How To Resuscitate Your Finances After Covid-19

Yves SchoofBusiness

Many doctors’ and dentists’ finances will be hit hard by the Covid-19 Crisis, so I wanted to share some simple tips on how to get back on track.

  • Mortgages

You may have deferred your mortgage and are now facing an even bigger mountain of debt. With interest rates at unimaginable lows, now is the time to start chipping away at your loans. Increase your repayments where possible, as simply putting funds in your offset account may lead to future temptations to spend.

Make sure your home loan has a competitive rate – seek advice from a mortgage broker.


  • Super

Your superannuation has probably taken a hit. With markets being low, now is the time to be making contributions and save with a long-term outlook.

If you are self-employed, your super contributions may be tax deductible, so make sure you seek tax and financial advice to make the most of this opportunity.


  • Cash flow

In lockdown you probably found that you spent a lot less money. Resist the temptation to go out and splurge when restrictions are lifted. Retain some of that austerity and start paying more attention to how you spend/what you spend money on, and how much you save. Set yourself a monthly savings goals and make that your first priority, then see how much you can afford to spend, not the other way around.


  • Investments

I am getting lots of enquiries from young doctors and dentists wanting to invest. It’s obviously better to buy low as opposed to when the market is high, even though timing it absolutely right is almost impossible. If you are afraid to jump in, you can use a dollar-cost-averaging strategy to minimise your market timing risk.


If you need any help with bringing your finances back to life, please contact me directly on 0432 885 295 or

Yves Schoof
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Yves Schoof

Author | Specialist Adviser for Medical Specialists and Surgeons at Affluence Private Wealth
I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.

Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
Yves Schoof
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