With my household income drying up rapidly due to virus restrictions my wife and I spent today taking a look at our position; Essentially our expenses now, and where we may be able to limit them moving forward into a cash-flow poor situation.
We have spent most of our lives being, what is colloquially referred to here as, Aussie Battlers; Basically normal every-day, hard working Australians. We have managed to get in front at times, been knocked back down and scrambled again to a neutral or slightly in front position in the last 6 years through sheer hard work and determination. Now...We have to re-evaluate as no income means we will have difficulty paying our expenses, like many others.
We don't have an extravagant lifestyle, are not drinkers or smokers and certainly not gamblers so from that aspect we are fortunate. We have a mortgage though and that's got to get serviced, along with insurances and other month-to-month commitments.
Because I like to be a little ahead of the game I decided to make a call to the bank in respect of our mortgage. Below is the time I was on the phone...Two hours thirty one minutes and 51 seconds...That's when the bank simply disconnected me. In that time I spoke to a grand total of zero people. It was all hold time. (The G-dog was not happy bout dat.)
I get it, they are busy...I guess they'll take note, and call me directly, when I fail to make my next mortgage payment though.
Whilst I was on the phone with the bank Faith was on hold with her superannuation fund about an unrelated matter. I ended up speaking with them also, whilst simultaneously on hold with the bank, and the operator suggested the option of drawing some money out of my superannuation to assist in this virus-affected period which is a possible option I suppose.
The government have announced a penalty (tax free) opportunity for people to remove $10,000 from their super fund to use now...Although it's not penalty free really as those funds are there for the future; Taking them now means they are not there in the future and I'm reluctant to do so. I will have to though of course, if things roll out long enough; I will simply have no choice.
We like to think we're pretty savvy when it comes to our finances and we tend to focus on investments more than feel-good spending. We live a pretty comfortable life, have hobbies, the ability to travel and to enjoy a few things here and there; It's pretty comfortable...As long as we have income.
I'm not sure how this is all going to play out. We will survive it of course, the financial situation and probably the virus too, with a little luck; There are people worse off than we are for sure. That doesn't negate the situation we are in though or make it feel less important to us. It also doesn't mean we feel the stress any less keenly than others. We'll make it through though, and at the moment I'm doing a
good reasonable barely satisfactory job at controlling my anger level at all of this...I keep seeing our future dwindling away and that simply makes me angry.
So, I hope you guys are in a better situation and have some strategies around dealing with any financial (or emotional) complications around this global media-hyped virus situation. Now...It's time to get back on the phone and try my bank again.
Design and create your ideal life, don't live it by default - Tomorrow isn't promised.