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Struggling with mortgage payments? Not saving?
By Tammy Barton

House made out of moneyAs seen on Adelaide Channel Ten News on Monday 25 October, reported by Sarah Abo....
 
In recent years, Aussie household budgets have come under increasing financial pressure. The cost of housing has been steadily rising as a percentage of household income which has been eating into savings and putting people under financial pressure. An ING study has found that 22 percent of South Australians have no savings and that one in five South Aussies say that their income isn't enough to cover their bills. If you're one of those people struggling with mortgage payments and not regularly saving, this advice is for you.
 
For our readers who are not MyBudget clients:
  • Start out by putting a budget together. Itemise all of your household expenses (food, car, petrol, mortgage, bills, entertainment, debts, clothing, lunch money - don't leave anything out). Allocate a specific and realistic amount to each item.
  • Use the budget to ensure you're not spending more than you're earning. Using credit cards is one way to spend more than you earn without knowing it. Use cash instead.
  • Prioritise your payments–work out the most important expenses and pay your bills in that order.
  • Talk to your mortgage lender if you're behind in payments. Honestly explain your situation and negotiate payments to repay any arrears.
  • Are you able to earn extra income? What about taking in a boarder or room mate?
If you are a MyBudget client, we understand that sometimes life's circumstances change and your budget may have to be adjusted accordingly. You may suddenly change jobs or become unemployed, separate from a partner, suffer an unexpected illness, have a baby or need a new car–these sorts of changes can put pressure on even the best looking budgets!
 
Talk through these sorts of changes with one of our Customer Service team members. They'll re-analyse your budget, get in touch with your creditors (if needed) and keep your budget on track.
 
Whether you're a MyBudget client or not, one of the keys to success is to talk about your financial problems–don’t bottle it up so that it eats away at you. Talk about your situation with your family or feel welcome to call MyBudget at any time. We're here to listen and help. Together, we'll come up with a realistic plan to solve your problem and get things back on track.
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