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Saver Plus Financial Wellbeing Tips and Resources During Covid 19

The current COVID-19 outbreak provides unique challenges for all of us when managing our money and planning for the future. The Brotherhood of St Laurence’s Saver Plus team has compiled some financial wellbeing advice to help you deal with life disruptions that may occur because of current events and feel more prepared for the coming weeks and months.  Remember, there are lots of services which can assist you to feel more confident and in control of your finances. 

 

Please note, links on this page will go to external websites.

 

Overall wellbeing: 

Find out the latest about coronavirus and use this information to best look after yourself and your family:

Consider a Covid-19 budget 

  • Re-do your budget, considering the potential of a reduction in income and an increase in expenses, e.g. food and medical costs. As a family agree on your needs and wants, and decide on what you can remove from your budget.
    • Who can help: ASIC Money Smart has an updated process called “Covid-19 Making Financial Decisions, Steps to look after yourself and your money: https://moneysmart.gov.au
  • When doing your new budget:
    • Consider paying a little more on utilities (gas, water and power etc.) as soon as possible. This will keep you connected and give you peace of mind if you need to live on reduced income for a few weeks. If you become housebound without contact to the public, be sure you have phone and internet access.
    • If you can start paying a little more as soon as possible on your mortgage or rent it might give you a small safety net if your income is reduced.
    • If you receive any lump sums of money, consider financial areas where you may need to build a safety net. Try to get ahead on any current money owed to people or companies.
  • Consider cancelling subscriptions, memberships etc:
    • Cancel any subscriptions or memberships that you may not be able to use or that may not be essential over the coming months, e.g. your gym membership.
  • If you have an extended absence from work consider checking your insurance policies for income protection:
    • Who can help: You may have insurance policies and income protection insurance through your superannuation.  To find your superannuation, contact the Australian Tax Office: https://www.ato.gov.au/Individuals/Super/
  • Avoid payday loans:
    • Please don’t go into more debt to pay accounts (see creditor advice below).

In Victoria, the Consumer Action Law Centre has put together a series of helpful resources called "Keeping communities connected: A list of financial relief measures for Victorians during the COVID-19 crisis“ https://consumeraction.org.au/keeping-communities-connected/

 

If your income is reduced -  Right now:

Get in touch with your creditors (people or companies you owe money to) to update them and make new arrangements:

If your income is reduced consider letting your providers know that your future repayments may be reduced for a while.  Contact your gas, water or electricity providers to discuss their hardship options. They can add an extension to your bill due date, allow you to pay in instalments, or support you in applying for the Utility Relief Grant Scheme.

  

Want to know more? 

https://www.servicesaustralia.gov.au/individuals/subjects/crisis-and-special-help

https://services.dhhs.vic.gov.au/hardship

Try to pay your smaller bills and not accumulate any more as you may have reduced income and won’t be able to afford to make those repayments. 

 

Rent:

Contact your rental agent if you’re having trouble paying rent to try and negotiate paying later.  There are government plans coming into place so that you can’t be evicted in the next 6 months (April – September 2020)

 

Contact your bank or loan provider: 

If you’re having trouble repaying your mortgage or loans, contact your bank or loan provider to see if they can either pause or reduce your repayments.

 

Post-paid services, Fines etc:

Contact any post-paid service, including fines, to negotiate a payment plan to spread the cost over several fortnights or to see what provisions have been enacted.

 

The tips above are adapted from a Fact Sheet prepared by the Anglicare Australia office called “Covid-19 (Coronavirus) and Financial Wellbeing,” distributed on 16 March 2020; the links have been added by the Brotherhood of St Laurence’s Financial Inclusion Team.

 

Services Australia and Centrelink:

National information can be found at: https://www.servicesaustralia.gov.au/individuals/subjects/affected-coronavirus-covid-19

Need information in other languages?

You can call the Multilingual Service line at 131 202 to get information in language and they also have some info translated online here but nothing about Covid-19 yet (https://www.servicesaustralia.gov.au/individuals/information-in-your-language )

 

Interested in managing your money better generally?

 

If you would like to complete MoneyMinded online, you can so at  http://www.moneyminded.com.au/

 

In crisis and it’s not Covid-19? Ask Izzy is a mobile website that connects people who are in crisis with the services they need right now and nearby: https://askizzy.org.au/

 

If you need support, contact Lifeline on 13 11 14 or https://www.lifeline.org.au/ for 24/7 crisis support and suicide prevention services. 

 

If you need information, counselling and support services, 1 800 RESPECT is open 24 hours to support people impacted by sexual assault, domestic or family violence and abuse. https://www.1800respect.org.au/

 

If you are experiencing unmanageable debt, please contact the National Debt Hotline at https://ndh.org.au/ or call 1 800 007 007. This is for free financial counselling and is available to anyone in Australia. They have a special Covid-19 page at: https://ndh.org.au/debt-problems/covid19/

 

If you run a small business: There is a new service providing free financial counselling for small businesses: 1800 413 828 www.smallbusinessbushfire.org.au

 

In Victoria: See the Business Victoria site here: https://www.business.vic.gov.au/disputes-disasters-and-succession-planning/illness-and-business-management-plan/coronavirus-business-support

 

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