[Special guest] 20th of April - Noel and Finances
Ever had a question about money, debt or bills? Finding you have no money left after just getting paid? Is it difficult to make and stick to a budget?
On Thursday the 20th of April at 8pm AEST we will have Noel, a financial counselor with The Salvation Army's Moneycare service, to answer all of your anonymous questions about money, budgeting or even just dealing with debt.
Whether your wondering how to avoid bill shock, negotiating debt repayments or even just making and sticking to a budget - Noel has the answers. So ask him a question here:
Or join us on Thursday the 20th of April 8pm AEST to talk about all things financial.
First question up!
1. How important is money to you? Do you save it, spend it all or have some debt?
1. How important is money to you? Do you Save it, spend it all or have some debt?
Money is only a little important to me at this very moment since I'm 17 and don't have a job at the moment (mainly health reasons) so mu Mum supports me. The money I do get I save. I've earned a small amount of money over time and I try to save it or if my Mum needs it I give it to her.
Hey everyone!!!
How important is money to you? Do you save it, spend it all or have some debt?
I have mixed feelings about money. I'm not yet of the age where I have to support myself, so I'm kind of new to the concepts of like earning and saving and budgeting and stuff. I do try to save what I have though.
That's great @roseisnotaplant 🙂 Saving a little here and there adds up over time into a lot 🙂
Money is pretty important to me. I try to save but always go over budget. But luckily I'm not in debt and have enough to live off
Money is important to the majority of people. One of the main benefits in having money is that it reduces stress in one’s life, less worry. Try not to overcommit the money you receive, if possible stay away from leases or short term loans.
Great point @Noel-Moneycare, leases and short term loans can sound like a good short term fix to a problem but actually require repaying alot more than what you leased or borrowed.
Okay everyone, time for the next Q!
What are some of the challenges you face in terms of money?
That's a great point @Ben-RO, especially for people receiving centrelink benefits whose rent may be over half of their fortnightly income, it's hard to budget for those quarterly expenses like electricity bills or water costs or even car rego, when there is little money each fortnight to cover basic necessities like food. That is why it is so great there are amazing financial counselors like @Noel-Moneycare who can help people to deal with financial issues.
So @Noel-Moneycare what can someone do if they're unable to pay a bill on time? Instead of getting a crazy expensive loan?
If you unable to pay a bill on time just let the creditor know. They understand that people are in financial hardship from time to time and they will work with you to achieve a suitable outcome
Oh cool that sounds like a great idea, do you have an resources for people who might want to know more about how to have that conversation @Noel-Moneycare?
If you have difficulty paying any bill be it a credit card or electricity. If you contact the service provider and outline your in Financial Hardship they will put you through to a specific team that will be able to assist. Alternatively you can call the Credit and Debt Hotline on 1800 007 007.
Budgeting is important for making sure you can make your money last until your next paycheck and that you can all your bills and food. I don't budget and have no clue what my plan of attack would be! 😮
That's okay @FootyFan26, budgeting can be hard to start with. Especially when you actually break down those expenses you ordinarily wouldn't think of like clothing, hair cuts, entertainment, or even just takeaway food. Moneysmart have a great budget calculator to get you started with your budget as well as some other great calculators like a credit card calculator to see how much interest you are paying in real dollars on the minimum repayments vs on a high repayment or even just a savings calculator. You can find them all here.
The idea of budgeting is just about getting an understanding of where your money goes, once you know where it goes then it’s about the decisions you make. Is it a need or a want??. Needs are, roof over your head, food and electricity and communication, those are the most important for some. After that it what you want to spend your money on. The best thing about budgeting is that it gives you a clear picture of where you money goes and at the end of the day you decide…
One of the key aspects of understanding were your money goes is being able to track your spending .Moneysmart has a free app called "Track my spend".
I really like the way you put that @Noel-Moneycare Needs vs Wants, and letting each person decide for themselves what those things are 🙂
