Might be getting government assistance…budgeting advice please!

posted 3 years ago in Money
Post # 2
Member
6964 posts
Busy Beekeeper
  • Wedding: October 2015

Jacqui90:  How much do you owe your FI? 

Everything you listed (other than the phone) are not actually needed expenses, they are optional. If I were in your shoes I would pay my FI back immediately- basically everything minus the phone cost. Once that was paid off, I would probably be handing 80% of my pay to my FI and asking him to hold it for me until I needed to pay for wedding things or gifts. If you are that bad with money best to just not tempt yourself. 

Post # 5
Member
6964 posts
Busy Beekeeper
  • Wedding: October 2015

Jacqui90:  It is a lot of money, but you presumably are not making any money now, so if you continue to act like you don’t have money (and just give the vast majority of it to your FI), you will have it all paid off in 7 months. That’s not that long. 

Post # 7
Member
191 posts
Blushing bee
  • Wedding: March 2015

I’m not sure about you, but to curb spending I always remind myself what all the small expenses could buy me before I buy something. E.g. 5 coffees a week could buy me a top, making my own lunch instead of buying lunch = petrol in the car for a week.

And then I can never be bothered to purchase the bigger item because I need to think too much about which one to get – so it works quite well!

I hope that helps!

 

Post # 9
Member
579 posts
Busy bee
  • Wedding: December 2011

Jacqui90:  Take it one step at a time. Dh and I aren’t the best at this either so maybe not the best person to give advice. We know what we need to do, just sometimes struggle to do it. Our biggest problem is eating out, dh travels for work a bit which means i spend a lot of time at airports collecting him or saying goodbye etc so that means meals out. Often we get breakfast out on a weekend as well… We are working on it, hoping that with the house we are buying we will cut back on it because we won’t be cramped at home.

First thing to do is not to buy anything on impulse, think carefully about if you really need it. Take lunches to work instead of buying (another one of our issues – we were very good about it for months and then relapsed). Pay off the higher interest debt first. I know it’s difficult, I struggle with it as well…

Post # 11
Member
579 posts
Busy bee
  • Wedding: December 2011

Jacqui90:  You are in a good position then, it allows you to pay it back over a shorter term. I would personally focus on paying him back before the savings account. When you are out of work, savings will always be affected.

Post # 14
Member
579 posts
Busy bee
  • Wedding: December 2011

Jacqui90:  I think most people feel this way at some stage or another. We way overspend on food and coffee. Other things like clothes etc not so much. It is difficult to cut back and change things I can promise that. We found what helped us was a goal, for instance we started saving so we could buy a house, now we are killing our savings on that and I am having to try refocus again on why it’s so important to cut back. When we want to buy something we look around and then go home. We try not to impulse buy, so we ask do we need it and can we afford it. If we go buy clothes, we decide beforehand what we can afford and stick to that.

 

Post # 15
Member
193 posts
Blushing bee

Yay! I told you so 😉 So gald you followed up on it!

Given you also have mental health concerns, get a note from your GP or psych to give to centrelink. This will enable them to place you in a different ‘category’ and give you a better level of support. They will have more funding for you and can offer more assistance. It also changes some of your requirements so they aren’t as hard on you about taking any job you are offered (SO has social anxiety, for instance, and was worried as he couldn’t do retail. Usually they cut payments off if you turn down a job). 

You may also be able to access financial counselling through centrelink. Contact them about this! You can also arrange payments to be automatically deducted from your centrelink so that you don’t have to worry about spending it before you pay the important stuff. Probably not such a concern atm living with your parents, but it is useful for paying rent or bills as it means anything they give you is ‘yours’ since bills have already been paid. Anyway, talk to both centrelink and your work assistance provider (whoever they are) about your desire to access some form of budgeting advice/financial counselling. They should be able to offer something 🙂

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