With a lot of discretionary spending currently on hold, it’s a unique time to re-evaluate your expenses, reassess your goals, and review your plans.

Re-evaluate your expenses

Like many of us, your bank account could be looking very different now days. Your expenses on certain items like groceries, utilities or online shopping may have blown out, but you’ve probably saved heaps on transport and entertainment.

Everyone’s financial situation is different, but whatever the circumstances, it’s important to sit down and re-evaluate what you want from life post COVID-19—and how you can afford it.

You may want to rein in the extra-curricular activities to build a nest egg, or conversely it might be time to start spending to improve your living situation. Either way, evaluate your current spending and decide if your financial priorities for the future have changed. Need help? Try our budget planner.

Reassess your goals

How are your goals tracking? If your immediate financial goals are no longer possible, are you able to extend your timelines or should you change your focus? 

How about your medium and long-term goals? If you haven’t already, write them down and decide on what’s needed to get them back on track. Your goals will change every now and then and that’s fine. Having them is what’s important as this will keep you focused on achieving financial security. 

Importantly, make sure your goals are SMART—specific, measurable, achievable, relevant and time-bound—and revisit them regularly.

Review your plans

Has COVID-19 changed your plans? Then perhaps it’s time to make new plans. 

Flexibility is key when planning. Rigid arrangements and timelines can provide a sense of order, but when unexpected things like a pandemic happens, rigidity can result in panic and poor decision making. Having a Plan B (or Plan C, D etc) is about giving yourself choices rather than deadlines. Any bumps in the road will then mean you’re prepared and can still achieve a version of your financial dreams.

If revaluating expenses, reassessing goals and reviewing your plans is too daunting it could be time to get some help. TelstraSuper Financial Planning offers a range of financial advice options—from simple advice about your TelstraSuper account over the phone at no additional cost to comprehensive advice. Simply give us a call on 1300 033 166, or request a call back.

The advice in this article is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any investment decision, you should obtain and read the relevant product disclosure statement.