Are you under mortgage stress? Perhaps finding it difficult to manage your credit card?
Here are some things to consider if you are finding it difficult to make your repayments...
* Do a budget This is really important. If you have a budget that you have written down (not in your head!) it’s a great asset to take with you to any conversations you need to have with your financial institution. It shows that you are serious about managing your financial situation and that you are fully aware of your money going in and money going out.
* Have a chat to your lender Call them before they have to call you! Get real with yourself and your position and get into communication with your lender as soon as you feel that you may be approaching difficulty. Tell them your plan about how you are addressing your situation, show them your budget! You could possibly increase the loans’ length, apply for a “holiday”, or perhaps pay interest only. Also talk to them about getting a better deal with your interest rate! * Consider renting out your home or moving on It could be possible to rent your house out while you rent somewhere else, saving money and being able to meet the difference of your repayment. Do you have a spare room in your home that you could rent out for extra cash? Maybe you could move back in with your parents for a little while? Be realistic. If you can’t afford your home you should probably consider selling and moving on.
Please be aware this does not constitute financial advice. This information is purely informative and does not represent an investment or tax recommendation of any kind. Please consult your financial or tax advisor before making any investment decisions.
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A great big thank you to the Ipswich City Council for having me out in April to speak with the community about money management. Your Mayor and council are to be congratulated for their wonderful intiatives in your community. I was delighted to be asked to present to you all, it was wonderful to meet so many of you!
Congratulations also to those who "stepped up" and attended the Back to Basics workshop as part of the Money Master Class series.
The GFC, rising interest rates and general cost of living, combined with the floods in January have put some you in difficult circumstances. I trust that you will use the information from the seminars to help you get back on track.
Are you looking for a secure financial future? You need to start with your household budget. Click here for more info on how we can tailor make a solution for you.
DID YOU KNOW? Sessions can be held in the workplace as part of your employee development scheme.
What's the Secret?
Do you want to know the secret to hanging on to your money?
