With Covid-19 causing a huge amount of disruption and creating a large amount of uncertainty in the market, it is now more important than ever to have a strong understanding of your finances.
Each day there are new updates and new information about what is happening here in Australia, and as more information comes out, one of the areas that is going to cause an increased level of stress is in everyday finances.
We have seen the share markets take a hit, which for most Australians would have put a dint in their super and the value of any shares that are held. Have you checked your super since the outbreak started? As scary as it is, it is actually more common for Australians to not know how much they have in their super than those that do.
With the cash rate cut again to 0.25 after an emergency RBA meeting, what does that mean for you? It could be worth looking at refinancing options to try to free up some money during the unknown period ahead.
These areas will have an affect on your overall finances and net position, but an area that will make the biggest difference through a period of unknown is managing your day to day spending. One of the easiest ways to do this is by budgeting.
Do you currently have a weekly budget? Do you stick to it regularly? How do you track it? These are all questions that are now very important.
Financial stress is one of the biggest causes of mental health issues, so the more you understand your financial position, the less it will affect you in an already tough time and will help to take some pressure off through better management.
It is hard to know what will happen over the next few months, and this is why it is even more important that ever to start managing your money better. One solution is thinking 'Do I really need this?' but the best way to take control is to start using a budget or if you are already, ensure you are doing it each week for your expenses.
A weekly budget allows you to get a better understanding of where your money is going and it helps you to navigate times of unknown, with a plan of how you can bring down costs by cutting back spending in certain areas.
At WLTH Finance Tracker, we want to make it as easy as possible for you to track your finances and thanks to our platform we help you to manage everything in one place.
With bank feeds automatically pulling your information into the cashflow area, you will be able to track all of your income and expenses from multiple institutions and cards, to give you a wholistic view of your financial picture. Additionally, you will be able to track expenses so you can see exactly how much you are spending in different areas.
To simplify the way you are currently managing your finances and start managing your money better today, download WLTH Finance Tracker from the Appstore and Google Playstore today and simplify the way you manage your finances.
Written by Ben Crow, WLTH Finance Tracker
Crow, B. (2020, March 19). The Importance of Tracking Your Finances in Uncertain Times. Retrieved from https://news.wlth.com.au/the-importance-of-tracking-your-finances-in-uncertain-times