Getting the right financial help during Covid-19

THE Covid19 pandemic, and the consequences of the lockdown mean that this is a stressful time for everybody.

Even more so than usual, one of the biggest sources of stress is likely to be money. Keeping finances in check is a challenge at the best of times, but coupled to uncertainty and probable reduced income, it can become overwhelming.

However, there is assistance and advice available, and it is worth taking some time to understand what you can do to get through this difficult period.

❑ Although some expenses can’t easily be adjusted, look at what you can control. Especially during Level 4 lockdown, there are great opportunities to minimise unnecessary outgoings.

❑ Even some bigger household expenses can be reexamined. Many lenders will defer mortgage payments for up to six months for those affected. You can also talk to your utility companies as they may offer some concessions.

❑ If you’re not already a budgeter, it’s the perfect time to start. Having a handle on your incomings and outgoings will make life easier in general, but particularly when things get tough.

❑ No good decisions were ever made through panic. That applies especially to financial decisions. Take your time and get the right advice when considering what you may need to do.

❑ The Government is offering an unprecedented support package to help New Zealanders through Covid19 and its aftermath. Visit covid19.govt.nz or call 0800 779997 for information about the support available to you.

❑ There is also much support available for businesses. See www.business.govt.nz/covid19, and covid19.govt.nz for details.

❑ Many investments have taken a hit due to the virus, including KiwiSaver. If you’re worried about the implications of this, have a chat to your investment adviser. The financial sector is an essential service, so you will be able to contact them.