COVID-19 is taking its toll on Australians at home and expats all over the world, and we may only be at the beginning of the financial impacts for many families. Even though the world is starting to re-open as Governments across the globe seek to get people back to work, unemployment is still expected to increase and many more businesses will wind up shutting the doors the longer this all lasts.
This week I’m exploring a few quick strategies that Australian expats and those at home can save some extra money each month to ensure that we all get through this volatile period.
- Transfer credit card balances to 0% interest cards
Many banks and financial institutions will allow you to transfer your credit cards to them and offer an interest-free period on this balance. This could be anywhere from 30 – 55 days, which could save you a significant amount of interest on your cards. If you’re in a position where you’re concerned about your credit card debt, consider your options here and explore transferring your balance elsewhere.
- Review your interest rates
If you currently have a mortgage on your investment property or primary residence, explore whether you could reduce your interest rate and/or your regular repayment amounts. Given that the cash rate in Australia is at a record low 0.25%, you could be saving 1 – 2% per annum on your loan. Speak to your lender or mortgage broker and explore your options here.
- Review your household budget
With the current state of lockdown, most households who have not had their job or salary impacted should be saving more money than regularly. Given that we can’t travel anywhere or head out to our favourite restaurants for dinner, these discretionary monthly expenses are all currently on hold. If you’re concerned about meeting your expenses, review your budget and explore what you can get rid of. It’s a good opportunity for you to review your monthly subscription expenses for providers such as Spotify, Dropbox or other apps.
- Consider an extra casual job
If you’re looking for ways to make a bit of extra money, review your options for some casual work. Whether you’re an Australian expat living in Singapore, or you have a full-time job in Australia, given that we’re in the gig economy, there are many ways you can make some extra money both online and offline. If you’re looking at online options, consider such services as Upwork and even drop-shipping services.
If you have any concerns about your financial situation during this uncertain time, be sure to reach out and seek professional advice and financial counselling if you require it.
To Your Financial Success!
Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3
Australian Expatriate Group is a division of Global Financial Consultants in Singapore providing specialist advice to Australians living abroad.
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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.