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COVID-19: What NOT to do with your money during a crisis · She's On The Money

• 0:00
  Speaker 1: She's on the Money. She's on the Money.
• 0:12
  Speaker 2: Hello, and welcome to a special episode of She's on
• 0:15
  Speaker 2: the Money, the podcast for millennials who want financial freedom.
• 0:19
  Speaker 2: Today's episode of the show is brought to you by Upbank,
• 0:23
  Speaker 2: the digital bank designed to help you organize your money
• 0:26
  Speaker 2: and simplify your life. My name is Victoria Devine. I'm
• 0:29
  Speaker 2: a millennial, a financial advisor, and I'm usually joined by
• 0:33
  Speaker 2: my sassy sidekick, Georgia king Alas Today's episode of She's
• 0:37
  Speaker 2: on the Money is going to take a different structure
• 0:39
  Speaker 2: to our usual episodes. As I thought it was important,
• 0:42
  Speaker 2: we had a chat about the only thing anyone is
• 0:44
  Speaker 2: talking about right now, COVID nineteen. Anxiety is peeked across
• 0:49
  Speaker 2: the globe right now, with COVID nineteen impacting our lives
• 0:52
  Speaker 2: in absolutely unprecedented ways. But how worried should you be
• 0:56
  Speaker 2: about your financial status?
• 0:57
  Speaker 1: What should you be doing if.
• 0:59
  Speaker 2: You've just found out you been stood down from your job?
• 1:01
  Speaker 2: How do you sustain yourself financially if you don't have
• 1:04
  Speaker 2: an emergency fund. There's no denying that the strain this
• 1:08
  Speaker 2: pandemic is placing and will continue to place on the
• 1:10
  Speaker 2: global economy is immense and while public health and safety
• 1:14
  Speaker 2: is our first priority and the reason I made the
• 1:17
  Speaker 2: decision not to invite our power Georgia on for this episode,
• 1:20
  Speaker 2: the financial impact of COVID nineteen is something we absolutely
• 1:24
  Speaker 2: need to be discussing. However, that doesn't mean we have
• 1:28
  Speaker 2: to be in a state of panic at a time
• 1:30
  Speaker 2: like this, when everything feels completely foreign. Feeling empowered financially
• 1:34
  Speaker 2: will help you feel a little bit less stressed and
• 1:37
  Speaker 2: a little bit more in control at a time when
• 1:39
  Speaker 2: not a lot is actually in our control. What we're
• 1:42
  Speaker 2: being faced with right now is indisputably daunting, but it's
• 1:46
  Speaker 2: not necessarily going to be impacting you as negatively as
• 1:49
  Speaker 2: the media may currently be reporting.
• 1:51
  Speaker 1: So let's just jump right in.
• 1:55
  Speaker 2: It's no secret that the Corona crisis has already delivered
• 1:59
  Speaker 2: a massive hit to the Australian economy, having already cost
• 2:03
  Speaker 2: so many of us our jobs as across the country, restaurants, cafes,
• 2:07
  Speaker 2: beauty salons, hairdressers, retail stors and so many other businesses
• 2:12
  Speaker 2: have suddenly been deprived of customers and cash flow due
• 2:16
  Speaker 2: to new travel bands, our new social distancing rules, and
• 2:19
  Speaker 2: people just holding back on non essential spending because they're uncertain,
• 2:22
  Speaker 2: they're scared. I won't harp on about this for too
• 2:26
  Speaker 2: much longer, I promise. However, the extent of the damage
• 2:29
  Speaker 2: this virus has already caused can be seen very evidently
• 2:33
  Speaker 2: in the share market, which the share market's gone crazy
• 2:36
  Speaker 2: this week. Despite some of the unexpected surges we saw
• 2:39
  Speaker 2: this week, the share market is still trending downward and
• 2:42
  Speaker 2: probably will continue to do so. Since people started selling
• 2:46
  Speaker 2: their shares and exiting the market a month ago, overall
• 2:50
  Speaker 2: shares have now lost about a third of their value.
• 2:52
  Speaker 2: Whilst we're not yet at the same point as we
• 2:55
  Speaker 2: were when we're in the GFC, we're definitely on a
• 2:57
  Speaker 2: similar trajectory, so it's really important and we are prepared
• 3:01
  Speaker 2: whilst shares are losing value. If you're a shareholder and
• 3:04
  Speaker 2: you own shares, you need to remember that you only
• 3:08
  Speaker 2: lose money if you sell your shares whilst they are
• 3:11
  Speaker 2: currently valued at less. For example, if you had a
• 3:14
  Speaker 2: share that was worth one hundred dollars before the market
• 3:16
  Speaker 2: started to decline, and now it's only worth sixty six dollars,
• 3:19
  Speaker 2: assuming its value has now decreased by a third, you
• 3:22
  Speaker 2: still own that whole share. You don't own less shares.
• 3:26
  Speaker 2: You just have a share that's currently valued at less,
• 3:28
  Speaker 2: which is really really important to remember because if you're
• 3:31
  Speaker 2: a long term investor, which a lot of us are,
• 3:35
  Speaker 2: and whilst it feels really worrying, this is actually.
• 3:38
  Speaker 1: A part of the ride. It's a part of the journey.
• 3:40
  Speaker 2: If you decide to panic sell and get rid of
• 3:43
  Speaker 2: your share or your micro investing platform, this is when
• 3:46
  Speaker 2: you're probably going to lose the most money. This is
• 3:48
  Speaker 2: behavioral finance in action, and I talk about it all
• 3:52
  Speaker 2: the time. This is the stuff we've been talking about
• 3:55
  Speaker 2: for so long. This is when we need to remember
• 3:58
  Speaker 2: that people are not rational being, especially when it comes
• 4:01
  Speaker 2: to money. So it's really important to check ourselves, check
• 4:05
  Speaker 2: our facts, get some advice to make sure that we're
• 4:08
  Speaker 2: not making decisions just purely based out of fear.
• 4:11
  Speaker 1: At the moment.
• 4:11
  Speaker 2: Large listed businesses and behavioral finance aside. The ones arguably
• 4:17
  Speaker 2: feeling the most pain are small and medium sized businesses
• 4:20
  Speaker 2: who really rely heavily on face to face trade. These
• 4:23
  Speaker 2: are our restaurants. These are our hair salons, cafes and shops,
• 4:27
  Speaker 2: many of which who have been pushed into closing far
• 4:30
  Speaker 2: before the mandatory shutdowns will put in place because they
• 4:33
  Speaker 2: simply didn't have enough business coming in the door to
• 4:35
  Speaker 2: sustain themselves. This week has been brutal. I've seen friends
• 4:40
  Speaker 2: and so many people in our community have to make
• 4:43
  Speaker 2: the heartbreaking decision to lay off their teams and close
• 4:46
  Speaker 2: their businesses doors. This week has been full of teary
• 4:50
  Speaker 2: phone calls and two am.
• 4:51
  Speaker 1: Texts for so many of us.
• 4:53
  Speaker 2: All of a sudden, we've been thrown into financial hardship.
• 4:57
  Speaker 2: Financial hardship we didn't even see coming. Not a lot
• 5:00
  Speaker 2: of us have planned for this. So let's jump into
• 5:03
  Speaker 2: some of the questions that our community has had over
• 5:05
  Speaker 2: the last couple of weeks in relation to the world's
• 5:08
  Speaker 2: current financial situation. Brittany asked Victoria, should I switch my
• 5:15
  Speaker 2: super account from high growth to conservative? I'm really worried
• 5:19
  Speaker 2: about how much my super account's already lost. Okay, first
• 5:23
  Speaker 2: things first, I think we need to remember that superanuation
• 5:26
  Speaker 2: is a long term asset. When the share market is
• 5:29
  Speaker 2: so volatile, if you're in a growth portfolio, you're going
• 5:32
  Speaker 2: to see some of that volatility. And that's just the
• 5:35
  Speaker 2: way it is. When we look at risk profiles and
• 5:39
  Speaker 2: we pick a superannuation fund that is in line with
• 5:42
  Speaker 2: our risk profile. We are not picking that for the
• 5:45
  Speaker 2: short term. We're not picking that for two years, four years, five,
• 5:48
  Speaker 2: or even ten. We are picking that portfolio to carry
• 5:52
  Speaker 2: us through, hopefully all the way till retirement. So if
• 5:55
  Speaker 2: you've picked a growth portfolio because you feel like it
• 5:58
  Speaker 2: aligns best to your person risk profile and your personal situation,
• 6:02
  Speaker 2: and you've found that it has decreased in value, I
• 6:05
  Speaker 2: think you need to have a really long, hard think
• 6:08
  Speaker 2: about why you've got superannuation in the first place. If
• 6:11
  Speaker 2: you're in a growth portfolio and let's say you had
• 6:14
  Speaker 2: ten thousand dollars invested and that growth portfolio has dropped
• 6:18
  Speaker 2: by twenty percent over the last few weeks, that's going
• 6:21
  Speaker 2: to take you down to a total of eight thousand dollars.
• 6:24
  Speaker 2: If you switch your growth portfolio down to a conservative
• 6:28
  Speaker 2: portfolio that's usually made up of things like cash, bonds
• 6:31
  Speaker 2: and fixed interests, all of which on average, return a
• 6:35
  Speaker 2: lot lower than the average share market does. So what
• 6:38
  Speaker 2: you're doing is actually crystallizing those losses, which means that
• 6:42
  Speaker 2: you're accepting the losses in your super fund. You're saying, Okay,
• 6:45
  Speaker 2: I had ten thousand dollars. Now I have eight. I'm
• 6:49
  Speaker 2: going to pull that eight thousand dollars out and invest
• 6:51
  Speaker 2: it in another asset. That means you're essentially locking in
• 6:55
  Speaker 2: that two thousand dollars loss, and you're putting yourself in
• 6:58
  Speaker 2: a position where the shares can never make back what
• 7:01
  Speaker 2: they've lost because now they've bought into a different asset.
• 7:05
  Speaker 2: So you're not giving your shares the opportunity to grow
• 7:08
  Speaker 2: again over the long term. If you choose to change
• 7:12
  Speaker 2: your investment profile within a superannuation fund, it means that
• 7:16
  Speaker 2: you sell down one asset to purchase another. So, for example,
• 7:20
  Speaker 2: if you are in a growth portfolio, a majority of
• 7:24
  Speaker 2: your portfolio will be made up of international and Australian shares,
• 7:28
  Speaker 2: it means that you will sell down those shares to
• 7:31
  Speaker 2: buy more conservative assets like bonds, cash and fixed interest
• 7:36
  Speaker 2: like I mentioned before. So essentially what you're doing is
• 7:39
  Speaker 2: switching one asset for another. And if you do this
• 7:43
  Speaker 2: and then the share market returns and you think, oh, okay, fantastic,
• 7:46
  Speaker 2: that's better, I'll change from my conservative portfolio now back
• 7:49
  Speaker 2: into a growth portfolio, you've actually already missed out on
• 7:53
  Speaker 2: the potential recovery that your shares could have had. You're
• 7:56
  Speaker 2: not actually saving anything in the longer term because you've
• 8:00
  Speaker 2: crystallized your loss. When it was down at eight thousand dollars,
• 8:04
  Speaker 2: you've put it into cash it didn't have the chance
• 8:06
  Speaker 2: to recover, and then when you put that eight thousand
• 8:09
  Speaker 2: dollars back into a growth portfolio, you're buying less shares
• 8:13
  Speaker 2: than what you started with. It's also really important at
• 8:16
  Speaker 2: this point to remember that if you are still contributing
• 8:19
  Speaker 2: to your superannuation and you're buying shares, this usually means
• 8:24
  Speaker 2: you are actually buying more shares than what you were before,
• 8:27
  Speaker 2: So instead of just buying ten shares, you might have
• 8:30
  Speaker 2: the opportunity to buy twelve or fourteen shares on average.
• 8:34
  Speaker 2: Thus you're purchasing more shares. So when the market does recover,
• 8:38
  Speaker 2: it'll probably bounce back a whole heap quicker than it
• 8:41
  Speaker 2: would have if you weren't contributing during this time at all.
• 8:44
  Speaker 2: So should she switch her super from growth to conservative.
• 8:48
  Speaker 2: That's not a decision I can make. But what I
• 8:50
  Speaker 2: want you to do is be educated on this, And
• 8:52
  Speaker 2: if you are going to make that decision, the best
• 8:55
  Speaker 2: thing you can do is get some advice on it.
• 8:58
  Speaker 1: First.
• 9:02
  Speaker 2: Our next question is from Evie and she asked, should
• 9:04
  Speaker 2: I take all of my money out of my bank account?
• 9:07
  Speaker 2: I'm worried the banks are going under. I have heard
• 9:10
  Speaker 2: this so many times this week, from messages that have
• 9:13
  Speaker 2: been sent to me on Facebook, to being at my
• 9:16
  Speaker 2: local cafe lining up socially distancing of course, and tearing
• 9:21
  Speaker 2: the guy on the phone in front of me saying,
• 9:23
  Speaker 2: oh no, no, I'm going to the bank later this afternoon.
• 9:25
  Speaker 2: I'm going to be starting to bring out all of
• 9:27
  Speaker 2: my cash. It drives me insane. I have heard it
• 9:30
  Speaker 2: too many times, and yes, these are really scary times,
• 9:34
  Speaker 2: but that does not mean that you should be heading
• 9:36
  Speaker 2: down to your bank and draining your account to put
• 9:38
  Speaker 2: all of your cash under your mattress. A few people
• 9:41
  Speaker 2: have actually asked this as well. Maybe it's because Bianker's friends,
• 9:45
  Speaker 2: mum's cousin's dog told her that if banks crash, you'll
• 9:48
  Speaker 2: lose all your money, and the answer is, actually you won't.
• 9:52
  Speaker 2: Just like our really good friends at up Banking, all
• 9:55
  Speaker 2: good banks in Australia are authorized to deposit taking institutions,
• 10:00
  Speaker 2: so that's ads in banking lingo and these fall under
• 10:03
  Speaker 2: the financial claims scheme the FCSA lingo and because of
• 10:07
  Speaker 2: this it means that we can be sure that our
• 10:10
  Speaker 2: money is safe in our banks here in Australia. In fact,
• 10:13
  Speaker 2: the government actually guarantees up to two hundred and fifty
• 10:17
  Speaker 2: thousand dollars for each account that you have with each
• 10:20
  Speaker 2: different bank, so in short, they've actually got our backs
• 10:23
  Speaker 2: during this period.
• 10:27
  Speaker 1: Next question is from.
• 10:28
  Speaker 2: Emily and she asked, should I make use of the
• 10:31
  Speaker 2: super access policy and take money out of my superannuation?
• 10:36
  Speaker 2: Whilst AI can absolutely understand that so many people are
• 10:40
  Speaker 2: going to be experiencing financial hardship over the next few months,
• 10:43
  Speaker 2: my advice as a financial advisor is to please, please
• 10:47
  Speaker 2: please try and avoid accessing your superannuation unless it is
• 10:51
  Speaker 2: absolutely necessary.
• 10:53
  Speaker 1: Whilst I understand that.
• 10:54
  Speaker 2: For a lot of people, being able to pull money
• 10:56
  Speaker 2: out of super is going to be the thing that
• 10:58
  Speaker 2: pays their children's school fees and keeps a roof over
• 11:01
  Speaker 2: their head, with drawing your superannuation now is going to
• 11:05
  Speaker 2: have a significant impact on the balance of your superannuation
• 11:08
  Speaker 2: when you get to retirement. For example, if you're thirty
• 11:11
  Speaker 2: five and you choose to take ten thousand dollars out
• 11:14
  Speaker 2: of your super this year, you're essentially taking one hundred
• 11:17
  Speaker 2: thousand dollars from future you. If you're twenty five and
• 11:20
  Speaker 2: you're thinking about doing the same and taking ten thousand
• 11:23
  Speaker 2: dollars out of your super, that's looking like a whopping
• 11:26
  Speaker 2: two hundred and thirty three thousand dollars that future you
• 11:30
  Speaker 2: isn't going to have access to. This stuff matters. It
• 11:33
  Speaker 2: is massive, and we're not even talking about the limit
• 11:37
  Speaker 2: of the scheme. So the scheme stipulates that you are
• 11:40
  Speaker 2: able to take ten thousand dollars out of your superannuation
• 11:44
  Speaker 2: for the twenty nineteen to twenty twenty financial year, and
• 11:47
  Speaker 2: then another ten thousand dollars out for the twenty twenty
• 11:50
  Speaker 2: twenty twenty one financial year. So that's twenty thousand dollars
• 11:54
  Speaker 2: in total. So double the numbers I'm talking about, and
• 11:58
  Speaker 2: you'll see why I'm so passion about educating people around
• 12:02
  Speaker 2: the decisions that they're making. If you don't have a choice,
• 12:05
  Speaker 2: which some of us aren't going to, please don't beat
• 12:09
  Speaker 2: yourself up about it. Just make a plan to replace
• 12:12
  Speaker 2: it once you're back working and earning an income. We're
• 12:15
  Speaker 2: all doing the best that we can with the tools
• 12:17
  Speaker 2: and resources we have, and I'm so, so so grateful
• 12:20
  Speaker 2: to be in a country where this is an option
• 12:22
  Speaker 2: that we're able to take if we need it. But
• 12:25
  Speaker 2: I will say here, and I ranted about this in
• 12:28
  Speaker 2: our Facebook group earlier this week, that I'm really disappointed
• 12:32
  Speaker 2: how the government has managed this. So it's not that
• 12:35
  Speaker 2: they're giving us access to super. I think that that's
• 12:38
  Speaker 2: really important and it's a resource that can save a
• 12:41
  Speaker 2: lot of people. However, I am really upset around the
• 12:44
  Speaker 2: lack of education that has been provided when this option
• 12:47
  Speaker 2: was a made available to us. It's not just a
• 12:50
  Speaker 2: twenty thousand dollars decision we're making here. It is more
• 12:54
  Speaker 2: than two hundred thousand dollars in the long term. This
• 12:57
  Speaker 2: is serious. We need to take it seriously. Your superannuation
• 13:01
  Speaker 2: isn't just a bank account full of cash that you
• 13:03
  Speaker 2: can go and spend. It's an asset that is invested
• 13:06
  Speaker 2: for our future, and we need to try and keep
• 13:08
  Speaker 2: it there as much as we can. Our next question
• 13:14
  Speaker 2: came from Beck. She sent me a really long winded
• 13:17
  Speaker 2: message which I have gotten back to her about on Facebook,
• 13:20
  Speaker 2: but essentially she said, I've been stood down.
• 13:23
  Speaker 1: What do I do?
• 13:24
  Speaker 2: I would like to before answering this actually do a
• 13:28
  Speaker 2: massive shout.
• 13:28
  Speaker 1: Out to our friend Kat.
• 13:30
  Speaker 2: For those of you who are in our Facebook group,
• 13:32
  Speaker 2: you will know that Kat has been working absolutely relentlessly
• 13:36
  Speaker 2: on a thread that we created earlier this month on
• 13:39
  Speaker 2: employment law. Kat is an employment lawyer who messaged me
• 13:42
  Speaker 2: earlier this week. She is also a friend of mine,
• 13:45
  Speaker 2: and she said, Victoria, what can I do? I want
• 13:47
  Speaker 2: to help? There are so many people that have so
• 13:49
  Speaker 2: many questions that are going unanswered, and we had a
• 13:52
  Speaker 2: really great conversation about how I didn't feel empowered to
• 13:55
  Speaker 2: answer a lot of the employment related questions.
• 13:58
  Speaker 1: Because it's not my specialty.
• 13:59
  Speaker 2: So Cat put her hand up and said, all right,
• 14:02
  Speaker 2: if you create a thread, I will answer all of
• 14:04
  Speaker 2: the questions. And that post now has more than a
• 14:07
  Speaker 2: thousand comments on it. I am so proud to say
• 14:11
  Speaker 2: that she is a part of our community, and I
• 14:12
  Speaker 2: want to thank her from the bottom of my heart
• 14:15
  Speaker 2: for actually helping our community out in a time that
• 14:18
  Speaker 2: they need it so desperately. Back to the question, though,
• 14:21
  Speaker 2: if you've been stood down, what do you do?
• 14:23
  Speaker 1: First? Things?
• 14:24
  Speaker 2: First, you are not alone. Do not panic, As much
• 14:28
  Speaker 2: as it can feel really really daunting to be left
• 14:31
  Speaker 2: without a job in such a tumultuous period of time.
• 14:34
  Speaker 2: We need to make a plan. We need to keep
• 14:36
  Speaker 2: our heads on quite straight so that we can plan
• 14:39
  Speaker 2: for the future. The first things first is set up
• 14:42
  Speaker 2: a plan. Work out what your budget. Is. As confronting
• 14:46
  Speaker 2: as it is to do a budget when you're in
• 14:47
  Speaker 2: a situation where you don't necessarily have any income coming in,
• 14:51
  Speaker 2: it is so important to know where we stand and
• 14:54
  Speaker 2: where we can go from here. Be ruthless with your budget.
• 14:58
  Speaker 2: What things can we put on pause so that we
• 15:00
  Speaker 2: can save as much money now and not deprive ourselves
• 15:04
  Speaker 2: for the long term. Other things that you can negotiate
• 15:06
  Speaker 2: down first things First, I would be talking to your bank.
• 15:10
  Speaker 2: If you've lost your job, have a chat to your
• 15:13
  Speaker 2: bank about any available assistance. You might spend a little
• 15:16
  Speaker 2: bit of time on hold, but they'll be able to
• 15:19
  Speaker 2: send you in the right direction. Second is look into
• 15:23
  Speaker 2: whether you are eligible for centilink or not.
• 15:26
  Speaker 1: I never thought that as.
• 15:28
  Speaker 2: A financial advisor one of the biggest pieces of advice
• 15:31
  Speaker 2: I would have for my community would be to look
• 15:34
  Speaker 2: into centilink.
• 15:35
  Speaker 1: Yet here we are.
• 15:36
  Speaker 2: Centilink is such an incredible tool and we are so
• 15:40
  Speaker 2: lucky to live in a country that provides us with
• 15:42
  Speaker 2: such support. In our Facebook group, there is a thread
• 15:46
  Speaker 2: of people answering centillin co related questions. There is so
• 15:50
  Speaker 2: much there, but essentially, if you have suddenly lost your income,
• 15:54
  Speaker 2: what you need to know is that you do not
• 15:56
  Speaker 2: need to go to the centilling office. You actually just
• 16:00
  Speaker 2: need to jump online. Because of how many people are
• 16:03
  Speaker 2: applying for sentlink at this point, giving them a call
• 16:06
  Speaker 2: is going to be fruitless. It is going to be
• 16:09
  Speaker 2: really really hard because they are experiencing such an influx
• 16:13
  Speaker 2: of calls and messages. So what I can recommend is
• 16:16
  Speaker 2: their website. If you go to my dot gov dot au,
• 16:20
  Speaker 2: it will take you to a sign in page. If
• 16:22
  Speaker 2: you haven't signed into MyGov before create an account. From there,
• 16:26
  Speaker 2: you need to register your intent to claim, So if
• 16:30
  Speaker 2: you haven't already, you need to link your sent link
• 16:32
  Speaker 2: to your MyGov account. It can be a little bit vidly,
• 16:35
  Speaker 2: but it's quite simple to work out from the MyGov
• 16:38
  Speaker 2: instructions and you can register your intent to claim the
• 16:42
  Speaker 2: coronavirus supplement as well as the job seeker payment. If
• 16:47
  Speaker 2: you have been made redundant, you have lost your job,
• 16:49
  Speaker 2: or you have been stood down for the foreseeable future.
• 16:52
  Speaker 2: The coronavirus supplement is five hundred and fifty dollars a fortnight,
• 16:56
  Speaker 2: which is two hundred and seventy five dollars a week,
• 16:59
  Speaker 2: and it is the job Seeker payment which used to
• 17:01
  Speaker 2: be known as Newstart, but it is effectively double what
• 17:04
  Speaker 2: it was before. The payment for the job Seeker allowance
• 17:08
  Speaker 2: is five hundred and sixty five dollars seventy plus the
• 17:11
  Speaker 2: five hundred and fifty dollars supplement per fortnite, so this
• 17:14
  Speaker 2: is massive for people who have lost their jobs. Payments
• 17:17
  Speaker 2: will begin on April twenty seventh and it'll be available
• 17:21
  Speaker 2: for at least six months. So if you're eligible for
• 17:24
  Speaker 2: this and you have lost your job, this is the
• 17:26
  Speaker 2: one thing that I would recommend you jump on and
• 17:28
  Speaker 2: do and register as soon as possible, because you will
• 17:32
  Speaker 2: be back paid from the date you in state your
• 17:35
  Speaker 2: intent to claim, not the date that you actually finally
• 17:39
  Speaker 2: register for it. So this needs to become a priority
• 17:42
  Speaker 2: because at the end of the day, cash flow is king,
• 17:45
  Speaker 2: and if you have lost your cash flow, replacing it
• 17:47
  Speaker 2: as soon as possible is really really important. The next
• 17:51
  Speaker 2: thing to do is look at your expenses and look
• 17:53
  Speaker 2: at your budget and make sure that you are prioritizing
• 17:56
  Speaker 2: the essentials.
• 17:57
  Speaker 1: So there are going to.
• 17:58
  Speaker 2: Be things that you can't change, there are going to
• 18:00
  Speaker 2: be things that you can change. Can you go without
• 18:03
  Speaker 2: some of those non essential items for a short period
• 18:06
  Speaker 2: of time while you.
• 18:07
  Speaker 1: Get back on your feet. The next thing is.
• 18:09
  Speaker 2: Just don't be too harsh on yourself. No one ever
• 18:13
  Speaker 2: wants to be under financial stress, and no one puts
• 18:16
  Speaker 2: themselves in these positions on purpose. I've heard from so
• 18:20
  Speaker 2: many people this week saying, Oh, I wish I had
• 18:22
  Speaker 2: an emergency fund. I didn't have an emergency fund. Conversely,
• 18:25
  Speaker 2: I've heard in the media from a lot of quote
• 18:28
  Speaker 2: financial experts over the last couple of weeks saying that
• 18:32
  Speaker 2: this is the time that we rely on our emergency funds. Unfortunately,
• 18:36
  Speaker 2: for a lot of us, we don't have emergency funds
• 18:38
  Speaker 2: that are going to be able to sustain the next three,
• 18:41
  Speaker 2: maybe even six months worth of income. So for us,
• 18:44
  Speaker 2: it's more about empowering ourselves with the tools and resources
• 18:48
  Speaker 2: we have access to so that we aren't experiencing financial
• 18:52
  Speaker 2: hardship without knowing what we can do. For any of
• 18:56
  Speaker 2: you who need a helping hand during these super trying times,
• 19:00
  Speaker 2: there are a number of other resources that you can
• 19:02
  Speaker 2: and recommend you do reach out to because.
• 19:04
  Speaker 1: You are not alone.
• 19:06
  Speaker 2: Whilst understanding our finances is really important, it's also really
• 19:10
  Speaker 2: important to understand that this is going to impact a
• 19:13
  Speaker 2: lot of our mental healths. If you have any questions
• 19:16
  Speaker 2: about debt or you're struggling with money, the National Debt
• 19:19
  Speaker 2: Helpline on one eight hundred, double O seven, double O
• 19:22
  Speaker 2: seven is a great place to start. And if you're
• 19:25
  Speaker 2: struggling with anything else, I've put a number of different
• 19:28
  Speaker 2: resources in the pod description for today. That's all we
• 19:34
  Speaker 2: have time for today, but before we end, I just
• 19:38
  Speaker 2: want to remind you all to be kind. This world
• 19:41
  Speaker 2: is becoming a challenging place to be and the importance
• 19:44
  Speaker 2: of community and being kind to one another is going
• 19:47
  Speaker 2: to be more important than it ever has been before.
• 19:50
  Speaker 1: And I don't say that lightly.
• 19:52
  Speaker 2: This period to come is going to be full of heartbreak,
• 19:55
  Speaker 2: disappointment and financial stress for so many of us. Not
• 19:59
  Speaker 2: one person in our community is not going to be
• 20:02
  Speaker 2: impacted in some way by this. Yes, some of us
• 20:05
  Speaker 2: more than others. So keep contributing to the community and
• 20:08
  Speaker 2: ask your money questions and stop spending unnecessarily focus on
• 20:13
  Speaker 2: bumping up that emergency fund if you can, and we'll
• 20:16
  Speaker 2: keep creating content. We here for you, and we're so
• 20:19
  Speaker 2: eternally grateful that you guys have always been here for
• 20:22
  Speaker 2: us too. We want Shees on the Money to continue
• 20:25
  Speaker 2: to be the space that you guys reach out to
• 20:28
  Speaker 2: when you've got a money problem or dilemma, so let's
• 20:31
  Speaker 2: keep that coming. Just before I head off, let's quickly
• 20:34
  Speaker 2: wrap the boring but really important stuff. The advice shared
• 20:38
  Speaker 2: on She's on the Money is general in nature and
• 20:40
  Speaker 2: does not consider your individual circumstances. She's on the Money
• 20:44
  Speaker 2: exists purely for educational purposes and should not be relied
• 20:48
  Speaker 2: upon to make an investment or financial decision. And I
• 20:52
  Speaker 2: Victoria Devine am an authorized representative of Australia Pacific Funds
• 20:56
  Speaker 2: Management Proprietary Limited ABN three four one three two four
• 21:02
  Speaker 2: six three two five seven AFSL double three nine one
• 21:07
  Speaker 2: five one And as always a massive shout out to
• 21:10
  Speaker 2: our pale and audio legend Ryan John for putting this
• 21:13
  Speaker 2: pod together. If you'd like to hear more from the
• 21:16
  Speaker 2: She's on the Money team, please join us on Facebook,
• 21:19
  Speaker 2: where our community shares money tips and tricks every single day,
• 21:22
  Speaker 2: free of judgment. Search She's on the Money on Facebook
• 21:25
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• 21:28
  Speaker 2: want to find us on both.
• 21:29
  Speaker 1: We're also on Instagram.
• 21:31
  Speaker 2: We're it.
• 21:31
  Speaker 1: She's on the money a US. Catch you next time.