The do’s and don’ts of what to do with your money right now with leading finance company, Yes Finance.

Panic Selling

A panic induced mistake that people are prone to is to sell property or shares when their values fall. We know this is an error as history shows us that following every downturn is recovery. Even though this present state of affairs is unprecedented recessions are not.

Only sell if circumstances dictate that the extra cash is needed to help you survive this crisis, assets shouldn’t be sold. “Unless your investments are basically defective, it’s mostly better to hold on to them,” advises Yes Finance owner and director, Peter Steel.

Debts

Research by the Commission for Financial Capability also found that those surveyed in May and June revealed a staggering 24 per cent had used a credit card, overdraft of borrowed money to buy food or pay expenses because they have run short of money and one in five owed money after missing a payment on a loan. “The earlier you talk to your lender/bank, the better position they will be in to help you deal with your financial situation,” advises Peter.

Mortgage Overextending

Getting a mortgage that’s too hard to manage is always a risky move at any time but it is now even more so with the current Covid situation. Losing your job or having your income reduce is tough no matter how big your mortgage is, nevertheless borrowing to the maximum amount generates a massive amount of pressure on yourself to get another job paying at least the same amount, in a crowded job market. “Instead take on a lower mortgage but make repayments as if it was a bigger mortgage, not only will this pay down debt faster but repayments can then be reduced when finances are tight,” advises Peter.

Professional Guidance

Not everyone is expected to be a financial expert, so don’t be afraid to seek out advice from a trusted financial expert. This is especially true for those between 18 – 35. Research by the Commission for Financial Capability found that young Kiwis who said they kept a close eye on their financial activities dropped from 78 per cent in a March/April survey to 70 per cent by May/June.  “We need to help and encourage younger kiwis to work towards a better financial future for themselves,” comments Peter. Yes Finance can provide many options to get you through the difficult times.

Financial Help

Even those these are quite stressful times you still need to remember that you are not alone. Moneytalks is a free financial helpline support from trained financial mentors.

The Sorted website, government-funded and full of information to help you manage your personal finances.

Government support, personal loan, or a debt consolidation loan are all things that can help. The goal should be, as always, is to get through and create as little debt as possible.

Personal and Business Lending

Yes Finance specializes in personal loans, including cars, boats and holidays, and business loans for those looking to take the next step up in their business through expansion or upgrade.

Check out Yes Finance’s simple and easy to use online applications

Have a listen to Yes Finance director, Peter Steel, talking to Marcus Lush on Newstalk ZB talking about why Yes Finance is the first choice in finance company for New Zealand businesses:
https://www.facebook.com/YESFinance/posts/2084846968213044

About Yes Finance

Yes Finance can assist you with SME finance, personal finance, travel loans, boat loans, chattel finance, plant and equipment finance, business loans, loans for equipment and machinery and asset finance. But no matter what kind of finance you need, the team at Yes Finance can offer you a real solution.

Yes Finance have been in business for 20 years, making them one of the oldest privately owned finance companies in New Zealand.  They are an alternative to the rigid approach of the banks, providing customer focused solutions for commercial and personal finance. They are based in Auckland but operate throughout New Zealand.

        Contact Yes! Finance