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5 Money Moves to Make in October 2020

Since I wrote my Coronavirus money checklist back in April this year, I didn’t imagine that we’d still be in the thick of things by the time October rolled around. In all honesty, I still secretly hoped that I’d be on a plane out of here once it all died down, ahh isn’t hindsight a funny thing. Well, since we’re still dealing with the reality of COVID-19 and the fallout that has accompanied it, I’ve put together another five money moves to make, that’ll help you finish the year on a stronger financial footing.

To summarise my last article back in April, I suggested doing the following five things:

  1. Cancel Your Direct Debits
  2. Start Preparing For Tax Time
  3. Pick One Financial Topic to Learn About
  4. Set Up and Automate Your Accounts
  5. Sort Out Your Super

I’ve also included the video below from our most recent episode of The Australian Finance Podcast, where I cover these points as well.  

Revisit Your 2020 Financial Goals

Let’s be honest, most of us have been just treading water and trying to stay afloat this year, and most of our goals have just been left to gather dust. Take some time this month to revisit your 2020 financial goals and work out what you might actually be able to do by the end of the year. 

Your goal of saving $10k in 2020 might need to be scaled back to $1k, but getting started is the most important thing. Another great goal could be to improve your financial literacy skills. This could be done by aiming to complete one of our free finance & investing courses by the end of the year!

Sort Out Your Financial Admin

I can certainly put my hand up here as someone who really needs to sort out their financial admin this month. Whether it’s putting all your papers in physical or digital files, updating your details with your super fund or making sure your tax file number is recorded for your investments, getting a few things done this month will help you finish the year in a much more organised manner. 

Trust me, sorting this stuff out on a regular basis will save you an enormous headache down the track!

Find a Better Deal on Your Health Insurance

If you currently have health insurance or are thinking about getting it, sit down and look through free comparison sites like Choice, iSelect and PrivateHealth, to compare different policies and make sure you’re getting the best deal for your personal health requirements. Like many things, the best deals are often only available to new customers, to lure you in their direction and loyalty is a thing of the past. 

Regardless of whether you have private health insurance, make sure you’ve got ambulance cover. Ambulance Victoria have a helpful checklist to determine if you have sufficient ambulance cover. Unfortunately, not all health insurance plans (especially the basic level ones) include the correct level on ambulance insurance, so it’s worth reading the fine print and not getting caught out!

Talk To A Financial Counsellor

As the support from JobSeeker, JobKeeper, mortgage deferrals and other hardship arrangements starts to lessen, you may need some support to make sure you can get on top of your financial situation. In Australia, we have a fantastic service called the National Debt Helpline (NDH), which provides you with direct access to free and confidential assistance from financial counsellors

Financial counsellors can help you with many things, from negotiating with your provider regarding debt repayments, helping you set up a manageable budget and pointing you in the direction of resources and other services. If you think you could benefit from a helping hand, be sure to get in touch with them and find a solution as early as possible.

Start Planning For Christmas

Although it’s still uncertain where we’ll all be come Christmas time, October is always a good time to start saving and planning for the festive season. Saving $5 per day for the next 60 days, will mean you’ve got a Christmas fund of $300 by the time December rolls around. 

Another encouraging money move we can make this year is focusing on supporting small and regional Australian businesses as much as possible, when it comes to gift giving at Christmas time. Check out the hashtag #smallbusinessaustralia on Instagram or join a Facebook group sharing small businesses for inspiration. 

I’d love to hear about the money moves you’re making during October – so flick me an email at  [email protected] and I’ll share some on The Australian Finance Podcast.

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Afterpay, Zip Co, Sezzle…

Is BNPL the opportunity of a lifetime or is the sector a ticking time bomb?

Rask's analyst has just finished a 7,500-word report, The Ultimate BNPL Sector Report, taking a deep dive into this booming ASX sector. It shines a spotlight on each of the major players. You can get the full analyst report for FREE by CLICKING HERE NOW.

Note: the report is 100% free.

At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

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