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Financial hardship assistance

When the unexpected happens

A loss of income, moving out of home, a sudden medical crisis… these and more can all lead to unexpected financial hardship, and can happen at any time and almost always out of the blue. But instead of applying for a loan or trying to access your super early, it is possible to minimise the impact by changing a few things in your lifestyle – at least until your financial outlook is healthy again.

Job loss, medical emergency, fire or flood, divorce, moving out, unexpected bill… these can all lead to financial hardship. Insurance may not cover all the losses and loans can make the problem last longer.

Instead of a taking out more credit to deal with your current problems

Try these steps:

  1. Establish a realistic budget
    There are all sorts of online tools to help you plan a realistic budget to address your new financial situation, and almost all of them start by getting you to identify all your spending, and then prioritise items into needs and luxuries.
  2. Review your use of credit cards
    While they’re certainly handy, they can be a real trap – especially in times of financial hardship. Given their high interest rates, if you make paying them off a priority, you can really save a lot each month.
  3. Renegotiate ongoing costs
    Call your insurance companies, phone and internet services, even your utilities providers and ask them if they can give you a better deal. All of them want to keep you as a customer, and if they think you might move your business elsewhere, it’s often surprising how quickly they can set up a better deal to keep you.
  4. Sell things you no longer need
    With all sorts of sales platforms online, it’s now easier than ever to sell items that you no longer need or could easily live without. Use the income to pay off your most pressing debts.
  5. Change a few habits
    If you add up the costs of that extra takeaway coffee or lunch, or the expense of driving to work each day, or the premium you pay every time you buy pre-prepared food, the total runs into thousands each year – in fact, just one takeaway coffee each day sets you back around $1,500 per year. Changing small unnecessary habits can bring about huge financial savings.
  6. Expert assistance
    Professional financial counsellors can help you get back on track by suggesting ways to change spending habits and assessing your current expenses.

I'm spending HOW much?

  Cost No. per week Cost per year
Takeaway coffee $4.00 7 $1,460.00
Takeaway lunch $10.00 2 $1,040.00
Glass of wine $10.00 1 $520.00
Weekend brunch $25.00 1 $1,300.00
Chocolate bar $2.50 4 $520.00

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