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Managing work-life balance

Posted on December 14, 2017 by admin

Maintaining a healthy work-life balance may seem impossible as a business owner, but it is achievable, if not, necessary in running a successful business.

Not carving out time and space to enjoy your personal life, such as spending time with loved ones, exercising, travelling or enjoying your hobbies, can have a negative impact on your stress levels, ability to concentrate, and may even damage your relationships.

Consider the following tips to achieve a better work-life balance:

Delegate
Overcommitting is a surefire way to add unnecessary pressure. Overscheduling your day, saying ‘yes’ to everything, and fearing delegation will see you lose time and efficiency in your business. You cannot perform at your best if you are trying to do too many things at once. Instead, give yourself some flexibility by delegating tasks and outsourcing where possible. This could mean paying an external company to manage your marketing, hiring an office cleaner or asking a staff member to take on a new task such as invoicing, etc.

Lead a healthy lifestyle
Living a healthy lifestyle helps to support your overall wellbeing and equips you with the tools to manage stress and hassles in the workplace more effectively. If you don’t think of yourself as “healthy,” a good starting point is to simply become more aware of your behaviours and coping mechanisms. For instance, you may notice you reach for a sugary drink when feeling overwhelmed or stay back at work late every day to “catch up on jobs.” Identifying these behaviours helps to map out options for dealing with unhelpful coping strategies.

Time management
Setting manageable goals daily helps to prioritise your workload and provides a sense of control over your day. Having control helps to ease associated stress and feel positive towards the work you are doing. Goal-setting is also useful in motivating you to meet your deadlines and eliminating unhelpful behaviours such as procrastination. Achieving your work-related goals also reinforces you to focus on your “personal” goals – therefore, creating more work-life balance.

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Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

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