Posted 10 months ago
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Remember when the mention of the word “Corona” had you running to the fridge to cut yourself a wedge of lime?
It seems like a lifetime ago, but my, how quickly the world has turned upside-down.
Who could have imagined that we would be where we are now. The country all but shut down, holed up in our homes, treating friends and strangers alike. Don’t even get me started on the ravenous hordes devouring every roll of toilet people they can find…
We still have no idea where this will end, how many will fall ill and, heaven forbid, lose their lives. However, the economic cost is already hitting millions of Australians hard. While the government has responded with generous relief packages, these will only result in moderate relief if you’ve lost your job. Our growing casual workforce has been hardest hit, with those jobs more often than not being the first to go. With little safety net available, lines at Centrelink are snaking around the block with stressed-out people wondering what to do next.
We are in uncharted territory here. There is no playbook to which we can turn for advice. However, we’re a resourceful bunch in Australia. We know a thing or two about staring down adversity with a cheeky grin and healthy dose of gallows humour and ingenuity.
If you’re looking at your bank balance and wondering how it’s going to last until the final square of Sorbent has met its fate where the sun don’t shine, then now is the time to get a bit creative. With that in mind, we thought we’d share a few ideas that might help you weather the COVID-19 financial storm:
Interesting Times
Unfortunately, there are far too many organisations that are only too happy to profit from others’ financial distress. A short-term loan may seem like a lifeline in a time of fiscal crisis. However, the hidden costs all too frequently lead to disaster. With jobs and futures uncertain, one missed or late payment can trigger a cycle that will have you trapped in debt for months or even years to come. The good news is that Speckle offers a safe, affordable alternative to payday loans. At around half the cost and with easy repayment terms, qualified customers can have much-needed, risk-free cash in their accounts within 24 hours.
For Goodness Sake, Stop Hoarding
Aside from being antisocial and unethical, hoarding makes absolutely zero financial sense. Coles, Woolies and Aldi recently released a joint statement reassuring the public that they have enough of everything and imploring people to be kinder to their staff. Panic buying and hoarding only sabotage your short-term cash flow buy purchasing things you don’t need and too much of the things you do. If your income is in jeopardy, you need to be figuring out how to make it last. Start by not blowing it on 3764 packets of linguini, 3621 of which will still be burning a massive hole in your cupboard once the virus has run its course.
Limit Take-Away & Delivery
With eating establishments now closed, the masses are turning to meal delivery as their lifeline. It’s praiseworthy to want to support struggling eateries. However, over-indulging is going to drain your balance very quickly, especially when delivery charges are lumped on top. With most of us stuck at home searching for ways to entertain ourselves online, this could be the time to start researching new and exciting recipes and start brushing up on your culinary skills! Still stuck for inspiration? See the next section!
Veg Out
The second thing you’ll notice at the supermarket, after the empty shelves, is that the fresh produce section is almost always well-stocked. This is the perfect time to experiment with different ways to incorporate more fruit and vegetables into your diet. The health benefits for you and your family can be enormous, and you may be pleasantly surprised at how much you can do with plants. Best of all, with meat prices at an all-time high, you can whip up something that’s bursting with flavour on a shoestring. From fiery curries and sizzling stir-fries to rich moussakas, stews and pies, you’ll be amazed at how affordably satisfying many plant-based dishes can be.
Caffeinated Coping
Can you imagine coping with all this insanity without coffee? Fortunately, many cafes are still open for takeaways, but the cost of your daily brew can start piling up pretty quickly. You can save a packet by channelling your inner barista and brewing your own java at home. Get online and order roasted coffee beans or ground coffee delivered to your door. Then, arm yourself with a french press or percolator, and you’re on your way to a superb, home-brewed caffeine fix. For the more discerning coffee snob, many benchtop espresso machines are available starting from as little as $200-$400. That might represent a bit of an investment in these tough economic times. However, at an average of $4 for a latte, it’ll just be a couple of months until you’re saying, in the immortal words of Darryl Kerrigan “Just paid for itself!”
Back to Basics
If there’s one lesson human economic history has taught us it’s that in tough times, trading and barter flourish. With online and social media swap groups all the rage, it’s never been easier to get your Marie Kondo on. Turn your unwanted clutter into cash or trade it for stuff you really need without the associated cost. You may be amazed at how much you can save!
If You Don’t Ask, You Don’t Get
Some people love to haggle. Others would rather mud wrestle Coronavirus. In these extraordinary times, setting aside your discomfort and asking for a break is not only acceptable, it may be essential. Whether it’s a reduction in utilities, a temporary freeze your mortgage or rent or a better deal on vital services, now is the time to have an open and honest discussion with your providers. If you’re up front about your situation, most of the time, they’ll help you determine what can be done to ease a bit of the stress.
It’s incredibly helpful to know that even in our isolations, pretty much the entire planet is united in their experience of this pandemic. However rocky the path, we will get through this together. It’s completely understandable to feel stressed about the economic impact of this global crisis. However, this healthy dose of ingenuity and tenacity, you can cut your expenses and make the most out of every precious dollar.
If, despite your efforts, you’re still struggling, please drop us a line. We’ll be happy to put you in touch with a financial adviser that can assist you to navigate the stormy waters.
Stay safe, stay healthy!