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Sort Out Your Finances During Lockdown


We may be in the middle of a pandemic right now, but there are certain elements of life that continue on whether we want it to or not. We still have to pay our mortgages, we still have to pay our bills and we still have to work to earn money. During lockdown, it’s hard to think beyond the worry of what’s happening with Coronavirus and how the world responds to that, but you have to if you want to remember to pay your bills on time!

Your finances can still do with a declutter – even now – and it’s the perfect time to get it sorted. You are stuck at home, and while you may be working, you still need to be on top of things. So, let’s take a look at how you can look after your finances in lockdown. 

Coins Inside Jar

Image source: Pexels

  • Look At Your Payments. Right now, your local gym may be shut. So, why are you still paying for it? You need to look at your outgoings right now and see whether or not there are things that you can cancel or freeze while you can’t use them. Everything from the gym to a luxury movie theatre pass can be frozen while you can’t use them, and you can save some cash this way.
  • How’s The Interest Looking? If you currently have a high-interest savings account, how is it doing? How much are you earning with it? You need to look into it and make sure that you aren’t being cut down. Check around and see whether you can get a better interest rate. Right now, you’re likely spending less and able to save more, so a higher interest account is a great idea.
  • Get Receipts Ready For Tax Time. You can get help with your taxes from websites like https://www.taxreturn.com.au/tax-file-number-guide/, but now is the perfect time to gather your receipts so that you can get money back if you’re owed it. If you’re organised now, you can be ready for when tax season kicks in.
  • Get Out Of Your Overdraft. If you have the chance to pay off your overdraft now, do it. You are going to need to have your accounts running properly when the world kicks back in, and if you can pay off your overdraft you’re going to be in a better financial position. 
  • Haggle An Energy Deal. You’re at home a lot more right now, and so the last thing that you want to do is pay out hundreds for your heat and light while you’re stuck. Speak to your energy provider and see if you can make some savings during the pandemic. Given that it’s a hard time for everyone right now, they may be able to offer you a deal so that you pay less!

Lockdown may not be the most fun time, but it’s a good time to start looking at your finances and getting them straightened out. Life is on pause: it’s time to rethink your money!

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