Simple ways you can manage your financial health during COVID-19

The coronavirus (COVID-19) pandemic has impacted Australian families in many different ways, not just how we live our lives but also our financial wellbeing.

Many of us are facing changes to our employment situations including job loss, reduction in income or changes to our work environment. 

Here are some simple resources to help you navigate the financial challenges the COVID-19 outbreak has posed. 

Access the Moneysmart website

ASIC’s Moneysmart website is a free, independent and highly credible place where you can find information and easy-to-use tools to make every dollar count for your household. The Moneysmart website can help you with managing money on a low income, a few simple ways to save money and how to build a budget.

Review critical bills to ensure you’re getting the best deal

Another effective way to squeeze every dollar out of your budget is to review your critical bills that protect and keep your household running and ensuring that you are getting the best deal. 

Resources to help you with this include:

Check what your insurance will cover

If you have experienced redundancy it may pay to check whether you have any Consumer Credit Insurance (CCI) on your loans. Depending on what options you applied (or if you have cover), you may have involuntary unemployment cover within the policy that will pay your payments for a period of time. Every lender is different and not all offer CCI, contact your bank directly to find out if you are eligible.

Review government support options

The State and Federal Governments have released packages to support Australians through this and you or your business may be eligible for financial help. Visit  the following web pages to find out more:

Check your mental health

One of the most important aspects of managing this uncertainty is ensuring you look after you and your family’s mental health and wellbeing. Some great resources to support you include:

Our team at RACQ is ready to help If you’re experiencing hardship, please don’t hesitate to call us on 13 1905 to see how we can help. We look at every individual member’s needs to determine how we can best help them, so don’t be afraid to give our team a call and ask. 

To find more content to help you improve your financial wellbeing, click here.

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.