Does any of the following sound like you…
- A big expense hit you like a tonne of bricks?
- You need a better car?
- You want a bigger house?
- Or perhaps you feel you want to go back to tech or university.
What do you do to pay for this? Like most people perhaps you…borrow, borrow and borrow some more? Or you are one of the few and you don’t. Either way, do you know your financial situation at any moment in time? That’s where a budget can help!
Did you know: By creating a budget you will know exactly how much money you have coming into your bank account and how much is going out.
This may help you juggle some money to actually be in a position to pay that big expense…. However if you do not have a set budget worked out, you might not have a clear picture of your money situation. This may tempt you to borrow more money, rather than be in a position to juggle some existing expenses and look for extra income sources, etc. It is definitely better in the long term for you to sit down and spend time preparing a basic budget for you and your family!
If like many others, you may be under financial pressure, doing your budget should be your first step to getting your finances back under control. It will help you see clearly what is happening with your money (where it all goes) and make you think about how you spend it from then on.
We all know sitting down and actually creating a budget can be a frustrating task. Sticking to it can be even harder. Once you have created your budget, it is super important to stick to it.
It is easy to understand how careful budgeting can improve a financial situation. And we all know that fewer financial problems mean less stress. But here’s one of the best benefits: Working together on a budget can help your relationship with your partner! In today’s world, with money arguments being one of the largest causes of divorce, managing your budget can relieve financial stress on your relationships and make everyone’s life better! But we know that always being practical, careful and responsible can be overwhelming.
Have we convinced you yet that working out a budget for you and your family is a great idea? We truly hope so.
If you’re not sure where to start, head over to our External Resources page for a list of helpful services.
What is a budgeting service?
Budgeting services operate nationwide and they offer confidential, non-judgmental financial advice (most of them are free too!).
Trained budget advisers specialise in showing you how to manage your finances, including managing debt and people you may owe money to. Budgeting services have helped thousands of New Zealand families get themselves back on track.
How can budgeting help you?
Budgeting Services can give you support to get through a rough patch when you need it.
Trained budget advisers provide a range of services, including:
- Information to help you make better financial decisions.
- Ongoing financial counselling
- Active involvement in managing creditors
- Help to manage a drop in income, or change in financial circumstances (i.e. a new baby or divorce)
Contact a budgeting service
MoneyTalks
www.moneytalks.co.nz
0800 345 123
help@moneytalks.co.nz
text to 4029
For more suggestions, head over to our External Resources page for a larger list of helpful services.
Understand your position
Whether you talk to an adviser over the phone or in person, it will be worthwhile gathering as much information as possible to help you and the adviser understand your circumstances. This includes:
- Your financial papers showing income, expenses and debts
- Current bank statements or print outs
- Any letters or bills from creditors in relation to current or overdue debts
- Copies of any contracts you have in relation to the debts in question
- Any other information relevant to your situation
