This article contains 10 ways to positively impact your personal finances during lockdown as shared by our community members.
We can all agree that lockdown has been tough, and for many, this has been the biggest challenge ever faced. Many of our big plans and goals for 21/22 have been derailed and we may be sitting in a worse financial situation than we were a year ago, which can be disheartening.
Last month, Owen and I wanted to encourage everyone in our community, to share the positive steps they were taking with their finances during lockdown, no matter how small. There’s a power in taking small incremental steps everyday. These steps lead to results that aren’t perceptible at first, but rapidly add up over a longer period of time, if you stick with it.
I want to encourage you to start as small as possible. This will build your confidence and you’ll start to gain momentum along the way. Read one page, do one pushup, save $1 etc.
Get going, then get good (as David Perell would say).
It was amazing to see what you’ve all been getting up to in lockdown. Although we could only choose one winner, the positive steps that our community has been taking with their money during lockdown, will pay off in leaps and bounds over the years to come.
If you want to read everyone’s entries, please join our wonderful community. However, I wanted to leave you with our winners entry, which may encourage you during this challenging time.
Here’s what Chanelle has been getting up to during lockdown:
Just wanted to say thanks for the amazing podcast, as a younger investor your resources have taught me (and my friends) so much about the share market and making sensible financial decisions which were never taught at school, uni or by my family! The actions I’ve taken during lockdown to make/ save/ invest money are:
- With libraries closed but so much time to read, I downloaded my local libraries affiliated app (BorrowBox) and borrow ebooks which has saved me from having to buy them.
- Instead of financially donating to charities in this tough time, I’ve began donating plasma at my local Lifeblood. They’re in need of donations so you directly save lives, it’s a genuine excuse to leave home and you get a snack afterwards – really recommend if you’re eligible!
- Enrolled and am completing two free NSW TAFE courses that are of personal interest but will also provide relevant skills in my current industry.
- Procrasti-cleaned from mentioned TAFE courses and donated a few bags of clothes and books to Vinnies, but sold more valuable items (video games, lego) on eBay and made $300.
- Invested my eBay profits using Spaceship and have set up a small monthly investing plan.
- Investigated my super accounts and found a second one from my first ever job, researched and combined them into one with lowest fees but decent return. Did the same with my savings account, combined them into one and made a spreadsheet of what the funds go towards to maximise my monthly interest, settled with ING Saving Maximiser.
- I did my tax return and owed the ATO as I hadn’t paid enough off my HECs since having multiple jobs. I’ve now elected my primary job to pay an extra 10% in tax which will hopefully lead to a return this FY and that’ll pay off my debt.
- I’ve limited takeout to once a fortnight (have to pick up not get delivery!) and embraced cooking at home which has lead to healthier options and trying new foods.
- Less creative moves, have been prioritising putting money into my emergency fund which has now reached my $5k goal.
- Also to learn and reassure myself I listened to podcasts, read and researched ETFs and companies to invest in. I’ve now confidently invested into 3 ETFs on CommSec and will hopefully continue to each month!
What a fantastic list! I hope this shows you that making positive financial moves doesn’t have to be this huge dramatic thing, the small and simple steps you take have a lot of power.
So here’s my challenge to you.
Write down one thing you’re going to do today to positively impact your financial future. The smaller the better. Make sure it’s achievable today.
Got it?
Now stick it on your fridge, kettle or bathroom mirror. Commit to actioning this before your head hits the pillow tonight.
Start becoming the person you want to be, today.
Psst: If you don’t know where to start, enrol in one of our free money & investing courses on Rask Education. They’ll give you plenty of ideas to begin with!
