How to find your hidden dollars

Times are tough, but here are some unexpected ways to top up your budget with extra cash

Since March this year our incomes have been reduced or, in some cases, have ceased altogether, and investment balances have fallen.

The upshot is that Covid-19 has forced us to take a closer look at our finances.

Federal government stimulus payments such as JobKeeper and JobSeeker, as well as other emergency payments, have helped. Access to super has eased many of us through, as have the opportunities for payment deferrals to banks and utility providers.

What the global pandemic has prompted us to do, though, is to start looking for money in places we might not have considered before. Aside from the stash of cash under the bed, behind cushions in the lounge or in pockets and bags we haven’t used for a while, there are other ways to enhance your finances.

Start by asking, what can you tap into that will help boost your coffers? What assets do you have that perhaps you haven’t considered as assets until now? Where can you seek financial help or discounts? Is there lost money somewhere? And are you owed money, including from the government?

Take the JobKeeper extension, for example. The payment has now been extended to March 28, 2021 and may be available to some people who previously weren’t eligible. And there are also other government payment options, so it makes sense to check your eligibility regularly as rules change over time.

There are some of us who have been left money as part of an inheritance and, for different reasons, haven’t yet received the money. And, then there are creative opportunities where you can earn a few extra dollars on the side.

Our suggestions don’t cover all the avenues for uncovering your “invisible” money, but they are a good start. One idea may lead you to another and ultimately to greater financial strength.