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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

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

You can keep up to date with what Industry Super Australia are up to HERE

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

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Friday, 05 June 2020

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Retirement

Five things to do if you owe too much

By Louise Chan · May 08 2018

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Retirement

Five things to do if you owe too much

By Louise Chan
May 08 2018

Reading:

Five things to do if you owe too much

By Louise Chan · May 08 2018

Reading:

It’s important to know how to properly manage your money, but with all the necessary expenses to pay, sometimes debt is unavoidable.

If you find yourself overwhelmed by debt, stop and breathe. There are ways to address debt anxiety.

For starters, here are five things that you can do to begin your journey to a debt-free future:

Don’t add to your debt

The first thing to do is to stop spending.

Avoid buying items that you don’t need or using your credit card unnecessarily.

Manage your finances

Organise statements, bills, receipts, and other expenses to counter-check all your documents and ensure that the amount owed is correct. Seek clarity if you are unsure about any accounts or transactions.

Create a plan or a spreadsheet with an itemised list of all your debts (with all the necessary details) and indicate how much is owed, plus interest. Establish a realistic and manageable pay schedule for each of your debts. Negotiate better payment terms where you can.

Talk to creditors

Approach creditors and ask whether they have a hardship program. Most companies would be willing to extend help to its clients as long as their circumstance is legitimate.

Talk to experts

The National Debt Helpline, which is open Mondays to Fridays from 9:30 am to 4:00 pm, is a non-profit service that gives Australians sound financial advice for free. Likewise, the Australian Securities & Investments Commission (ASIC) also has a search database of local financial counselling organisations and legal credit aid services in its website—consumers threatened with legal action would primarily benefit most from this.

Find support from friends and family

Seek the advice of family members, or friends, who may have experienced similar hardships They may not be able to give you a direct solution but they may know people who can. Sometimes confiding to your family can alleviate some anxiety.

Find ways to earn more money

It might help to take up a part-time job, or two, if you can.

If another job is too much, think of other creative ways to pay off debt. Maybe you’ve got a skill or talent to profit from, like drawing illustrations or painting fences.

You can also sell unused items that are in good condition.

These suggested are a sound start to improving your financial wellbeing.

This information has been sourced from the Australian Competition and Consumer Commission.

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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.