The Financial Planning Association of Australia (FPA) has released a free guide to help consumers manage their finances during the crisis.
The Financial planning in uncertain times guide offered tips and advice from the global community of chartered financial planners.
Dante De Gori, FPA chief executive, said the financial impact of COVID-19 was deeper than it currently appeared.
“While Australia might be reopening for business soon, lost income and household debt means consumers are not going to rush into their pre-COVID spending right away,” De Gori said.
“Keeping in mind that the crisis is not over yet, it’s important for all Australians to continue to plan their finances prudently, and tread cautiously before they feel 100% confident of the economic situation, as well as the state of their own personal finances.”
The guide focused on areas of managing cashflow, reviewing additional income opportunities and being aware of scams.
It also suggested to join the gig economy for additional income opportunities, including freelancing, as well as selling unwanted items around the house.
“There isn’t a lot you can control right now, but one area you can control is your cashflow,” De Gori said.
“Can you temporarily scale back your monthly mobile phone plan? Can you save on one or more utilities by switching providers?
“Challenge yourself to see how much monthly cashflow you can free up among your regular expenses.”