How will COVID-19 affect your finances
How will the Coronavirus affect your finances?
The impact of the new Coronavirus disease, COVID-19, is being felt all over the world. Many people are wondering how it will affect their finances as they are finding their situation changing day to day.
The situation in Australia
Our government has been fast in enacting counter measures and keeping the population informed. The latest and most accurate information can be found here at the Australian Government health website, which is updated daily. With lots of information about coronavirus being shared, it’s important to receive and share accurate information, so that you can take the necessary steps to keep yourself and those around you safe.
Employment
Employment conditions may change as the government encourages social distancing. You may find yourself working from home or with reduced hours. For those working from home there are several keys to success. Make sure you communicate your work hours to your family and take short regular breaks from the computer. Here are some more handy tips on how to remain productive and keep your sanity
As of 23rd March 2020, The Australian government has also announced a stimulus package designed to limit the economic effects of COVID-19. You can find details of the package here on the Australian Government website. It is a mixture of support for business and households, including stimulus payments to people receiving government assistance, mostly pensioners.
Another big help (introduced at the same time as the above) from the Government is the interest-free loans offered to small businesses to prevent local businesses from closing during this coronavirus crisis. Here is a useful link for anyone looking for assistance to keep their business going.
Food and Housing
As of 20th March 2020 the Australian Government announced regulations to support tenants and ensure they maintain housing. They also announced that while the supermarket shelves may be a little bare, there is currently no food shortage and supplies will return to normal. If you are worried about keeping your pantry well stocked, we have some tips on saving money on your grocery bill.
Assets
As of 23rd March 2020, if you own a property, it looks like the Government may be looking to offer ‘payment holidays’ in the form of up to 3 months free payments against your mortgage. This is good new for people in the service industry, who may find the coronavirus affecting their working hours.
The stock market has also taken a hit, with an overall dip of roughly 25%. This isn’t necessarily bad news for investors. Uncertainty in the market drives prices lower, but as things stabilise they will begin to pick up again. It’s also a great opportunity for people looking into the market to buy in now. You can practise your trading on the AFX with this sharemarket game. They also have a great education centre with everything you need to know to start trading.
School
The current ban on indoor gatherings does not apply to early childhood services, schools, universities and other essential services such as health care. As of 22nd March 2020, schools are still operating as normal. The department of education is constantly monitoring the situation and is releasing constant updates.
Although the situation may change, this is good news for parents who are working from home.
Travel
As of 15th March 2020 everyone arriving from overseas must self-isolate for 14 days. This includes visiting a school or other education facility to pick up children. This is to prevent people who may have come in contact with coronavirus from passing the illness on without knowing.
As of 9pm AEDT 20th March 2020 Australia has blocked the arrival of all non-citizens. Australian citizens will still be able to return but will be required to self-isolate. So if you have friends or family currently overseas – they will still be able to return.
As many countries are closing their borders people with flights booked to go overseas will need to change their travel plans. Some airlines, such as Qantas, are cancelling flights but letting you keep the value of your ticket as a credit to be used at a later time. So if you have an overseas trip booked, don’t stress just yet! Contact your airline and/or travel insurance for details.Many have a specific policy regarding countries that have reported cases of COVID-19.
Entertainment
Going out for entertainment is becoming harder as many festivals and events are being cancelled. As well as this, many people may find themselves confined to their homes for 14 days in isolation.
Time to take advantage of that Netflix subscription! You may have to get creative with entertaining the family – especially if you do find yourself with the kids at home. Here are some fun ideas.
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Learn an instrument
That dusty old guitar in the corner? What better time to pick it up and teach yourself like you’ve always wanted! You may find many musicians are now offering lessons via Skype. You can even get the kids involved
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Have a sing-a-long
Be like the Italians, and sing from your balcony – here is a short video to help inspire you. Suggested Australian substitutes – Horses, The Voice, Land Down Under.
- Learn some new dance moves. Nothing like a bit of well rehearsed choreography to keep the family unified
Be like these celebs, and keep dancing
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Try a new workout routine from home
You can do lot if you have a couple of dumbbells lying around, or you’d be surprised how much a bodyweight circuit can get your heart pumping!
- Take up yoga or meditation
If you are feeling anxious and uncertain, meditation is a great way to centre yourself and calm your mind. Yoga is similar, but you get a great workout as well! Try these guided meditations and yoga sessions for beginners
10 Minute morning yoga for beginners
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Try something new with the kids
Drawing tutorials, origami, baking: there are many activities you can do with your kids using things you have lying around the house. Dig out any arts and crafts things you have playing around and see what you can make! You can even try a video game tournament, paper plane competition.
This article has some great idea to keep kids of all ages busy little bees.
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Get sciencey
Here are 15 science experiments you can try at home with things you most likely already have in the house. The kids will love it, and you’ll both learn something new, fun and exciting!
The bottom line is the coronavirus will have an affect on your finances, but the government is injecting cash into the economy, helping businesses stay afloat and helping people to stay in housing. We all just need to band together and weather the storm.
If you do need some cash to get you through, apply for a fast cash loan with Swoosh Finance.
