Even if you’re not one of the million plus Australians who is unemployed or under-employed because of Covid-19, you may be facing new or added financial pressure. Maybe your job has changed, or bills are piling up, or there’s a financial hangover from before this all began?

Keeping a clear head, finding accurate information and taking time for yourself will all help as you make your way through. No one knows yet what’s ahead and planning for an uncertain future can feel difficult, but if you’re feeling distressed by your finances during this time, here’s what you can do.

Read up on the government’s economic response

Australia’s federal government has put out a host of economic announcements. Let’s break down the main ones:

• A $130 billion JobKeeper Payment was established to allow impacted businesses to keep paying their employees – $1500 per fortnight, flat rate.
• A Coronavirus supplement is available to people receiving income support payments – that’s an extra $550 per fortnight. They’ve also expanded the criteria for receiving those payments, so you might be eligible even if you haven’t been until now.
• Two separate economic stimulus payments are available to eligible recipients, one from 31 March 2020 and the other from 13 July 2020. 
• A temporary reduction of superannuation minimum drawdown requirements – but make sure you consider all the factors before applying. This is not recommended due to the interest you’ll lose long term. For example, $10,000 with interest over 25 years can add up to a lot more.

Both state and federal governments are also boosting funding to all kinds of services, including free childcare for essential workers, devices and connectivity for disadvantaged students, and expanded mental health services.

Stick to the facts

It’s easier to stay calm when you’re careful about the information you take in. Hype can send our minds spiralling.

Stay in control of your exposure to media coverage. Stick to the facts from reliable sources like the World Health Organisation and the Australian Government’s Department of Health.

News outlets like the Guardian and The Age/SMH break down press conferences from the Prime Minister’s Office and state premiers. That makes it easier to understand the most important points and how they apply to you.

Social media can be a useful source of information but be critical about who’s providing it. Harvard Medical School has advice for figuring out what’s true and relevant, and what should be ignored.
And if you’re feeling bombarded by the news, it’s okay to take a break and switch it off.
 

Talk to a professional about how you’re feeling

Help is available. The government has upped resources to provide better support those of us struggling mentally and emotionally.

If you already have a psychologist or mental health care plan, you will be able to access their services via Telehealth, with the government introducing extra bulk-billing incentives.

Beyond Blue’s crisis line is 1300 22 4636 and operates round the clock. They also have a great list of other resources for specific mental health needs.

More funding will bolster critical phone and online support services like Lifeline and Kids Helpline, with extra training to bring on more counsellors. Lifeline’s phone, text and online chat services will continue to operate during the outbreak.
 

Make time for your wellbeing

It’s normal to feel overwhelmed. Many Australians are juggling working from home, caring for children or other loved ones and trying to ‘switch off’ when there’s nowhere else to go.

The Black Dog Institute offers some great ideas for how to structure your working day. The pros recommend trying to maintain your routine, plus keeping work and home as separate as possible. That means having a specific spot in the house to work (not in bed!), getting dressed and keeping regular working hours.

Stay active. Exercise helps us sleep, eases aches and pains and is great for your immune system. Gyms and pools are closed, but exercise is still allowed – even encouraged – and it’s more important than ever (especially because we’re not walking to the train or up the stairs at work). Get outside for a walk if you can, or jump online and find your activity groove via video.

Keep connecting with others. Social interaction is wonderful for the mind and heart. We have some tips for staying in touch when you’re isolated from friends and family.
 

Find out what your bank is offering

Banks understand that hardship can affect financial and personal wellbeing. 

If you’re under pressure, you might be eligible to defer or put a hold on home loan, personal loan or credit card repayments for up to six months. Be sure to read the fine print around what these holidays involve – for example a home loan holiday is a lot less straightforward than a credit card repayment break.

Mortgages and other loan products are often sold with income protection policies, too. It’s worth finding out whether you’re eligible to make a claim during this time.
For example, if you’re with ME Bank, we are supporting customers through COVID-19 – now, and in the months to come.

We’re even paying bonus interest for three months, to lighten our customers’ loads. Find out how to minimise the impact on your finances.