COVID-19 – WHAT IF DEBT WAS A VIRUS?

The world is on edge.  Never before in our lifetime have we been told to isolate, social distance, and in the same voice being told that everything will be ok.  Whatsmore, we are being told now more than ever to sit back and trust the government.  Sometimes these are hard words to swallow, but what choice to we have?

COVID-19 is more than a virus, it is an attack on our way of life and our freedom.  The discomfort we are all feeling by not being able to socialise, but not being able to go to your local restaurant or pub with our family, is called grief.  Grief of our way of life; the way things were; the adjustment; and the fear that things will never be the same again… In some cases, life will never be the same again.

As the world changes, we, within ourselves change too.  It may be that things are currently changing so fast that we struggle to catch up that we end up in a cycle of overwhelm.  This is the reality for most Australians, and people all over the world right now.  So, what can you hope for on the other side of COVID-19?  Restored freedom?  Life to go back to how it was?  What is your perception of reality?

What is freedom?

Freedom is the perception that we have free-will and are able to go about our lives as if we were in complete control.  What happens when the veil is lifted?  COVID-19 has done just that, and it has shown the fragility of life that we are all living in.  As individuals, as governments, as businesses, as life, we have not been prepared for what is coming…

COVID-19 VS Debt

What if debt was a virus?  An attack on our way of life, on our freedom and on our rights to live the life we have always wanted to live.  How can it be that debt has so much control of our life?  Well, debt acts the same as a virus… it defines your life, denies you options when you are overwhelmed, and robs you of your future when it spirals out of control.  What if you became an introvert to your debt?

We think we are doing ok, that we are earning “good money” and that life will be the same forever, but life changes in the blink of an eye; in the snap of your fingers; and remains forever changed.  Since the birth of Adelaide Budgeting we have asked people, what would happen if you lost your job tomorrow?  Do you know your numbers?  How can you survive and thrive within your own life if you don’t know where you are going?  We are now living in the times where these questions are most pertinent.

How much MONEY do we need to survive?

As Australians, each and every single one of us are only a day away from homelessness if we lost our jobs tomorrow.  Think about it.  How could you live your way of life now, if your salary was gone tomorrow?  How would you make your repayments on your mortgage?  How would you pay your car loan or put food on the table for your children?

A typical single person earning $900 net per week, would need $11,700 to self-isolate for 3 months without any government support.

A typical family earning $1800 net per week, would need $23,400 to self-isolate for 3 months without any government support.

What if you needed to self-isolate for double this time?

Never has it been more imperative to have a budget in place, but not just any budget… a budget that encompasses your long and short-term goals, has a strategy around debt, a savings plan, and some spending caps in place that does not limit your lifestyle.  A budget that has your future planned and mapped out so if something did happen, you had a financial buffer and a backup plan.  COVID-19 has shown us that very few of us are in the position to be able to help ourselves and I really think that’s disappointing.  The right budget for you should be simple to implement, fun to work with, and be able to show you how you are moving forward with financial freedom in your life.

Do you have a backup plan or a budget in place?  Do you know how much it costs to be you; for each day of your life?  If you do not know your numbers then a budget is KEY going forward to help you live the life you have always wanted.  Is it time to put your plan in place?

For more information or to arrange an appointment please contact us:

Andrew and Alyssa Mates on 0420 846 454

or via email at:

“An effective budget is knowing which numbers belong where; and what the values of these numbers are to make the magic in your life happen…”

ABOUT THE AUTHOR

ANDREW MATES is the director, money coach and operator of Adelaide Budgeting and has always had a keen interest in numbers and the philosophy of succeeding financially in a world full of consumerism.  Andrew is a valued member of the team and is passionate about education and empowerment around finance and providing people with the confidence to successfully manage their own finances.  Equipped with a Diploma in Finance and Mortgage Broking (but not a broker), Andrew and his team can work with you to create a budget plan and savings strategy that is second to none which will see you kicking goals and doing the things you want to do but never thought you could!

In between helping clients and working on strategies, Andrew also enjoys walking on the beach, playing with Lilly his Labrador and road trips with his wife Alyssa.