During these uncertain times, you might be nervous about your Super investments. It’s important to consider your long-term goals and make well-informed decisions.
Here are some things to take into consideration with your Super investments to ride out ups and downs in the investment markets.
- Avoid focusing on market volatility as Super is a long term strategy and markets will always be up and down especially during COVID-19
- When investment markets are volatile, don’t make any uninformed decisions based on recent market falls.
- Some investors panic when markets fall and decide to convert all their investments to cash. However this means you lock in your losses and you miss out on any investment market recovery. Markets typically recover over the long-term.
- Investing your Super across a broad range of companies is the best defence to ride out the ups and downs in the markets at any time.
- Holding onto your Super investments, even during downturns, can be an effective strategy if your financial goals and situation haven’t changed.
Look for ways to reduce your spending on a reduced income during COVID
- Look at your expenses to see where you can make quick savings. Every little bit will help!
- Look through your bank or credit card statements for the last two months. Identify anything that isn’t essential, or you can defer for a while. This could be things like subscriptions or memberships
- Reduce your grocery and utility bills to the essentials
- Compare energy suppliers to make sure you’re getting the best deal
- Shop around for Car and home insurance
- If you’re renewing these insurances, get quotes from more than one insurer.
- Request financial hardship for bills
- If you have bills due for essential services such as electricity, gas, phone and water, contact your provider. Explain your situation and tell them you would like to apply for financial hardship.
- You may be able to pay the bills in instalments, or get an extension to pay. If you have credit card or personal loan payments due, continue to make the minimum repayments if you can.
- Things are tougher than usual for a lot of people. Many companies and organisations are willing to help you. The sooner you get in touch, the more options you’ll have.
- If you have private health insurance, contact your fund. Some insurers are offering premium waivers or suspending memberships for members affected by COVID.
If you would like to discuss your financial circumstances, our friendly team are here to help. Contact us today.