We've all heard about the coronavirus pandemic, but how has it affected your finances? For many, COVID-19 has impacted income and left businesses uncertain of the future, resulting in financial plans going out the window. In this post, we're going to examine the three main areas you need to focus on when creating a secure financial plan during the COVID-19 pandemic. In all of these areas, a professional financial planner could help stay on track during this challenging period, so check out our advice on how to choose a financial advisor.
Budgeting is key
Keeping track of your incomings and outgoings is the first step to taking control of your finances. In times such as this, when your income may be fluctuating, or you have additional expenses, it's crucial to create a plan you can stick to closely. With this in mind, review your budget every month to accommodate for changing costs. Work together with your household to create accountability and to track your progress.
Start investing
As strange as it may seem to start spending money right now, investing can be a great way to boost your income and support your future. There are many ways to invest your money, from shares and stocks to property investment. Consider hiring an investment adviser to help you navigate the market and ensure you get the best return.
Plan ahead to retirement
With only 24% of Australians having a 15-20 year financial plan, you're not alone if you haven't started planning for retirement. However, it would help if you started thinking ahead so you can retire in comfort when desired. If you're unsure of how to get started, consider hiring an investment advisor. Saving smaller amounts on a frequent basis can leave you with a sizeable nest egg, so even if you're in your 20s, it's not too early to start planning your retirement. If you're looking to create a covid-secure financial plan, then you need the best financial planners in Australia. So, whether you're looking for property investment in Brisbane or wealth management in Perth, check out our top 10 financial planners. Contact us today to find out more.