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Finance tips to get your through the COVID-19 crisis

Tips for managing finances COVID-19 during COVID19

FINANCE TIPS COVID-19 There’s no doubt that many people are hurting financially in the midst of the COVID-19 crisis. We spoke with Financial Planner Alex Jamieson about ways in which you can improve your finances through the COVID-19 crisis.

Alex Jamieson
Alex Jamieson

What should you be doing right now?  

Review the government stimulus there are options for individuals, families, retirees and businesses make sure you are maximising the free handouts which are on offer for free money you might be eligible for payments up to $750 and or interest-free loans up to $250,000 depending on which group you sit in.

From an investment, standpoint look at your portfolio and construct a wish list of companies you want to own in the future, don’t get caught up in the panic selling.  These opportunities don’t come around that often normally you have to wait 10 years for the next chance.  You will likely get the chance to buy companies which are 30-50% cheaper just because of the state of panic in the world, make a wish list and get moving.

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If you have super or an investment portfolio it is likely you might have some cash and fixed interest consider using 5-10% of this amount to pick up these bargains.  Key areas to think about will be health, infrastructure and technology.  More aggressive plays in travel and tourism in more resilient areas.  Averaging in the position over weeks and months is a safe way to try and smooth out your entry point.

In two months time

The market generally looks out between 3-6 months in advance and most medical professionals are expecting a peak in the COVID-19 virus by around May.  In two months time we should be getting close to the peak of the virus and impact on society, by then look for early signs in your local community that the economy is starting to bounce back and people are wanting to get back to work and their normal life.  If so continue averaging into your portfolio you should be looking for your final positions being set during this time.

In 6 months time following the COVID-19 crisis

By then life should be starting to get back to normal any high-risk investments in areas such as travel sectors should be making a solid return as life starts to normalise and at this stage look to consider your investments and if you are going to hold these longer-term others start thinking about the exit strategy.

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About the author

Life Begins At Editor

Life Begins At Magazine is the ultimate lifestyle publication for those who are retired, semi-retired or approaching retirement. But most importantly, those who believe that life really does begin at 50! Life Begins At has loads of features from celebrity interviews, domestic and international travel, home improvements and gardening, health and well-being, as well as financial tips and advice. The magazine is designed to meet the needs of a whole new generation of informed, healthy and active retirees.

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