FIND YOUR HIDDEN DOLLARS
Since March this year our incomes have been reduced or, in some cases, have ceased altogether, and investment balances have fallen.
The upshot is that Covid-19 has forced us to take a closer look at our finances.
Federal government stimulus payments such as JobKeeper and JobSeeker, as well as other emergency payments, have helped. Access to super has eased many of us through, as have the opportunities for payment deferrals to banks and utility providers.
What the global pandemic has prompted us to do, though, is to start looking for money in places we might not have considered before. Aside from the stash of cash under the bed, behind cushions in the lounge or in pockets and bags we haven’t used for a while, there are other ways to enhance your finances.
Start by asking, what can you tap into that will help boost your coffers? What assets do you have that perhaps you haven’t considered as assets until now? Where can you seek financial help or discounts? Is there lost money somewhere? And are you owed money, including from the government?
Take the JobKeeper extension, for example. The payment has now been extended to March 28, 2021 and may be available to some people who previously weren’t eligible. And there are also other government payment options, so it makes sense to check your eligibility regularly as rules change over time.
There are some of us who have been left money as part of an inheritance and, for different reasons, haven’t yet received the money. And, then there are creative opportunities where you can earn a few extra dollars on the side.
Our suggestions don’t cover all the avenues for uncovering your “invisible” money, but they are a good start. One idea may lead you to another and ultimately to greater financial strength.
Lost and found: $20bn in super up for grabs
At the moment there is about $1.1 billion in lost shares, forgotten bank accounts, unpresented cheques, dividends, refunds, interest, investments, trust account funds, life insurance policies and rental bonds.
This money often becomes lost when you move to a new house and forget to update your details with a financial institution or company. Bank accounts become “unclaimed” after seven years if the account is inactive, meaning there are no deposits or withdrawals. ASIC holds the money from bank, credit union and building society accounts that have not been used in seven years and contain a balance of $500 or more. A life insurance policy also becomes unclaimed seven years after the policy matures and is not claimed.
There is also about $20 billion in lost and unclaimed superannuation. To find lost super, go to your online myGov account linked to the ATO or you can phone the tax office’s lost super search line 13 28 65 (you will need to provide your personal details including your tax file number and your current super fund details). Many super funds will also offer to search on your behalf.
You can often find your own lost money and put in a claim to receive it, but Anne Graham, chief executive and financial
