Losing your job or being made redundant can be a stressful time. Not only can it affect your career, but it can affect your health and personal relationships
Aside from looking after yourself, knowing where you stand financially and ensuring your finances are sorted out for the next two months plays an important role in clearing your head so that you can make better decisions moving forward.
Things to look at might include the following:
It is highly likely that your spending habits will need to be reviewed, working out what expenses still need to be paid and what you can do without. If required, there are a range of online budgeting tools. One is freely available on the Australian Securities and Investments Commission (ASIC) website at www.moneysmart.gov.au.
Managing debts can particularly be a concern for individuals where there is a large mortgage and/or credit card bills in place.
One common strategy is to consolidate debts (where there is more than one) into the loan with the lowest interest rate. For example, any outstanding credit card debts might be paid off from a home loan that has a re-draw facility helping to reduce any expenses.
Another strategy might be to consolidate multiple credit card debts into just the one card with many providers offering low interest rates in the short term (usually known as a ‘honeymoon period’). This will give you a short period of time to get your affairs in order as the full balance would ideally need to be paid prior to any “honeymoon” period.
Where it looks as if there may be a serious budget shortfall, it may be worth talking to your lenders, especially if they have security over your home, car or other assets. Advise them of your situation and that you wish to discuss repayment arrangements.
One option is to talk to the Department of Human Services, commonly referred to as Centrelink, to find out if you may be eligible for any government assistance such as the Newstart Allowance or family benefits. Their website can be found at www.humanservices.gov.au.
Losing your job or being made redundant can be a stressful time for many individuals. However, for those that take care of themselves and spend the time looking at where they stand financially and planning ahead, the time off from work can be a time where goals can be re-assessed and/or additional skills acquired through training so that new opportunities may be created.
Dee Why Retirement forum – 2UE Morning show at hosted by Stuart Bocking and Mark Welch from KnowledgebankIQ
In this podcast Mark answers some queries around Super and Deeming Rule changes to hit before January 2015 – the basics; Investing in terms deposits – are they riskier than investing in Shares?; and the difference between risk and volatility. Call 13 13 32 to with any financial questions you would like answered and listen in at 954AM.
2UE Morning show hosted by Stuart Bocking and Mark Welch from KnowledgebankIQ Market Volatility – where is the value?
In this Podcast Stuart Bocking and Mark Welch talk about Market Volatility and how to find value in these testing times. Listen online or live every Tuesday to radio 2UE in Sydney on 954AM or call 2UE on 13 13 32 with your questions.
2UE Morning show at hosted by Stuart Bocking and Mark Welch from KnowledgebankIQ
In this podcast Stuart and Mark talk about the Medibank float. Listen online or live every Tuesday to radio 2UE in Sydney on 954AM or call 2UE on 13 13 32 with your questions.
2UE Morning show hosted by Stuart Bocking and Mark Welch from Knowledgebankiq Medibank float, employer contributions and accessing Super due to hardship.
In this podcast Stuart and Mark talk about the Medibank float, accessing your super due to hardship and making sure your employers contributes your super.
Listen online or live every Tuesday to radio 2UE in Sydney on 954AM or call 2UE on 13 13 32 with your questions.
2UE Morning show hosted by Stuart Bocking and Mark Welch from KnowledgebankIQ The eternal dilemma Property vs Shares.
In this podcast Stuart and Mark talk about property and shares and give a few tips around the two different asset classes.
2UE Morning show hosted by Stuart Bocking and Stewart French from KnowledgebankIQ
In this podcast Stuart and Stewart talk about the Medibank float and market volatility.
2UE Morning show hosted by Stuart Bocking and Mark Welch from KnowledgebankIQ Investing in property using a Self Managed Super Fund
In this podcast Mark talks to a listener about his investment in a property through a SMSF.
As a woman, are you busy with work or with your duties in taking care of your family to worry about your own financial situation?
As they say men are from Mars and women are from Venus, the differences between the sexes are evident in every walk of life, including when it comes to finances. Women, at times, tend to place less importance on planning for their future than men. However, it is becoming increasingly important for women to have a plan in place, no matter how strong their current financial standing is.
You might be asking the reasons for this. Some of the most compelling reasons include the time women traditionally have taken out of the workforce to raise children, losing a partner, a child’s illness, separation from a partner on whom the woman was financially dependent.. Given the increasing divorce rate; women find themselves facing more responsibilities than ever before. 48.4% of all divorces granted in Australia involve children.
Concrete facts and figures back up the statement that women in Australia are increasingly spending longer phases of their lives in which they need to be financially stable. Consider the following:
Usually, all of us are our own financial advisors. We plan our funds so that we can make the most out of them. However, what we tend to do is that we focus on our present needs because they are usually more pressing and seem to be urgent in nature. This works fine until we retire.
Retirement, along with its many challenges, brings a sudden pressure on our finances. Accumulated superannuation balances currently fall well short of the required funds.
The purpose of stating the above facts is not to make you anxious. It is to motivate you to start planning. Many women do not have the energy or time to invest in planning for their financial future as they are too occupied with their current activities. See your financial planner to work together on securing your financial future.
 ABS 6224.0.55.001 – Labour Force, Australia: Labour Force Status and Other Characteristics of Families, Jun 2012
 Australian Institute of Family Studies
 ABS 4125.0 – Gender Indicators, Australia, Feb 2014
Have you ever thought about supporting a cause by volunteering yourself?
There are around 6 million Australians who regularly do volunteer work for not-for-profit organisations every year. While this may sound amazing, it is also good to know that a substantial number of Australians are willing to help out others with their valuable expertise and time. The pleasure of giving and making a difference is indeed very rewarding, and it can be a powerful motivation for volunteering.
Volunteer organisations like the Volunteering Australia (www.volunteeringaustralia.org) play critical roles in systematically organising volunteering activities in the country. Through not-for-profit organisations like these, you can find volunteering opportunities that allow you to leverage your skills to contribute and help people in your community, or wherever it is needed.
You can go door-to-door in order to raise funds, go to a nursing home to pay a visit to elderly people, or volunteer as a personal assistant to an executive of a charity – the possibilities of contributing as a volunteer is immeasurable. Besides volunteering for a not-for-profit organisation to support a cause that you deeply believe in, volunteering can also help you gain new experience in an area where help is needed; and make new friends.
You could try volunteering in more than one activity and stick to the one that gives you the most contentment. This will also help you meet people who believe in the same causes.
Volunteering your skills abroad can bring a new meaning to donating your time as there are hundreds of overseas volunteering organisations who would be happy to welcome you aboard as a volunteer. For example, volunteers who are qualified to teach English are highly sought after. In fact, many international volunteering organisations provide food and accommodation for volunteers who are willing to help out in remote communities. There are some volunteer opportunities that enable you to do so virtually through your computer using the internet.
Before deciding to get involved in volunteering, take a moment to consider what expertise you have, what seems interesting to you, and how much free time you have to contribute. It may be possible to volunteer in a way that becomes a family activity.
You can easily find volunteering opportunities in your local community by visiting GoVolunteer (www.govolunteer.com.au). If you are passionate about volunteering, it can indeed open up a whole new world of possibilities.