As the effects of the COVID-19 outbreak hit home for a lot of Australian families, with many people facing financial uncertainty, reduced working hours or job losses, the reality is it’s time for many of us to make shifts to our current financial set up.
While the government continues to realise stimulus packages for Aussie businesses and banks are providing some assistance to their customers, there are also ways you can prepare yourself financially for the weeks, or months, to come.
So with that in mind, here are three expert money moves to keep more cash in your pocket and avoid a Coronavirus money crisis:
Money move #1 - Get a low rate personal loan to tide you through if you're financially strapped but avoid fast cash / payday lenders like a coughing passenger on a cruise ship, as these charge extortionate interests rates (up to 48% p.a.) and ongoing fees.
Money move #2 - Move your savings into top paying account and aim to save at least 20% of your take home pay over the next few months or more to build a financial buffer for yourself. You can still access rates around 2% by shopping around, to give your savings a much needed boost.
Money move #3 - Reduce your monthly costs by switching your home loan or credit card to pay less interest. A 0% balance transfer card can give you an interest rate breather on credit card debt, while the average big 4 bank home loan customer could save over $250 a month by switching to a more competitive home loan.*