"]=> string(1) "1" ["show_article_options"]=> string(1) "1" ["save_history"]=> string(1) "1" ["history_limit"]=> int(10) ["show_urls_images_frontend"]=> string(1) "0" ["show_urls_images_backend"]=> string(1) "1" ["targeta"]=> int(0) ["targetb"]=> int(0) ["targetc"]=> int(0) ["float_intro"]=> string(4) "left" ["float_fulltext"]=> string(5) "right" ["category_layout"]=> string(14) "momentum:newne" ["show_category_heading_title_text"]=> string(1) "1" ["show_category_title"]=> string(1) "1" ["show_description"]=> string(1) "0" ["show_description_image"]=> string(1) "0" ["maxLevel"]=> string(2) "-1" ["show_empty_categories"]=> string(1) "0" ["show_no_articles"]=> string(1) "1" ["show_subcat_desc"]=> string(1) "1" ["show_cat_num_articles"]=> string(1) "0" ["show_cat_tags"]=> string(1) "1" ["show_base_description"]=> string(1) "1" ["maxLevelcat"]=> string(2) "-1" ["show_empty_categories_cat"]=> string(1) "0" ["show_subcat_desc_cat"]=> string(1) "1" ["show_cat_num_articles_cat"]=> string(1) "1" ["num_leading_articles"]=> string(2) "14" ["num_intro_articles"]=> string(1) "0" ["num_columns"]=> string(1) "0" ["num_links"]=> string(1) "0" ["multi_column_order"]=> string(1) "0" ["show_subcategory_content"]=> string(2) "-1" ["show_pagination_limit"]=> string(1) "0" ["filter_field"]=> string(4) "hide" ["show_headings"]=> string(1) "1" ["list_show_date"]=> string(9) "published" ["date_format"]=> string(0) "" ["list_show_hits"]=> string(1) "0" ["list_show_author"]=> string(1) "1" ["orderby_pri"]=> string(4) "none" ["orderby_sec"]=> string(5) "rdate" ["order_date"]=> string(9) "published" ["show_pagination"]=> string(1) "2" ["show_pagination_results"]=> string(1) "1" ["show_featured"]=> string(4) "show" ["show_feed_link"]=> string(1) "1" ["feed_summary"]=> string(1) "0" ["feed_show_readmore"]=> string(1) "0" ["sef_advanced"]=> int(1) ["sef_ids"]=> int(1) ["custom_fields_enable"]=> string(1) "1" ["show_page_heading"]=> NULL ["layout_type"]=> string(4) "blog" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(67) "Earn Money - Your Best Source on How to Earn Money Guides | nestegg" ["menu-meta_description"]=> string(154) "Complete comprehensive guides on starting a blog, tips for tax savings, side hustles, getting online money earning opportunities and latest economic news." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(67) "Earn Money - Your Best Source on How to Earn Money Guides | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-09-02 02:50:12" ["slug"]=> string(43) "15670:capitalising-on-the-covid-19-pandemic" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(56) "/resources/podcast/capitalising-on-the-covid-19-pandemic" ["image"]=> string(43) "images/podcasts/Billie_Christofi_WEB_ne.jpg" ["image_alt"]=> string(0) "" } }

Latest Podcast

Capitalising on the COVID-19 pandemic...

Resources

There is $17.5 billion in lost and unclaimed super across ...

Earn

Freelancing Series: What about Insurance and Benefits?

By Louise Chan

October 07 2019
Share

Earn

Freelancing Series: What about Insurance and Benefits?

By Louise Chan
October 07 2019

Freelancers usually have control over their time, income and clients. However, they don’t receive insurance cover or enjoy government-mandated benefit payments.

Freelancing Series: What about Insurance and Benefits?

By Louise Chan

October 07 2019
Share

Freelancers usually have control over their time, income and clients. However, they don’t receive insurance cover or enjoy government-mandated benefit payments.

But there’s no reason to be disheartened if you wish to become a full-time freelancer. Here’s what you need to know about insurance and benefits if you plan on becoming a full-time freelancer.

Insurance

Income from freelancing gigs don’t always come regularly, so paying for insurance cover may feel like a financial strain. However, this is also the reason why you are likely to need it.

It’s important to ensure that you have enough insurance cover to keep running your business in spite of slowdowns. Below are some insurance types you may wish to consider.

Income protection insurance
Some freelancing gigs have seasonal demands or a large number of competitors that could make it hard to secure a project. You may find yourself without clients and income for weeks or months at a time – a huge probability in some industries.

An income protection insurance can replace your income in the event that you lose your employment or are unable to get clients for a specified period. This type of insurance may pay out up to 80 per cent of your income.

Typical payout duration is anywhere between a few months up to two years, depending on your selected cover and premium.

Total permanent disability (TPD) insurance
You don’t get paid for sick days as a full-time freelancer; it’s one of the benefits you sacrifice when you leave your employee status. However, you may avail health and TPD insurance so that you can still get a payout in case your income-producing activities are compromised due to sickness or injury.

Critical illness cover
Likewise, consider paying for critical illness insurance cover if you are paying for mortgage or have debts. This cover is designed to pay out to the insured to pay debts or home alterations if they are diagnosed with a serious or debilitating disease that is covered by the policy.

Note: Health, TPD and critical illness insurance don’t pay out to dependants in case of death. If you have dependants, consider taking out a life insurance with additional TPD and critical illness cover instead.

Life insurance
A life insurance cover ensures that your dependants will receive a lump sum payment or income stream in the event of your death.

This type of insurance is a good investment if you have young or disabled child or a family member who is financially dependent on you.

Business equipment insurance
If your freelancing gig is dependent on certain equipment, consider taking out an insurance on your equipment.

A business equipment insurance will cover you for damage, loss or theft of equipment that you use to conduct business with. This includes mobiles, laptops, cameras and other gears or gadgets that you use for business.

This also applies even if you work from a home office because most home insurance don’t cover business assets.

Personal indemnity insurance
If your business or freelance gig involves providing advice to clients, consider taking out a personal indemnity insurance.

This type of insurance will cover you for any advisory mistakes or negligence that causes financial loss to your clients. For instance, a freelance portfolio manager may mistakenly forget to check a client’s risk profile before investing on their behalf. If the investment fails and the client files a complaint due to loss of their money, a personal indemnity insurance will cover the settlement.

Benefits

Needless to say, you don’t receive benefits if you freelance full-time unless you pay them yourself.

Superannuation
Since you technically work for yourself, your retirement savings is completely up to you because your clients are not liable to pay the 9.5 per cent superannuation guarantee.

In an employment arrangement, the government requires employers to enrol or contribute to their eligible employees’ chosen super fund or self-managed super fund. On the other hand, freelancers have the freedom to choose from a variety of retirement options outside of super, such as annuities.

Regardless of your choice, you’ll have to save up and pay for all the required contributions.

For more information on freelancing and super, read nestegg’s “Superannuation for the self-employed”.

Medicare
Australian residents are covered by Medicare, but you’ll have to pay for private health insurance if your freelancing income exceeds a certain threshold. If you don’t wish to pay for insurance, you may have to pay the 2 per cent Medicare levy.

Furthermore, singles who earn $90,000 and families with income above $180,000 may have to pay for Medicare levy surcharge.

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates

Rate the article

About the author

Louise Chan

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

About the author

Louise Chan

Side hustle

10 tips to turn your side hustle into a successful business

How can you turn your side hustle into a successful business? If transitioning your side gig into a full-time business is one of your financial goals, here are tips to make this dream into a reality. ...Read more

Side hustle

How to make sure you get paid on time

Owning a business means you can choose your own clients, schedule your workload and set your own rates. The hard part is making sure your clients pay you on time to improve your bottom line. ...Read more

Side hustle

Delivery app jobs to make extra money

If you are looking to earn extra cash on the side, you may want to consider taking a delivery job with one of the on-demand service apps used in Australia. ...Read more

Side hustle

Earn extra income: Teach or tutor

If you’re looking for a side hustle where you can earn money without taking up too much of your time for school or work, you may wish to consider online tutoring. ...Read more

Side hustle

Guide to selling unwanted items

It’s natural for items in your home to accumulate over the years, but if there seems to be a surplus of rarely used and unwanted items lying around, you may wish to start clearing up your space. ...Read more

Side hustle

Ways to fund your side hustle

Starting a business from one of your side hustle ideas can be an exciting prospect, but it’s not always smooth sailing if you lack the money to start up or keep your side hustle afloat. ...Read more

Side hustle

Achieve financial freedom as a freelancer in 8 simple steps

There’s never been a better time to be a freelancer – but there are still some steps you need to take to ensure it doesn’t wreak havoc on your finances, a bank has conceded. ...Read more

Side hustle

Hold back that resignation letter: January might not be the time

Even if you are struggling with the return to work this January, it’s not the time to quit if you plan on plunging into self-employment in 2020, according to a financial expert. ...Read more

Listen

Capitalising on the COVID-19 pandemic

Listen now

A broker’s perspective on current opportunities for savvy investors

Listen now

Property trends with Domain’s senior research analyst

Listen now

Neobanks, consumer data right and the rise of digital

Listen now

Watch

nestegg Presents: Meet the Manager – Australian Solar Investments

Watch now

How much do you expect to spend at Christmas

Watch now

Is your super really that super?

Watch now

Meet the Manager series with John Baini - Episode 1

Watch now

Read

Tidal wave of cuts set to hurt savers

More pain for the big 4 banks

Government plans to name and shame super funds

Why distressed properties still sell at market value

Financial terms made easy

What’s ethical investing?

What is a commodity?

What is a mortgage broker?

What is a buyer's agent?

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

sections

sections

sections

sections

sections

sections

Most read

Where can you travel in 2021?...

Latest Podcast

Capitalising on the COVID-19 pandemic...

Resources

There is $17.5 billion in lost and unclaimed super across ...

Earn

Freelancing Series: What about Insurance and Benefits?

Earn

Freelancing Series: What about Insurance and Benefits?

Freelancing Series: What about Insurance and Benefits?

Insurance

Benefits

RELATED ARTICLES