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4 tips to feel more financially secure
Savvy Australians are looking to get on the front foot and prepare for the financial uncertainty caused by coronavirus through cutting back discretionary spending and increasing savings, an industry survey has found.
4 tips to feel more financially secure
Savvy Australians are looking to get on the front foot and prepare for the financial uncertainty caused by coronavirus through cutting back discretionary spending and increasing savings, an industry survey has found.
According to Finder’s Consumer Sentiment Tracker, one in 10 is feeling insecure about their current job, while half of working Australians are living paycheck to paycheck.
Almost one in four fell negatively when thinking about their future salary, while nearly a third struggle to pay their rent or mortgage.
The number of people who think they could manage their finances without a credit card has spiked from 24 per cent in January to 30 per cent in March.
- Build your savings
Finder’s money expert, Bessie Hassan, said Australians are being encouraged to build their savings as quickly as possible to three to six months worth of living expenses as the uncertain times continue.
“As we move into a period of economic uncertainty, we urge you to make better decisions with your money to ensure you’re not paying too much for financial products.”
“A side hustle is a great way to boost your income and reduce financial stress. Whether it’s driving Uber, renting out a spare room or selling stuff on Gumtree, every little bit counts in times of economic uncertainty,” Ms Hassan said.
- Consolidate debt
Any Australian who has a large debt is being told to consolidate payments such as balance transfer cars to take the pressure off and help pay the debt back faster.
“If you are considering consolidating your debt, make sure you take into consideration any early repayment fees or penalties,” Ms Hassan said.
- Refinance
The money expert suggests refinancing is one of the easiest ways that home owners can save money, especially as rates remain low.
“The silver lining in the current economic climate is that borrowers are king – rates have never been so low. Many rates now have a 2 in front of them. So, if your home loan doesn’t, it’s time to start shopping around,” Ms Hassan explained.
- Review household expenses
Just because a person stops receiving an income, it does not mean bills stop coming in, so it is essential to cut back on non-essential expenditures, advised Ms Hassan.
“Ongoing monthly subscriptions are a good place to start. Go through your bank statement and make a note of every regular payment you make, rank them in order of importance and start unsubscribing from services that are ranked near the bottom,” Ms Hassan concluded.
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