Owing money or falling behind on repayments causes stress at the best of times, the pandemic is even more challenging. Fortunately there is a lot of support options available so you can make a plan to get back on top. Now like any time is a great time to have a financial adviser like VJC in your corner.

Seek advice or consider your circumstances when evaluating financial assistance to deal with the impact of COVID-19.


  1. Contact your financial institution – Personal borrowers the banks are offering temporary deferrals on mortgage repayments, in addition to waiving late fees and interest for credit card payments. However it’s important to note that these options are a short-term cash flow solution, interest will continue to be charged to your outstanding borrowed amounts – meaning more interest could be payable over the term of the loan. Businesses have the Governments Small business loan, unsecured up to $250,000 to assist with cash flow.
  1. Government support – for individuals and families:
  • JobKeeper
  • JobSeeker
  • Increased entitlements for eligible individuals
  • One off support payments
  • Temporary early release of super


In general being in control of your finances and debts is necessary if you want to save, invest, create wealth, reduce debts or plan for the future in general. Whether it’s a credit card, personal loan, student tuition, car finance or home loan, these tips and debt reduction strategies may help you pay off your debts sooner.

  1. Know what you owe

List all your debts, include everything i.e. loan repayments, credit cards, unpaid bills, fines etc. Work out that total of how much you owe.

  1. How much you can afford to pay towards your debts

Create a budget i.e. List all of your income and expenses to see if you have a surplus each week/month. We suggest using one bank account and credit card only so you can clearly see what is coming in and going out.

  • Your surplus money left overs can be used to repay those debts
  • No surplus, a negative balance?  – It’s time to make some choices, consider what you ‘need’ i.e. can’t do without, and ‘want” i.e. could do without, so you free up some cash to reduce those debts
  1. Prioritise!

Pay the essentials first i.e. Mortgage, gas, electricity, then work towards the other lower priority bills.

  1. Build a saving buffer

Use your surplus at the end of each week after the bills are paid to create an emergency fund to combat unexpected surprises.

  1. Get help, ask VJC!

We are here to help and guide you! With the right tools and support we can customised a debt management plan for you and help you get your debts under control for good.​


  • Adrian Rae and Sianty – The VJC Wealth team

General Advice warning: the information in this article is general in nature, it is not advice specific to your needs. If you want to act upon the information in this article then you should seek advice from a qualified professional. VJC WM accepts no liability to any party for acting from this information unless they have sought advice in a formal engagement with VJC WM for this purpose.