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Let's get your budget done

31 Aug 2020

Spending your money wisely during this recession is important. So, what does this involve? We speak with Irvin Tsimane, New Strategic Markets Manager at Liberty.

Tell us why it's important to get your financial affairs in order?

The negative impact of COVID-19 on personal balance sheets will be felt for years to come. It is going to be a long time until personal finances are restored to some sort of normal state. Therefore, the need to start re-mapping your financial journey becomes ever so critical. You will need to build up emergency reserves that can last you at least 6 months should a disaster like this happen again.

Emotional decisions can feel right at the time but are not always good in the long-term, how do you suggest we get perspective on these things?

If you act in haste you will repent at leisure. Panicking during these times should be left to market speculators. Normal people like you and I should always seek the guidance of a Registered Financial Adviser. It is the FA's job to assist you to make the right calls at the worst of times. Their advice is guided by sound financial planning principles that every FA has to adhere to.

What planning tools can we access via Liberty's online resources?

Tools like MyLiberty allow clients to view their investments and risk policies, manage their personal details, as well as retrieve their latest tax certificates. Clients can download the Stash app which will assist with their savings goals. Clients can also use our claims explorer to see what they have previously claimed for and then take the right steps to protect themselves.

Many people are under financial stress because of COVID right now, can you offer some practical advice regarding their finances?

Firstly, re-look your spending patterns. Is it necessary to buy all your groceries from high-end retailers or can you go to other retailers who are not charging double for the same item?  Wining and dining 4 times a week is no longer feasible, maybe treat yourself to only 2 nights a month. Prioritise healthcare, risk protection and savings. Money is tight at the moment, so justify every cent that leaves your pocket.

What's the value of an adviser for someone who is thinking of reaching out? 

A registered adviser will be able to guide the client so they can make informed decisions. Most people are not that well informed about financial products and this can have a disastrous impact on them and their family’s financial wellbeing.

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Liberty Group Limited (Reg. no 1957/002788/06) is a licensed Insurer and an Authorised Financial Services Provider (no 2409).