So I’ve set these goals to ensure my money is still working for me. I am in a position where thankfully I am on full pay even while I am not working, but I know not everyone is. I work 28.75 hours a week so will be paid my base salary over this time. No overtime but that’s ok as 1 I don’t depend on it to live it’s a bonus and 2 im not actually working at all as don’t have the ability too. I am of course still paying rent, phone, power, food, insurances over this time. But preschool and petrol are not a concern right now. So that money is “free” to be repurposed to better support us in the future. If there is one thing thank Covid 19 is teaching us is that far too many people live week to week and don’t have any sort of income protection insurance.
Now the keeping debt payments to minimum or reducing to minimum is one helpful for me even though I am on normal pay and 2 very helpful for people who may not be. The reason for this is, for me, it keeps money there incase I need it, if I put it into my debt I cannot redraw those funds. We don’t know how long this lockdown is going to let and there will be expenses along the way (extra food) and things we will need to purchase. For people on reduced wages, the ability to reduce to minimum means you are still meeting your obligations to the lender in regards to payments but again frees up the rest for other important things. Now I know some people are hugely reduced and my best advice is contact your bank or who you own money to and see what options are. Front foot the issue and be proactive, it will see you better in the long run, because remember when this is all over and done, you still owe that money, you still have goals for future etc and you don’t want your credit rating/bank scores to be ruined if you can help it. covid19 goals financialgoals review moneymatters moneymoneymoney budgetreview sortmymoneynz lockdown nzdebt nzlockdown debtfreejourney