Highlights
- Invest in shares.
- Set and forget.
- Invest in money-making tools.
'May PERAan' is SBS Filipino's podcast series which features financial experts seeking to answer the most common questions about money and finances.
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"Everyone can feel the pinch of the rising cost of living. For a month, I tried not spending money on discretionary expenses. I suggest to value every cent you have," finance journalist Michelle Baltazar shares.
Fortunately for those eligible, there will be an addition to every cent they have in the form of the Cost of Living Payment.
Around 6 million Australians are eligible for the payment, including those who are carers, jobseekers, on a youth allowance or Austudy and, those who hold a pension or concession card.
"My father is actually one of those eligible and we really welcomed the help," Michelle says.
Michelle suggests three creative ways to stretch the $250 payment:
1. Research on shares
"There are banks now that provide trading platforms for free. Play money is used. You can start building your confidence on shares; then once you become confident, you can invest $50 from the payment on real shares."
Michelle suggests to look into investing into bank or healthcare shares.
"$50 can go up in value through investments, but more importantly, you are on the path to learning how to invest."
2. Set and forget
"Don't use the payment on things you love, such as clothes. Instead, put it aside as emergency money.
"Mental health is as important as financial health. Having that $250 will give you peace of mind."
3. Invest in moneymaking tools
"There are many ways to earn today. Some people go into vlogging or do online work. You can spend the payment on tools you can use that will eventually earn you money."
Disclaimer: The information in this article serves only as a guide. For additional information regarding your particular issue or situation, consult with legal, financial and/or tax experts.
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