coronavirus-covid-19-personal-finance-guide-tips
Telecom News

Coronavirus Crisis Personal Finance Optimization Guide

April 10, 2020 - Benjamin Manz

Find out how to optimize your personal finances across banking, insurance and telecom during the coronavirus crisis in this moneyland.ch guide.

Covid-19 has been raging in Switzerland too, driving many residents to work and pass their leisure time at home. But the crisis also provides the perfect opportunity to get your personal finances in order and to review the products you use.

Here, moneyland.ch lists 10 tips for optimizing your personal finances.

1. Review your budget

Creating a solid budget is key to cleaning up your financial act. To do this, you will have to create a full and realistic list of all of your income and expenses. Once you have listed your voluntary expenses, ask yourself how important that spending is to you. Less important expenses should be reduced or cut altogether.

More useful information:
Guide to planning a household budget

2. Optimize insurance coverage

Some insurances are compulsory, some are recommended are some are not necessary. Double insurance – being insured twice for the same risk – should be avoided. In addition to cutting unnecessary insurance, you can also cut the cost of mandatory insurances like compulsory health insurance and recommended insurances by reviewing your insurance coverage and migrating to more favorable policies.

More useful information:
Insurance: Useful or unnecessary?
Insurance comparisons

3. Compare mobile plans

Many phone users pay too much for their mobile plans. The comprehensive mobile plan comparison on moneyland.ch makes it easy to find the cheapest plan or prepaid offer for your needs. Many telecom companies are running special short-term coronavirus promotions and these are also included in the comparison.

More useful information:
Compare mobile plans and prepaid offers now

4. Optimize your Internet plan

Having a good Internet connection is all the more important when you spend a lot of time at home. The moneyland.ch Internet plan comparison lets you find the best offers for your needs based on your address.

More useful information:
Compare Internet plans now

5. Save on TV and streaming

TV and streaming do not have to be expensive. There are affordable alternatives. If you can handle additional advertising, it is possible to watch television at no cost. Some movies and series can also be streamed free of charge.

More useful information:
Compare TV plans now
Simple ways to stream video free of charge

6. Review your bank accounts and cards

Banking services cost money. But depending on your banking needs, you can save as much as several hundred francs per year simply by using the right bank accounts and cards. Private accounts (checking accounts) provide payment and transfer services and typically cost money. Debit cards like Maestro normally come at an additional fee. Savings accounts generally do not have account fees, but the interest paid by banks varies widely. Most credit cards have annual fees, but there are also no-annual-fee Swiss credit cards.

More useful information:
Compare bank accounts and credit cards now

7. Compare mortgages

If you have a mortgage, make sure to check into the best refinancing option before it expires. The most favorable mortgage offers are far cheaper than the least favorable options. The difference can easily come to tens of thousands of francs over the life of the mortgage. Negotiating interest rates also pays off. The mortgage comparison provides a good reference point for negotiations.

More useful information:
Compare mortgages now

8. Pay off personal loans and debt

The measures taken to combat the coronavirus are plunging many residents into financial difficulties. Consumers who were in debt ahead of the crisis may find themselves facing serious financial problems.

Before you get a personal loan, take time to ask yourself whether you really need it, and whether you will be able to repay it. Loans are not cheap, and can compound existing debt problems.

If you are having difficulty meeting your tax obligations, contact the tax office as soon as possible. In some cases, they can allow you to pay off your tax debt in installments or they may defer your tax bill for a time. If you are unsure how to proceed with repaying your debts, contact your cantonal debt counseling office. The addresses of all debt counseling offices are listed here.

If you are already servicing a personal loan, you can save money by repaying the loan as quickly as possible. If that is not possible, check into whether there are more affordable loans with which you can refinance your existing loan.

More useful information:
Compare personal loans now

9. Use affordable investment tools

The stock markets have been hard hit by coronavirus prevention measures, and the outcome is still unclear. But no matter how market rates develop, you can always optimize your investment costs. This applies to both wealth management mandates and to do-it-yourself securities trading with stock brokers.

More useful information:
Compare stock brokers now
Compare wealth management services now

10. Optimize your retirement plan

You can use both pillar 3a savings accounts and retirement funds to invest within the tax-privileged pillar 3a retirement saving category. You can optimize your retirement plan by holding assets in the savings accounts with the highest interest rates and investing in retirement funds with the lowest costs.

Rule of thumb: Only invest in retirement funds if you will not withdraw the pillar 3a assets for at least 10 years.

More useful information:
Compare pillar 3a retirement accounts now
Compare retirement funds now

Request now for free

Cheap bank accounts with card

Free bank account

Yuh

  • No account fees

  • Banking partner: Swissquote & Postfinance

  • CHF 20 trading credit with code «YUHMONEYLAND»

Swiss digital bank

Alpian

  • Multi-currency account with Visa card (CHF, EUR, USD, GBP)

  • Favorable foreign exchange rates

  • CHF 100 welcome bonus

Online private account

UBS key4

  • 50 KeyClub points as a welcome gift

  • Online private account with debit card

Swiss bank packages comparison

Find the best bank offer now

Compare now
Trading platforms

Brokers with low fees

Swiss Broker

FlowBank

  • Swiss online bank

  • No additional exchange charges

  • No transaction fees for Swiss equities

Swiss Broker

Saxo Bank Switzerland

  • Swiss online bank

  • Favorable prices stock trading

  • High account interest rates

Swiss Broker

Cornèrtrader

  • Swiss online bank

  • No custody fees for stocks

  • Free market research and trading signals

Request now for free

Leading credit cards

Free credit card

Swisscard Cashback Cards Amex

  • No annual fees

  • Two cards Amex & Visa/Mastercard

  • With cash back

Free credit card

Migros Cumulus Visa

  • No annual fees

  • With Cumulus points

  • Without foreign currency fees

Expert Benjamin Manz
Benjamin Manz is CEO of moneyland.ch and an independent expert on banking and finance.