7 WAYS TO PREPARE YOUR SAVINGS BEFORE STIMULUS ENDS

 

Everyone in Australia has been affected by the coronavirus pandemic. Be it stay at home orders, experiencing financial hardship or home schooling kids for the first time. It’s been a novel and challenging experience.

With the economy reopening in some places and lockdowns imposed in others, the Government is winding down stimulus measures from September, cutting payments and tightening eligibility requirements. At this stage, all stimulus will be cut off from March 2021.

With stimulus changes comes uncertainty – what happens next? With a few months until the changes come in, here’s how to prepare your savings for any shocks that could occur.

  1. Audit your current income and spending
  2. Think about future purchases
  3. Consolidate your debts
  4. Automate savings and look into high-interest saving accounts
  5. Have a goal in mind
  6. On a mortgage? It’s time to refinance
  7. Still have some money left over for fun and frivolity

To read the complete article published on homely.com.au, click here