Chelsea’s story...
With the uncertainty of COVID-19, and an initial hiccup of potentially losing my job, I knew I had to act fast to create a financial plan. I quickly paid off a few hundred dollars of payments I owed out of savings, and wrote up a budget. I consider myself pretty lucky in the sense that I don't have debt, and am single (essentially all my money is for personal use). So I've actually been able to save the same amount I usually would each week (even with a 20% pay decrease).
It has taken this crisis to show me that while $15 on sushi for lunch every day (eek) may be nice at the time, that's a whole lot of money down the drain! I have continued to invest my usual amount ($160) per week into my portfolio, and while the market is still volatile, the benefits of buying super-low are starting to show. I did do some lump sums when the market was down 29% with money I got from TradeMe sales before the shutdown.
As with most people, my KiwiSaver plummeted! Although it has rebounded (for now) - I realise I need to 'lump sum' some money into my KiwiSaver to make up for my pay decrease and hence KiwiSaver contribution decrease. Otherwise I won't get the $521.43 government contribution (worth looking into if you're in my position!). My biggest tip through this is to literally spend no money. Obviously on the essentials, but I have chosen to restrict my spending hugely and it's given me a little more comfort as we navigate the situation.
As things begin to normalise (hopefully soon), I will be making a conscious effort to support local small NZ owned businesses for as long as I'm able to do so.
Chelsea