Keeping an eye on your finances is vital

The pandemic and the Australian economic situation has changed the game rules in personal finances. Whilst most of us were used to doing a routine check when needed, 2021 demands us to put a bit more effort into it.

The markets are evolving

Your investing portfolio can be based in Australia or all over the world; either way, it is safe to assume Covid-19 has affected them in some way. After analysing the impact on your portfolio, it is necessary in almost any case to reconsider your investment plan and strategy. This doesn’t mean making new decisions every month, but just making sure the consequences of the past year and a half are taken into account for the foreseeable future.

Plan ahead

Reassessing your finances on a regular basis can help you prepare for unexpected rainy days and avoiding the initial shock. Something we’ve all learnt since the pandemic is that an emergency fund and a strong game plan can help us overcome the most turbulent moments. Another smart move would be to review your insurance and help your senior relatives or younger family members stay on top of it as well.

Your life and priorities may have changed

Aussies all around Australia, and especially Victorians, have seen their lives and economic situation abruptly change. Lockdowns, property value and job uncertainty have forced many to rethink their financial expectations and concerns. Keeping a positive attitude and remembering this is happening to individuals all over the world, we have no choice but to periodically review our finances and set realistic plans and budgets according to each current situation. Don’t be afraid to ask for guidance to your loved ones when needed: the pandemic has taught us the importance of sharing experiences and learning from our peers who are going through a similar moment.

Morning coffee with a side of news

The historical morning routine has been widely replaced by social media and email check. However, with drastic changes happening every day, dedicating just a few minutes to local and international news can help you swing the bat in the right direction. If the newspaper is not really your thing, you can follow some financial gurus on social media, listen to podcasts on your commute or make an appointment with an expert.

If you’d like make an appointment with our team of experts, give us call.