Reduce your mortgage repayments
We don’t mean stop paying, or even take a reprieve from them, instead, contact your lender or your mortgage broker and start talking about renegotiating your rate, locking in a lower rate and additional products like offset accounts. If you are considering any of these, or potentially freezing your repayment, you should always discuss with a finance professional to get the most accurate and appropriate information for your situation.
Negotiate on rent
This isn’t an open invitation to try and take advantage of these times, remember it’s about working in good faith with your landlord. Though you can open dialogue for a reduced rate period or a deferral while your income is limited. Alternatively, this may be a great time to consider the area you are in and downsize or relocate.
Claim your costs
For most of us who have been working from home, we may be expecting a higher than normal power bill is hanging just around the corner. The ATO have introduced relief saying, “keep a log of hours worked and claim 0.80 cents an hour and that reimburses you”.
Be a savvy switcher
Whether you are trying to switch electricity suppliers, insurance suppliers or any other services and costs, make sure you really put the effort in to your homework. Many people actually end up losing out when they get lured by enticing sign up bonuses. Pay attention to what is to come further down the line.
A new energy source
While there is a cost associated with buying new appliances, it is highly recommended to purchase solar and electric items when your existing ones are no longer viable. These are cheaper to run in the long run and will save you in your future.
Switch it off
It is not the easiest one to do, especially when some of us are stuck at home, but try to reduce your energy consumption as much as possible. From your heating/cooling to fridges, and TVs to computers, a lot of electricity is running through your house. Where you can, reduce your use, and opt for non-electrical options. Additionally, stand-by power can make up a chunk of your power bill. It might be time to ask yourself, “do I really need that coffee machine to be on?”.
Right now, we are all feeling the effects of our current environment, hopefully these can help you in some small way.
The above is general information only; for advice and guidance specific to your circumstances please speak to a professional advisor.