Reevaluate your financial goals
The COVID-19 pandemic has brought about a lot of uncertainty for many people, especially when it comes to our financial health.
With the market’s uncertainty in mind it is a good time to reevaluate your finances and consider such things as budgets, entitlements to stimulus packages, financial goals and ensuring cash flow stability in areas that may have been affected by COVID-19.
Re-prioritising goals and ensuring financial stability
When it comes to considering your goals and financial stability, it’s important not to panic or make any impulsive decisions.
These are unchartered waters for a lot of us and the majority of people worldwide are facing uncertainty when it comes to finances and being able to reach their financial goals.
You might want to consider reprioritising your saving goals like the European summer you had been planning for and instead, reprioritise and take advantage of things that will support you in the long-run.
This might be taking advantage of low interests rates or transferring high-risk investments into lower-risk investments to provide you with more stability during these uncertain times.
As a business, you might have been planning to launch a new product or expand your business. However, with uncertainty in mind, it might be best to hold off on risk-averse actions and instead stick to your bread and butter for the time being.
For expert advice, speak to us and we will work together to ensure you are financially stable for the year ahead.
The Government’s Money Smart guide suggests using these four steps to successful budgeting.
- Set realistic financial goals and decide where you want your money to go
- Track your regular expenses and the due date of each as well as your spending habits
- Find areas you can save – no amount is too small
- Make sure to set aside money for emergencies
If you find yourself struggling to save money, you can speak to one of our friendly financial advisors to get your budget back on track.
The Government has been accommodating in its distribution of stimulus packages to individuals and households, businesses, and supporting the flow of credit.
Depending on your situation, you should become familiar with the stimulus packages available to you and how you can go about claiming your entitlements.
Make yourself aware of these packages and know how to claim your damages caused by the COVID-19 outbreak.
Keep your financial goals up to date
We’re here for you during these tough times. If you have any doubt or questions about reprioritising your financial goals to ensure your long-term financial stability contact us today.