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26 August 2021
Reading time: 4 minutes
Posted
, 13 Comments
The virus continues to upend our working lives, our kids’ lives, and our money lives as well. That said, there's a lot we can do: here are 7 things to do straight away.
We’ll get through this together, so no need to panic. Emotional situations tend to lead to poor financial choices, so be sure to get the help you need as you make financial decisions during an emergency. Take the time to get information and advice on what you would like to do.
The government is acting to support the economy, including leave and self-isolation support, subsidised wages, and business cash flow and tax measures. Find out more on the official COVID-19 government response site.
Especially during an emergency, creating a money plan is key. Financial stresses can cause considerable hardships for you and your family – so having a plan helps bring peace of mind.
If you don’t have an emergency fund, consider putting some money aside each time you’re paid if you can. Depending on how the situation evolves, you may need to rely on your safety net sooner than expected.
If you feel you need to borrow to get by, it’s important not to run to the easiest money available. A short-term payday loan online or a KiwiSaver hardship withdrawal may first come to mind, but there may be other options are likely to be better: government support, temporary loan or mortgage deferral, or consolidating your debt to a lower interest rate with more manageable payments.
The goal is to get through and create as little debt as possible.
A good way to learn about your options is to get personalised help. Reach out to the great team at MoneyTalks (even anonymously) by ringing 0800 345 123, texting 4029 or email:
The earlier you talk to your bank or lender, the better. You might be surprised how they’re willing to make things work with you and your loan. The sooner you get in touch, the better placed they are to help you deal with financial stress. After all, they deal with this sort of thing all the time. Depending on what you’re experiencing, your lender could:
You may be thinking about a KiwiSaver withdrawal and make a 'significant financial hardship' application, but you want to make sure it's a last resort. It's important to know that your KiwiSaver money can generally be withdrawn to meet everyday expenses, but not to repay debt. Tapping your KiwiSaver is a big decision and will shape your future in one way or another, so you want to be sure it’s a smart choice. Here's what to consider before you do.
Crises tend to bring out the best in all of us, but unfortunately the worst can also be seen if you look carefully. Frauds and scams related to coronavirus are popping up like poisonous mushrooms, especially online, so make sure to verify every call, link and email that comes your way – it could easily be a fake. A good way to check is to make a separate call to a published number to make sure something’s the real deal.
Money can be tight, but there are options available.
Sorted teamed up with TVNZ for a half-hour show that helps us all take a breath – and move forward with our money after the lockdown.
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Comments (13)
Comments
29 March 20
Sally L
Thank you this is great positive info, especially the KiwiSaver info I have been wondering about that.
28 March 20
JDB
I have an on-going personal loan with a bank, and already requested for a temporary break for my weekly repayment during the lock-down period but the bank declined my request, and advice me to apply for financial hardship.
My employer already applied for wage subsidy scheme and still awaiting approval of the application. Once approved, I will be paid with a flat rate of $585/week (less the tax). My rent is 200/week, and my loan repayment is 235/week. I can't see how the amount will manage other expenses, including financial support to my family back home in the Philippines.
28 March 20
Missy Longshore
Thank you, this is really helpful during this stressful time.
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