Lock down and what this all means for each of us financially….

Over the past week I have been taking calls, responding to emails and text message from clients, friends and family all worried about the financial uncertainty we are facing.

Although I don’t have all the answers, I am working on gathering information as the news unfolds so I can be of service to you, your family and friends. Please feel free to share my details with loved ones who need to speak with a an adviser as I am here to help.

If you are self employed or have been made redundant, you can make a claim with Centrelink. If you have a CRN – customer reference number and already linked in with MyGov you can make your claim on line. If not, you will need to contact Centrelink, however I have heard today due to panic the MyGov site is down and there are queues at their offices, so this may be something you put off for a day or two.

If you have debt and you are worried you cannot make repayments, give your bank a call and ask if you can put repayments on hold.

Banks and finance companies are offering to put repayments on hold for the next 3-6 months. Call them and discuss your situation if you think you need to, but be patient, as calls can take some time to be answered.

If your finances are ok right now, but you are worried about the future ahead and want to know about accessing super I suggest you seek advice before you dip into your future savings.

As I said last week here are some key things to do now to get through these uncertain times:

  • Save. Although there are people panic buying food, buy what you need, reduce your spending and save as much as you can. If you have never created a budget for yourself – I will be releasing my cash flow method and doing a free webinar later this week. Please feel free to join me online.
  • Ensure your personal insurances are in place and structured so they are tax and cash flow effective. Seek advice if you are not sure.
  • Don’t panic about the current financial markets…. Watching your super balance is not a good idea. Markets go down and markets go back up again. Its happened in 1987, 2001 and 2007 – markets will go back up again in time. Although this is a unique situation the world is facing, things will return to normal at some stage later in the year. If you don’t need to access your super in this environment, then don’t.

If you have cash overseas, or looking to invest you may find there are opportunities. If you are looking to invest, I recommend you seek advice and slowly deposit cash toward your investment to manage volatility.

We are here to support you and answer any questions you may have.

If you need a call reach out and we can have a chat.

Amie Baker

Amie is a passionate financial adviser who also is a hard working mum of her 3 boys. With a dedication to helping people in her community and also hosting and running regular charity and fundraiser events, she is a busy professional just like you. Her focus is to help her clients by showing them simple ways they can achieve their financial goals. Amie's success is in the success of her clients.

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