5 tips to help your finances survive during COVID-19

1 May 2020

Three finance professionals answered your questions on finance in the era of COVID-19.

Stock market crash, real estate and credit card debt. These were just some of the topics that were covered at the Get Finance Fit webinar, COVID-19 + Finance, what money moves should you make during a pandemic?

Finance professionals, shared their insights into our finance woes during these challenging times:

  • Andrew Courtney, Director of Plentitude Wealth
  • Effie Zahos, Editor-at-Large, Canstar and Former Money Magazine Editor
  • Professor Shaun Bond, Frank Finn Chair in Finance, UQ Business School

Listen to the podcast

It’s not what you earn that counts it’s what you spend

A phrase that those with credit card debt will understand. Paying down credit card debt is hard but not impossible. The solution? Get a piece of paper and write down your debts – smallest to largest. Crush the smallest debt first and then move onto the next.

Review your situation

Whether you have just become unemployed, or you are wanting to invest, keep a level head and review your own personal situation and goals.

Wondering whether to sell property at a lower value? Ask the question, has it been a good investment? Can you afford to hold onto it? Wanting to buy property? Do you have the income to support not only a mortgage but also the maintenance costs that come with owning a property?

By looking internally and asking yourself a few questions, you can assess the risk versus the reward.

Do your research

If you’re wondering whether to start investing, do the hard yards with your research. There are many businesses that have plenty of cash but market sentiment has brought them down. Don’t try and pick the winners for the short term. Diversify and invest for the long term.

Work on your career

Unemployed? Don’t spend isolation just handing out resumes. How can you increase the value of your skills? Are there courses that you can do to ensure that you stay valued in the workplace? You have earned your ability to earn an income, protect it. (Starting with this free Masterclass from world-leading cyber security expert Professor Ryan Ko)

Learn from your mistakes

Perhaps one of the biggest lessons we need to learn from our finances. Don’t let your finance mistakes cripple you. Learn from them and move on.

The next UQ young alumni webinar COVID-19 +Career: How to stay employable during changing times, will be held on Thursday 28 May.

Find out more about our speakers

Effie Zahos
Register for Effie’s free newsletter Money Mondays
Facebook, Instagram and Twitter: @effiezahos

Andrew Courtney
Instagram: @AndrewDavidCourtney
YouTube: Andrew David Courtney

Professor Shaun Bond
Twitter: @ShaunBond
Discounted courses at UQ Business School

 

 

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