Jobseekers urged to plan ahead for supplement cut

With the Coronavirus jobseeker supplement due to end on 31 March, Queenslanders on unemployment benefits have been urged to start planning now.

ABC reported the Government had announced the jobseeker base level payment would be increased by an extra $25 a week, however the Coronavirus supplement of $75 a week would be cut at the end of March.

RACQ spokesperson Lucinda Ross said now was the time for Queenslanders to look at their personal circumstances and, if they hadn’t already, to develop a budget.

“A reduction in income can be very stressful, but it’s important to stay calm and make a plan,” Ms Ross said.

“Whenever there’s a change to your financial circumstances you should review and update your budget.

“Look at your income and add up all your expenses. Using an online budget planner can be a good place to start when assessing your finances.”

Ms Ross said it was important to prioritise bills and cut out any unnecessary spending, like rarely used streaming accounts and gym memberships.

“You don’t want to be hit with late fees, so make sure you prioritise paying your bills on time,” she said.

“For essentials like your phone, electricity and internet, shop around as the savings you could find can really add up.

“If you know you have a big expense coming up, break it down into smaller weekly amounts and put that money in an account you can’t see or touch. 

“You can also try to start living on the reduced amount now, and put away the extra money into an emergency fund, which you can access later if you need to.”

 For more information on managing finances, visit RACQ’s Financial Wellbeing Hub.

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.