array(1) { [0]=> &object(stdClass)#4852 (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) "1030" ["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)#4853 (3) { ["data":protected]=> object(stdClass)#4850 (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(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["menu-meta_description"]=> string(180) "Let us help you decide how you want to invest your money on. Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | 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 ...

Invest

‘Tough love’ needed to protect your savings: Survey

By Lucy Dean

August 28 2018
Share

Invest

‘Tough love’ needed to protect your savings: Survey

By Lucy Dean
August 28 2018

With more than 5 million Australians providing financial support to their adult children, it could be time for some “tough love”, a new survey has suggested.

‘Tough love’ needed to protect your savings: Survey

By Lucy Dean

August 28 2018
Share

With more than 5 million Australians providing financial support to their adult children, it could be time for some “tough love”, a new survey has suggested.

Young Australians may have it tough with a changing labour market, longer study periods and a difficult housing landscape, but caring parents need to ensure they don’t provide a safety net out of their own retirement savings, finder.com.au money expert Bessie Hassan has said.

Pointing to a new finder survey revealing 61 per cent of Australian parents support their adult children financially, Ms Hassan said parents need to ensure they don’t keep the training wheels on for too long.

“It can’t always be mum and dad to the rescue,” she said.

“Giving too much support can make it harder for young adults to understand the true value of money, and how to manage financial adversity when things don’t go to plan.”

According to the survey, the most popular form of financial support was giving cash (29 per cent), followed by help with groceries (19 per cent), granting loans for a home or car deposit (16 per cent) and allowing them to live rent free (16 per cent).

“Millennials often get a bad rap for being lazy, but remember young Australians are studying for longer these days, which may delay their entry into the workforce,” Ms Hassan said.

Nevertheless, parents need to recognise that prolonged support can diminish retirement savings.

“Giving your kids some tough love will also ensure you have enough stashed away to enjoy your twilight years,” she said.

“But if your child needs financial support or is living at home due to study commitments, set up a mutually beneficial agreement.”

She suggested parents ask their children to pay board. This has a dual benefit; parents are able to save some more money each week and children develop savings habits.

Additionally, paying your children’s phone bills is a bad idea. It’s important for children to understand the cost of items and become financially fit, she explained.

Setting a budget is another way to teach financial responsibility, and the savings put aside can be put aside for a deposit down the track.

“Whether it’s getting them to help with household chores or contributing to the grocery bill, there are many ways you can teach them good financial habits while continuing to support them,” Ms Hassan said.

The ‘bank of mum and dad’ is a multinational corporation

Mums and dads in ol’ blighty are experiencing the same phenomenon, a report from UK financial services company Legal & General has revealed.

According to Legal & General, nearly one in five over 55-year-olds are “feeling the pinch” after helping their kids enter the property market and have reduced their quality of life to do so.

“It's not Baby Boomers who have made house prices unaffordable for 'generation rent'; it's an acute housing shortage, with a shortfall of over 100,000 homes a year. Unsurprisingly then, we think the key to unlocking homeownership for the next generation is to build more,” the report’s authors contended.

“Another reason why the bank of mum and dad isn't going to fix the housing crisis is that it isn't sustainable. Many older people have worked hard, saved hard and benefited from rising property prices, but their wealth is still limited. There are no government bailouts for the bank of mum and dad.”

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

Property

5 steps to avoid buying the wrong property

Buyers are being reminded that a property is likely to be the largest investment they make, with avoiding mistakes critical to long-term financial outcomes. ...Read more

Property

Investor shares why now is a great time to buy

An Aussie property investor has unveiled how investing during the COVID-19 pandemic is set to pay off in spades. ...Read more

Property

Why you shouldn’t invest like you’re playing poker

Investors are being warned to follow the numbers instead of emotions when looking to purchase properties. ...Read more

Property

Hot Property: The biggest stories this week

A landmark court decision could see more pets in apartments as the property industry attempts a return to normality: Here are the biggest property stories from this week. ...Read more

Property

From resilience to strength: How returning to normality is driving Adelaide’s growth

Adelaide’s success with preventing the spread of COVID-19 is seeing consumer confidence grow and a return to a pre-COVID lifestyle, which is having a strong impact on house prices, a researcher has ...Read more

Property

Could Sydney house prices reach a $1.5m point of no return?

With the availability of credit improving and interest rates declining, it is very possible Sydney could once again enter a market frenzy. ...Read more

Property

Victoria’s most affordable suburbs revealed

New data has uncovered the suburbs deemed the most affordable in the state of Victoria. ...Read more

Property

Pets now allowed in apartments, court rules

Pet owners are celebrating after the NSW Court of Appeal ruled that blanket bans on pets in apartments were unlawful, harsh, unconscionable or oppressive. ...Read more

Listen