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Coronavirus: Financial Security in a Pandemic

Coronavirus: Financial Security in a Pandemic
Coronavirus: Financial Security in a Pandemic

Financial security and pandemic. The two don’t really go hand-in-hand, do they? As if facing a global health crisis wasn’t terrifying enough, the world’s economic nosedive is hitting Australian families and individuals hard. Really hard. But as with most things in life, rest assured there will be light at the end of the tunnel. As cheesy as it sounds, we really are all in this together. Out of this strange and unwelcome period will come a brighter future for Australia and the rest of the world. So while we work on our self-isolation best practices, what are the steps we can take to achieve a sense of financial security in a pandemic?

Find out what government support applies to you

The Australian Government is currently providing financial assistance to Australians during this uncertain time. The assistance includes income support, household support and temporary early releases of superannuation. All the important details can be found here.

Be sure to also look at your state government and find out what packages and recovery efforts apply to you.

South Australia: The SA government has unveiled a $1 billion jobs stimulus package. Keep an eye on media releases and updates here.

Tasmania: The Tasmanian Liberal Government has prepared a $420 million stimulus package to support Tasmania. Keep an eye on media releases and updates here.

ACT: The ACT Government has prepared an economic support package of $137 million. Keep an eye on media releases and updates here.

Northern Territory: The Territory Labor Government’s $65 million Jobs Rescue & Recovery Plan has been introduced to keep shops open, cash flowing and Territorians working. Keep an eye on media releases and updates here.

Western Australia: The WA State Government announced a $607 million stimulus package to support WA households, pensioners and small businesses in the wake of COVID-19. Keep an eye on updates here.

Queensland: The Queensland Government has announced a $4 billion COVID-19 package to support Queenslanders’ health, jobs and businesses. Keep an eye on updates here.

Victoria: The Victorian Government has announced a $1.7 billion economic survival and jobs package to support small and medium sized businesses in Victoria. Keep an eye on updates here.

Write up a budget plan

If ever there were a time to start being conservative with your funds, now would be it. You’ll feel an alleviating sense of financial security in a pandemic if you can stick to a well-curated budget. Remember, the ever-changing economic climate brings all kinds of financial stress, so you’ll want to keep updated on what’s happening and budget around that.

Accept the current state of affairs and do what you can to work around it. Try to avoid spending as if everything is normal in the world. Evolve and adapt your spending to suit the current climate. That being said, please don’t panic buy.

Panic buying goes against the idea of budgeting for a pandemic. You might find yourself buying excess of what is necessary, being left with little funds to support other areas in need. Excessive stockpiling can also lead to price gouging, which is when the prices of certain supermarket items double or triple in price. None of us want to pay $20 for toilet roll.

Pay attention to budgetary changes

Now that you are in self-isolation, you will notice certain expenses disappearing and others rising. As you won’t be leaving the house, you will no longer be paying for petrol or for drinks or a night out. You will, however, be using electricity and water at home a lot more. Consider these variables and tailor your spending habits around them. You will need to pay close attention to what money goes where as it will be different to your routine money management system.

Carefully consider a loan

Australian Lending Centre is a leading provider of bad credit loans and consolidation loans Australia-wide. We strive to assist people who have multiple credit cards and personal loans. With the introduction of the coronavirus, we understand finances are tighter than ever. ALC can lend a helping hand. We offer a wide range of financial services and can provide a product to match your individual needs. From debt consolidation and debt management, to credit repair and low doc loans, ALC can help. Get started on your loan application here.

Look after your mental health and well-being

It may be the last on our list, but it is indisputably the most important. A healthy mental state is vital to feeling a sense of financial security in a pandemic. If you feel mentally on top of things, the finances will follow.

Avoid Fake News and Sensationalised Media

One of our top tips would be to avoid fear-inducing media if you find yourself inclined to anxiety. Although we have addressed keeping up to date with the latest pandemic news, this doesn’t mean delving deep into conspiracy theories and reading about all the tragedies. Have an understanding and be aware. Just don’t spend all your time consumed by COVID-19 news.

Stay Busy and Engaged

Try to keep yourself occupied with hobbies. Read a book. Go for a jog. Clean the house or learn a new recipe. Being homebound doesn’t have to mean being bored out of your brain. It certainly doesn’t mean sink into the couch and rotate through Netflix series’ all day.

Seek Support

Finally, seek support if you’re feeling helpless. Beyond Blue has a dedicated page on its forums to help those who are experiencing mental health depreciation due to the current global crisis. You can contact the Australian Government Department of Health on their national helpline (1800 020 080) for information on the pandemic. There will always be people you can speak to and people who can help.

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Financial Planning

Tips to Manage Financial Challenges

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If you are in a difficult situation facing financial challenges, learning how to properly use loans, for bad credit applicants, can help.

Do you have a steady source of income which covers not only your needs but also your wants as well? If you’re one of the thousands of Australians who want secure finances but are also dealing with financial issues, you may be wondering how you can achieve that reality.

What Are Your Financial Challenges?

Like many individuals in serious debt, you are probably worried about trying to pay for your daily living expenses and outstanding debts, while wishing to buy a home, a car and probably take a vacation. If so, don’t ever think that you’re alone in this aspect. There are also many struggling parents who need to save for your children’s education while paying off debts and adults with elderly parents to support. And, things get worse when you are going through a divorce, dealing with a death in your family or probably looking for a substitute job for the one you recently lost.

The truth is that there are many events in life that test not only our ability to cope financially but to think positively and overcome these trials with a smile.

Use your financing options to manage these financial challenges

Learn how to take control of your finances, boost your borrowing power and secure a better financial life with the following tips:

Write down each of your goals

Are you really determined to pay off all your high-interest loans? Or do you just need to have a better credit rating so you can borrow even more? Sometimes, we don’t actually know what we want. We just keep on looking for solutions to our immediate problems without looking into their root cause.

For example, if you have $5,000 worth of debts, both in consumer credits and loans, do you trace back to the causes of those purchases? Or, do you simply skip the reflection aspect and look for better financing that could lower your interests so you can have more money to spend on your needs and wants?

While there is nothing wrong in looking for better deals, such as low-interest and easy to pay bad credit loans. Finding the root of the problem in your finances can help you make better decisions with regard to budgeting and balancing your sources of revenue.

Swap the present wants for future needs

Are you spending a few hundred dollars on things you can live without—such as a gym membership, magazine subscription and a trip to your favourite coffee shop? If so, think of how you could use the money to build wealth, like starting a retirement plan to secure your finances in later years.

The sooner you start saving for retirement, the more financially secure you can be when you finally stop working. These contributions are typically tax-deductible, so aside from getting a tax credit for starting a retirement plan, you can also grow your money faster because savings grow faster in a retirement plan as a result of tax-free compounding.  In the end, even small contributions can make a significant difference over time.

Diversify your investments

Do you know how to protect yourself against ignorance? Warren Buffet says that it is through ‘diversification’. Since you’re not really sure if an investment will appreciate over time, you should diversify your portfolio to ensure that your exposure to any individual asset is limited.

What are the asset classes that you currently hold?

Are you involved in alternative investments like real estate, or are you simply invested in stocks or bonds?

Instead of chasing performance for a single investment class why don’t you add a good mix of real estate, cash, bonds and stocks in your egg basket? This way, you can protect your financial portfolio from wreaking havoc when the market declines. If you put more than 15% of your money into a company’s stock, you may be heading for disaster. While you may not be thinking of the worst-case scenario, preparing for these things can help you when you lose your job and your other sources of income. Losing your investments as well, all at once is not an easy crash to bounce from.

Grow your wealth

One of the most important benefits of bad credit loans is that you can use it for wealth maximisation. Create a long-term investment strategy that requires adjustment in your personal budgeting and your appetite for risk. This helps to ensure that no major market glitch will pull your finances down. You never know what will happen tomorrow, but one thing is for sure… life goes on and with the right mindset and professional help, you can enjoy a comfortable and financially stable lifestyle.

Contact the Australian Lending Centre today and receive financial advice from our specialist loans team.

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Financial Planning Financial Fitness Short Term Loans

Starting a New Job? Here’s How Short-Term Loans Can Help You

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Congratulations on your new job! Whether you applied for this job for experience, for pay, or both, here’s how short-term loans can help you get started on the right foot.

Cover Job-Related Expenses

If you were laid off, or you just started working for the first time in your life, you’ll eventually realise that you must spend money in order to keep your job. That means you need to get ready for job-related expenses, such as:

Transportation Costs

Your new job may require you to use your personal vehicle or take public transport for work-related reasons. Fuel and bus fares can be pretty expensive, especially if you’re travelling a long distance to get to the workplace. Since commuting may not qualify you for tax breaks, it is best to discuss the possibility of reimbursements with your boss for work-related travels. You can also enquire at the tax department about job-related tax deductions, should any of the allowable deductions apply to you.

Accommodation/Travel Costs

Does your job require you to travel to various places in order to find new clients or meet potential investors? If so, it is advised to discuss the travel expenses with your employer. If there is a delay between reimbursement can leave you out of pocket so short-term loans can help with this. Whether you will have to pay for it first and be reimbursed later or if they will provide the money upfront every time you travel. Just in case you’ll have to shoulder the cost first, you can rely on short term loans for quick cash. But, always remember to bill your employer so that you won’t have to foot the bill all by yourself. Otherwise, you need to shoulder it and apply for tax deductions for job-related costs later.

Work Wardrobe

Working in style doesn’t have to be expensive. If you have a uniform at work, things would be easier. But, if there’s none, you need to find creative ways to look neat, clean and a little bit stylish. Looking good and being comfortable can boost your productivity simply because you like what you are wearing and you’re proud of it. A short-term loan can help cover these initial expenses.

Look for discount stores that sell high-quality garments at low prices. Choose clothes that can serve double duty. For example, if you’re in the corporate world, buying black pants, skirt (for women) or a jacket would be a great idea. You can match it with a white shirt/blouse and black shoes. Purchase an all-weather coat and great fitting jeans. A tote bag can be very useful too, it can hold your work-related items and you can also use it on casual days. For $1,000 you could easily buy yourself high-quality outfits that last; these items will get you through the first few months of your new job.

Pay Your Existing Debts

Do you have a variety of debts? Perhaps you’re dealing with a car loan, mortgage or a credit card balance.

When you run up a large credit card balance, it won’t be easy to pay it off. The longer it takes you to pay off the balance, the more it can cost you.  Make sure that you pay at least the minimum required amount on time.   Defaulting on your debts will not only destroy your credit rating, it could mean additional interests and fees, plus increased risk of bankruptcy. While you’re starting on your new job, try to stay in control of all your loans – including your utility bills.

Set Aside Money for Emergency Needs

Put money aside for emergency needs so that you won’t be in a vulnerable financial situation when an unexpected expense hits you.

Set a Budget That You Can Live With

Nothing is more challenging than setting a budget without money to work on. If you would like to stick to a daily budget, get a short-term loan first, and consider it as your first salary. Create a daily budget out of that amount (make sure that you are basing it on the actual salary you are expecting to receive) and follow it. Plan your day and budget your daily meals, transportation expenses, utilities, recreational activities, etc. If you’re fond of eating out, perhaps it’s about time to eat healthy home-cooked meals. You might be too busy to cook on a daily basis, so why don’t you prepare your meals weekly? Stock your meals inside the fridge and simply heat them on the weekdays.

Australian Lending Centre can help employees achieve financial independence. Learn more about our short-term loans by making an enquiry today!

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Financial Planning

How Quick Loans Can Help You Take Control Of Your Finances

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If debt is a pervasive part of your life, and every now and then you are looking for quick loans, you are not alone. But, don’t you know that you can find your way back to a stable financial ground with good planning and a little bit of work? Learn how quick loans can help you take control of your finances.

People are in debt because…

There are many reasons why people get into debt. Some simply had to use it to deal with bad circumstances such as illness, accidents, divorce, and other financial setbacks; while others simply lack financial management skills and budgeting strategies.

Current stats on Australian debt:

Federal Reserve research shows that Australian households have a total of $2 trillion unconsolidated household debt. But, despite the increasing financial obligations, consumer spending in Australia increased to 23.8 AUD Million from July to September 2016. It is roughly a million higher than the 23.7 AUD Million consumers spending in the second quarter of the same year. These results could mean that household debt and consumer debt are increasing, as more people are willing to apply for loans, credit cards and mortgages.

So, how do you prevent debts from cutting into your paychecks? Well, you can increase your income, practice money-management tips and use quick loans to cover your immediate financial needs while working on it.

Strategies to help you take control of your finances

Make a workable budget that you can stick to:

You can start by jotting down your most urgent expenses and the overall cost of all other things you will use the money for.

  • Prioritize spending. You may be surprised that the thing you think you need most, is not even worth it.
  • Don’t forget to write down even the frivolous purchases
  • Keep track of your daily expenses, such as fare, coffee, food and other necessities
  • Check for alternatives. Can you pack lunch instead of buying take-out meals?
  • Set your financial goals. There’s a huge difference between financial dreams and financial goals. A dream is what you hope for, while a goal is something you planned to achieve. You plan it to make it happen. You don’t dream about it and allow things to flow in its natural course. Financial goals require action. You take an active part in its realization.

Create a list of the following:

  • Things you want to accomplish
  • The resources you will use to achieve them
  • Time frame
  • Cost
  • Action plan. Make sure that your plan will work considering your budget.
  • Repay your quick loans on time. When does the repayment date start? Include the date in your action plan. When you have a deadline to beat, you will have enough motivation to make yourself productive until it happens.

Do you need quick loans now? Where will you spend it on? Whatever is your reason in applying for a loan, the Australian Lending Centre is here to help you. If we helped thousands of Australians deal with their financial troubles, why can’t we do it for you? Call us now!

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Financial Planning

Good Resolutions You Should Know About with the New Financial Year

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Good Resolutions You Should Know About with the New Financial Year

You may agree that New Year resolutions tend to be very difficult to keep. As the months of the year move on, you may realise that you have already failed in keeping those. More difficulty comes with the financial aspect. It could be very hard to keep the resolve not to overspend or not to make bad financial decisions.

Fortunately for all of us, the new financial year comes to bring a second chance. If you faltered in your New Year resolutions especially those involving personal finance, you may still do better and catch up in the new financial year.

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