6 ways to get cash payment before Christmas


$ 250 to $ 10,000: 6 Ways to Get Cash Payment Before Christmas. Source: Getty

We may be officially out of the recession, but many Australians are certainly not feeling it.

National accounts figures showed economic growth of 3.3% in the three months ended September, after a record drop of 7% at the end of June.

We seem to be renovating and spending at retail to get out of this coronavirus crisis; paying nearly 8% more on goods and services, which only fell in locked Victoria.

While the news for the quarter is good, year over year what is known as our gross domestic product is still down 3.8% and household spending is still down 6.5%.

But regardless, Australia’s economic recovery prospects and, in particular, the employment rate have improved dramatically. Based on forecasts of a 10 percent peak, Reserve Bank Governor Dr Philip Lowe now expects it to peak below 8 percent.

Offering evidence to the federal government’s standing economic committee on Wednesday, he said: “The rebound has been faster than we had hoped, and if we get good news on the vaccine, then I think we might expect to. what this continues. “

But we all still have to spend Christmas. And one affected by Covid in addition.

So what helpers are there to help us as we wait for this promised return to prosperity – and as we also face a fall in JobSeeker to $ 40 a day after March and a slated end for JobKeeper? ?

1.250 $ cash against the coronavirus before Christmas

Now you have to receive social assistance allowance to get it; Included are all retirees, veterans, caregivers, people on family tax benefits, and Commonwealth Elderly Health Card holders.

And that’s part of a total of $ 500 that was announced in the budget. You will receive a second payment in March.

If you are working, you have also already seen a small tax reduction apply. But you’ll have to earn an additional $ 37,000 for this to be meaningful.

2. JobKeeper or JobSeeker? You can claim both!

The two emergency payments were reduced on September 28, by a typical amount of $ 300 to – again – try to keep the payments fair.

To achieve this for the unemployed on JobSeeker, the temporary coronavirus supplement has been reduced from $ 550 to $ 250.

JobKeeper was also cut by $ 300, but in the interests of fairness, a second tier was introduced for people who previously worked less than 20 hours per week (averaged over four weeks). To remedy the fact that some were initially receiving a salary to augment, they now receive only $ 750.

The good news is that the coronavirus supplement on JobSeeker will now run until the end of March, albeit at a reduced rate from January 1 by an additional $ 100: $ 150.

Meanwhile, JobKeeper is also expected to drop starting Jan. 4, to $ 1,000 a fortnight for full-time workers and $ 650 for part-time workers.

Your employer must also requalify each quarter.

But yes, the Treasury has confirmed to Yahoo Finance that it is possible to claim both at the same time.

This is in part because you can now earn an additional $ 300 without affecting the benefits of JobSeeker.

Someone who receives $ 1200 from JobKeeper per fortnight today could also claim $ 276 from JobSeeker. This would bring their total government support payments very close to JobKeeper’s original $ 1,500.

What about the now part-time JobKeeper? They could top up their $ 750 bi-weekly for an additional $ 546. for a total of $ 1,295.

Social Services Minister Anne Rushton recently said: ‘I would encourage any Victorian, or Aussie for that matter, who is concerned about changes to their job or whose earnings have been reduced, to test their eligibility for JobSeeker. or related payments.

“Our social safety net is not just for people who have lost their jobs, it is able to provide a cushion for people who have had or fear their hours or income will be reduced.”

Of course, you have to report all your income, including JobKeeper, to Centrelink.

3. The zero-interest loan – for real

But what if something goes wrong, like your car’s engine exploding or the refrigerator throws it up … if you have what I call a “Holy Sh * t” moment but you don’t have a Holy Sh * t Fund (I recommend preferably six paychecks, sitting in a compensatory account next to your mortgage if you have one).

First and foremost, you don’t have to throw yourself at the mercy of a sky-high payday lender or lease-to-own program.

It could end up costing you several times the price of a property. (Note that there are currently – albeit slow – measures to reduce the costs of these predatory outfits.)

Instead, you can access an interest-free or low-interest loan through a network of hundreds of financial advisers across Australia.

No, borrowing is not ideal. But if it gets you out of a short-term drama and saves you the trouble of having to resort to a much more expensive credit card, it is fine.

4. Ask for help to overcome difficulties.

It’s counterintuitive, but if you’re struggling to pay your bills, don’t wait for it to actually happen. Go to your supplier and explain to them.

Every lender, utility, insurer and telco should have a dedicated trouble-shooting department, to help cash-strapped customers. In addition, these departments are more understanding than ever at the moment.

They will come up with a manageable repayment plan and maybe even cut back on your service.

5. Consult a financial advisor

The most important thing to remember is that you are not alone. There is help at your fingertips… and it’s free.

If you need help, even if it’s just organizing some of the above activities, contact the central registry of Australia’s National Debt Helpline at ndh.org.au or at 1800 007 007.

As part of the COVID rescue programs, the government has significantly increased funding for these services.

Not only will they poll your finances to see what can be found, but they will mediate and advocate for you with everyone from your bank to Centrelink.

6. Access your super

As a last resort, you can access $ 10,000 of your super until the end of this year. You’ll qualify – and know the tax office is on the way to war for people who take out the $ 10,000 but don’t qualify – if you’ve lost your job or seen your hours cut by 20%.

Just be aware that modeling by Industry Super Australia shows that if you already took $ 10,000 last year, that $ 20,000 total you will earn will cost you five times that amount in retirement: $ 100,000

One last word

Know that you are not alone in dealing with Covic’s madness this Christmas. If yours is a little more subdued than usual, everyone understands!

Nicole Pedersen-McKinnon is the author of How to get mortgage free like me, available at www.nicolessmartmoney.com. Follow Nicole on Facebook, Twitter and Instagram.

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