COVID-19, Money, Wellbeing

The COVID-19 Financial Survival Kit

Published on April 23, 2020 1:01 am, by

Key points

  • The COVID-19 pandemic is having a devastating effect on the the health of millions of people around the world and it’s also causing severe financial impact for millions of people as economies in many countries virtually close down in an effort to stop the spread of the virus
  • Governments have implemented massive financial programs to help protect the financial well-being of people affected
  • Many businesses are also helping out by providing financial relief
  • Navigating the financial impacts of COVID-19 is not easy – there is a lot to get your head around and you’ll need to do it quickly
  • This COVID-19 Financial Survival Kit is a “self-service” version of our COVID-19 Financial Survival program
  • Download the PDF document and follow the 7-day program to help deal with the financial challenges of COVID-19
  • MoneyBrilliant Plus customers can also get additional help by completing the COVID-19 Financial Survival Coaching Program

About the COVID-19 Financial Survival Kit

The Survival Kit is an interactive PDF document that will help you through a 7-day program to deal with the financial challenges of COVID-19.

The program will help you get a handle on your recent cashflow – your Income, Essentials spending, and Lifestyle spending – and help you plan a budget for the future. As you work through setting your budget the Survival Kit provides tactics to help you set your new income and reduce your Essentials spending. It also provides links to lots of articles on our website that provide more detail.

If you’ve lost your job or your income has fallen significantly because of COVID-19 the Survival Kit may not provide the answers to all your questions and challenges – but we sincerely hope it helps.

How to use the COVID-19 Financial Survival Kit

The Survival Kit is an interactive PDF. To use it you will have to download the PDF file and install Adobe Acrobat Reader. Adobe Acrobat Reader is available free from Adobe. When you download the Toolkit you will need to open the Toolkit in Acrobat Reader – it will not work correctly if you open it in your browser because most browsers do not support Acrobat interactive forms.

We suggest you work your way through the Survival Kit completing the tasks for each day – though of course, you can do it at your own pace, based on your own circumstances.

You can save the data you enter into the Survival Kit as often as you like.

Or of course, if you want to, you can print the Kit and do it on paper.

Day 1

If you use MoneyBrilliant details about your recent Income, Essentials spending and Lifestyle spending information will be available straight from the MoneyBrilliant app.

If you don’t use Moneybrilliant you can signup or download the MoneyBrilliant app for free. You can also get the information required for the Survival Kit from your internet banking transaction listings.

You can select the period you are entering your recent Income and Expenses for and set the period you want to budget for and we’ll automatically do the calculations for you.

At the end of the Day 1 tasks, you’ll have a good understanding of what your recent cashflow has been. This is the starting point for planning the future.

Day 2

Completing the Day 2 tasks we will help you figure out what your new Income will be.

You can select the period you are entering your new Income for and we’ll automatically do the calculations for you to convert it to the budget period you selected on Day 1.

We’ll also help you by providing details of government benefits that are available and give you tactics that might help. You can also enter your own Tactics. Where there is more than one Tactic you want to apply we suggest you select the most important one.

Wherever you see a MoneyBrilliant icon there is a link to content on our website that might be helpful.

Day 3

Completing Day 3 tasks will help you set a new budget for your Essentials Expenses.

You can select the period you are entering your new Essentials Expenses for and we’ll automatically do the calculations for you to convert it to the budget period you selected on Day 1.

We’ll also help you by providing details of government and business assistance that is available and give you tactics that might help. You can also enter your own Tactics. Where there is more than one Tactic you want to apply we suggest you select the most important one.

Wherever you see a MoneyBrilliant icon there is a link to content on our website that might be helpful.

Day 3 Checkpoint

At the end of Day 3, you should check to make sure your new Income will be more than your new Essentials Expenses. If not you’ll need to go back and review your new Income and/or review your new Essentials Expenses. Make sure you’ve included any government benefits that might be available and you’ve considered any financial relief options available to reduce your Essentials Expenses.

Day 4

Completing Day 3 tasks will help you set a new budget for your Lifestyle Expenses.

You can select the period you are entering your new Lifestyle Expenses for and we’ll automatically do the calculations for you to convert it to the budget period you selected on Day 1.

You can enter details of any tactics you are going to use to reduce your Lifestyle Expenses.

Day 4 Checkpoint

At the end of Day 4, you should check to make sure your new Income will be more than your new Total Expenses. If not you’ll need to go back and review your new Income and/or review your new Essentials Expenses and Lifestyle Expenses. Make sure you’ve included any government benefits that might be available and you’ve considered any financial relief options available to reduce your Expenses.

Day 5

Day 5 is about getting a picture of any outstanding bills or payments you have that aren’t included in the budget you’ve set. So if you’ve missed some payments you should have already made you can list them here. Future bills and payments should already be included in your budget – so this is just for things you have already missed.

When you select a Category for the bill click the MoneyBrilliant icon to see if we have information on concessions and hardship relief for that type of bill. If we do we will take you directly to our website to view it. If we don’t we’ll take you to a landing page on our website with general information – but as things change we will update this page to provide links to new information. So it might help to check back every now and then.

Day 6

Day 6 is about getting a view of the cash reserves you have access to. This will help in two ways – it may provide a buffer for unexpected things and it may help you deal with any outstanding bills or payments you listed on Day 6.

When you select the Category for the Cash Reserve click the MoneyBrilliant icon to see if we have information on that particular type of cash reserve. The best example of this is currently the Superannuation early access option. We’ll take you directly to information on our web site to help you consider the advantages and disadvantages of accessing your super.

If we don’t specific information on that cash reserve category we’ll take you to a landing page on our website with general information – but as things change we will update this page to provide links to new information. So it might help to check back every now and then.

Day 6 Checkpoint

At the end of Day 6, you should check to make sure the Cash Reserves you identified on Day 6 are more than the Bills ad Outstanding Payments you identified on Day 5. If not, make sure you’ve considered all the financial relief options available for bills and outstanding payments – using all of your cash reserves and accessing your super especially should be a last resort.

Day 7

Day 7 is about getting extra help – including help with mental health.

If you need extra help with sorting out your finances beyond what we can help you with we suggest you contact the National Debt Helpline. The National Debt Helpline is an independent, government-funded, and free service. You can get inĀ  touch with them at ndh.org.au or by phone at 1800 007 007

Maintaining your mental health is also critical. The world is pretty mixed up at present and we face challenges and stresses on many different fronts. But we will get through this – it will pass. It’s important that you look after your mental health and get help if you need it. If you need help we’d suggest you contact Beyond Blue (beyondblue.org.au or 1300 224636) or Lifeline (lifeline.org.au or 13 11 14)

Downloads

Adobe Acrobat Reader

MoneyBrilliant COVID-19 Financial Survival Kit

Remember you will need to download the Survival Kit and open it in Acrobat Reader – it will not work correctly in your browser.

 

Using the Survival Kit on a mobile device

If you want to use the Survival Kit on your phone or tablet you’ll need to install a version of Adobe Acrobat Reader on your device.

 

Feedback and suggestions

If you have feedback on the Survival Kit or suggestions to improve it please let us know by email at connect@moneybrilliant.com.au

 

We’d love you to share it

We want to help as many people as possible, so if you know someone who you think will find the Survival Kit useful please share it with them. We’re all in this together!

 

If you are concerned about the financial impact of COVID-19 or you are facing the uncertainty of losing your job or having your income significantly reduced we can help. Sign up to MoneyBrilliant and we will give you access to a host of tools and features to help you organise your finances and make better decisions about your money. We’ll also give you tailored insights about the financial assistance available from governments and businesses to help you face the economic and financial challenges caused by the COVID-19 pandemic.

You can register for MoneyBrilliant online at www.moneybrilliant.com.au or download our app from the App Store or the Play Store.

 

This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711, ACL 493068). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent. You may also be able to access additional information from the websites of the Australian Securities and Investment Commission (ASIC) and the relevant product providers.

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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