Financial "stress" is a hollow feeling. Just as you think you are doing OK, a bill arrives you didn't expect. Or Centre link has sent you an unexpected debt?...
I know that feeling. Being manic as a young man with an adult defence service wage and low "on base" rent led to signing the loan papers whenever I wanted another car. In the end I had 5 loans with an old car to show for it.
So, with Xmas out of the way what can 2017 bring to you that's positive so at the end of this year you will feel more successful.
Maintain some realistic expectations of your position by NYE this year. Raise the bar too high and you'll be disappointed.
Remind yourself, with words of appreciation that you are better off than some. Don't fool yourself that you are the worse off.
Revamp your bill system. Carefully consider direct debit. be wary however. One major telco continually took money from our account even though we cancelled it. This is common and places more burden on you and anger. We now pay insurances through dd but telephone, internet water and rego is bpay for that reason
Shop around. Insurance companies vary greatly. If over 50yo consider insurance companies that specialise with retirees. Multi policy discounts?
If you don't ask you don't get. I flash my motor card and health card always.
Communication. There is nothing worse for a landlord than being left in the dark. Be honest and direct.
Need help paying rent? If its OK get a boarder. One friend of mine purchased a $700 caravan and charges $150 a week rent for it. Caravans allow you a roof in desperate times. It prevents using the street for a bed. Its insurance.
Accept that life's ups and downs come and go. Realise that a housing or financial crisis will need long term fixing and the way to that goal is short term hard work with commitment before the light at the end of the tunnel shines. Worry only produces ulcers.
Suicides nationwide last year totalled over 3,000 with 3/4 made up of males. Way over the road toll. Many of those would have been money issues and a thought process of there being no hope. Progress could be just around the corner. Give up smoking or halve your luxuries, baby steps add up to leaps and bounds.
Reward your efforts. My friends gave up smoking and I was shocked they bought a Porsche as reward. Their cigarettes cost more!.
Whatever your "fix", you can make effort.
NYE 2017 can be a better situation.
Never give up and accept life will throw hurdles unexpectedly.
Another great thread and thankyou Tony! Financial issues are not only a pain but can be a huge trigger of anxiety/depression for anyone.
Interesting to see that the Ombudsman is getting involved with the woeful methods Centerlink use where debt collection is concerned. The complaints are many and the matter is now under investigation.
Just my money saver...Never pay full price for groceries...Mark downs and close to use by date are fine. Specials etc. Australian 'Home Brand' groceries are usually made by the major manufacturers anyway 🙂
TonyWK said "Whatever your "fix", you can make the effort"
Yes some foods have "best before" dates which means a few days over is OK instead if "use by" which is more definite.
This is a great place for people to post their money saving ideas.
Eg Renting? How about a mobile vegie or herb garden? Our neighbour grows strawberries in roof guttering. You can also buy small colourbond garden tubs at hardware stores.
Great thread Tony!
My son is currently wanting to buy another car as his (my ex car) is just about at its use-by date.
I asked myself over for dinner next week (either that or never see the inside of his home) to discuss financial do's and don't's to plan for his future. Although this subject has come up many times, it does need reiterating to get through.
Saving in a separate account without touching it (as a house deposit) is a good way to prove to the bank he's a good risk for loans. He'd have $5600 saved now (only $20 pr/wk!) had he taken my advice a few yrs ago!
As parents we have a responsibility to teach positive money skills, even more now than ever due to expanding costs of living and especially rents/housing. As a single parent of an only child, this worrys me. My son has an excellent work eithic, but when it comes to money, he's a kid...sigh.
There's also the prospect of planning a family as he's living with this girlfriend and the other side of 25. Young couples are choosing to postpone children due to money costs involved. I want to be a Nan one day...another sigh.
Did my folks have this issue with me? Well no, I had to teach myself, that's why it's so important to me personally.
We never stop being Mum and Dad do we? 2017 will be his yr to grow up! Yay!!
Financial stress and debt can really contribute to poor mental health. Seeing a financial counsellor (I saw one free through a charity) really helped me formulate a plan to get on top of my multiple debts. It was also nice not to be judged which happens a lot when you have loads of personal debt.
Great advice Tony!
Just a to add, if you do need help with debts, please try a government or charity organisation first.
Some private companies say they can help you budget and become debt free, but in reality they take a portion of your income (that you cannot afford) and reduce your payments to debtors to a tiny amount , which in turn extends your debt. Their process is designed to keep you in the program so they can keep making money. It is not practical in a business sense to help you become debt free. I used to work for one of these companies and I would never recommend them.
Financial counsellors are a great place to look for help. If you are considering bankruptcy speak to the Insolvency and Trustee Service.
The Public Trustee Service of South Australia also assists those vunerable people who are unable to manage money.