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  1. #1
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    Default How do we dig our way out of this hole?

    Hello all of you financially smart mummy's and daddy's out there

    I am an undercover hubber who is wishing to remain undercover due to this rather embarrassing subject

    Basically, DH & I know there is no quick fix for our situation but the advice we need is how to get on track and fix our problems because if we don't do something we will never own a home and that is the worst possible nightmare for both of us EVER!!!!

    So here goes, we have 3 young children aged 4 and under. I don't work and I have my work cut out for me, like right now I can't even think because of the noise from the toys trucks. Anyway, thats off track. DH & I had a rough start, we married young and therefore had our children young aswell. We were always struggling to get by but when DH got a good job when our 1st child was 1 we seemed to be doing alright, so we bought a car through a finance company in DH's name as I had a paid default for a mobile phone bill from my sister (thats another story ). So we went along doing fine all the while we weren't really saving much as we were trying to get new furniture, white goods and baby stuff as we were expecting our 2nd child. When I was 12 weeks DH was put off from his job as his employer had to reduce the amout of employee's and it was a case of last hired, first fired (well not really fired as such he gave us notice and work until we found something else ) So we moved to a bigger town and were paying a fortune in rent and DH was earning just over half of what he was before. We were really struggling to put food on the table and there were days I only at an evening meal as I thought I could feed DS for another 2 days if I didn't (even though I was pregnant). In the end we couldn't pay the rent and we had to move out and we sold pretty much every thing and went back to my parents. Then we moved again because they didn't want us there and DH was in a pretty good paying job but when it rained there was no work. Guess what it rained for 3 months and all he could get was a few odd jobs and we had my FTB and Parenting Payment (Which took ages to go through) we couldn't pay the payments on the car and it was repossessed right as I was 8 months pregnant with our 3rd (and last) child. That was a real blow, the day the finance company guy told me they had put the worst possible listing on DH's credit file (7 years). We managed to save enough for another cheap car but in doing that I got defaults for not paying things on time, but we had no choice, we had to travel 3 hours to have the baby as our hospital couldn't deliver babies. So now DH has been in his current job (FIFO) for 14 months and he's just about to get put off as the job is finishing next month, right in time for Christmas, Merry Christmas to us. So after paying out all of our debts except $3000 of the car that got repossessed, we have nothing, nothing and nothing. There is no other work here and we will have to move again and start all over again. I don't even know how we will afford to move or where we will go. None of our family have anything to do with us (That's also another story ). So basically I'm on the verge of a break down, I think I have depression, the kids are driving me up the wall today and DH isn't home for 2 weeks. I wonder how we will ever get our own home, but to DH and I it's one of the most important things to us. Oh and I forgot to add that old car we bought to get us to have the baby, we're still driving it and it's on it's last legs

    DH & I always have strived to being good parents, good husband/wife and being honest and genuine people. We don't gossip about, hurt or judge anyone. We don't drink, smoke or do drugs. We do everything we can for our kids to give them a better life and future. It sometimes feels like we just keep getting kicked while we're down and we can't get back up.

    So that turned into more of a vent than an advice seeking thread but hey, at least I got it off my chest. I'm going to get the kids to bed and I'll be back soon if anyone has any advice to offer

  2. #2
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    Sounds like you get it really bad at times!!! So annoying.

    I dont have much advice to offer, except once you get that last debt paid off start saving, even if its only 5% of everything that comes into the house. 10% would be ideal, so try to work up to that. If you do online banking start a high interest saver account and keep putting that 5% away. AND DONT TOUCH IT! Even if its just 5 cents it will get a small amount of interest and will grow.... slowly but surely. Make sure you get a free account with no account keeping fees.

    I hope others have some better advice for you and hope your dh gets another job super quick after this one finishes.

  3. #3
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    Hi and thanks for the reply. We don't live in a very big town, I put my post code as 4001 as I don't want people to know who I am. Basically moving would be our only option, and we have tried every other avenue there is. DH has done some awful jobs in the past to feed us and would do again in a heartbeat, but there is nothing here. I don't think I have ever felt quite this "stuck" in my whole entire life I know we probably should have saved instead of paying bills/debt and also bought a new car but all we could see was the sooner the debt was paid, the sooner we'd have a house. But here we are almost debt free but broke and soon to be unemployed

    If anyone does happen to figure out who I am, please PM me as I want to stay undercover

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    I'm not going to offer advice- but I'm
    Going to say that owing that amount is actually really good, it's a pat on the back to you both, once thats done you are debt free
    Not many people can say that
    I know you don't have much
    And no job is going to be really tough, but it sounds like you have a really good head on your shoulders
    I wish there was a way we could all donate one dollar each via a bank so your Xmas could be better
    But last time I suggested this they took down my post as its not fair to others
    Big hugs and I wish you well
    Hope you get some great advice x

  5. #5
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    GluttonForPunishment is offline Bubhub Award Winner - 2011- Most Optimistic Poster and Newbie of the Year Awards
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    Hmm, hard as I don't know your general area of geography! Nowhere near Brissy?


    You'll have to excuse the iPhone auto correct. It sax!

  6. #6
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    Witwicky is offline A closed mouth gathers no foot.
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    I'm sorry to hear that, how incredibly stressful It might be a good idea to seek the advice of a financial advisor once your DH secures new work, to help you realise your financial goals.

    Is it possible for your DH to look into a 'guaranteed' career path (i.e.: army). My ex was in the army and we always felt secure because a) There were monetary benefits and rent assistance, making it easier to save and b) We knew he wouldn't be out of work, or lose his job, he was always guaranteed his employment (unless he severely broke the law or took drugs). The job was difficult in many ways from a family perspective, but it was pretty good from a financial pov.

    Wishing you the best of luck

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    I have a couple of ideas, I don't know if they'll help or not though:
    Put your names down to get a house through department of housing because it can take a while and if you're only on Centrelink benefits you get the place a lot cheaper than market value. That way you have a back up if you need to stay where you are but can't afford the rent.
    Contact your local charities to see if they can help out with groceries, bills and perhaps even a couple of Christmas presents for the kids.
    If you or DH can move to a place where there is a job for either of you perhaps you are eligible for an advance through Centrelink to help with moving costs? They can also help front you the money for a bond too I think but I'm not sure.
    More I hope other hubbers can help you more than me.

  8. #8
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    Im not sure if its possible but could you look into st vinnies or the salvos and speak to their financial section to see if they can help. Does your partners job have an employee assistance program where you could speak to a financial counsellor for a fee free sessions? Sorry I don't have any tips to help with your situation.

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  10. #9
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    FIFO jobs in Perth are still going strong....even if you are in another state some people do 4 weeks on x weeks off to justify the flights to Perth. It would suck for him to be away from the kids for so long, but if you planned it to be a one year thing to get yourselves set financially you would probably never look back.

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    first thing you need to do is a budget, and list all your incomings and out goings. i will pm you a website where you can go and get a free one that will then break it all up for you and tell you how much you are spending in each catorgory and how much you should be saving etc.

    each week before you move any money from your account you need to allocate some money to savings and some money to an emergency fund. then you pay all your fixed expenses such as rent electricity etc and then you pay a percentage to you debt and then whatever is left over you spend on consumables such as food shopping, clothing etc

    i would also ring the finance company right away and tell them you have been making regualar payments and you have almost paid it off but due to financial hardship can they either a lower the intrest rate for the next few months or b allow you to work out a new payment plan until you dh finds work again

    in your thread it says that your dp is getting laid off next month so if i am correct you still have one or two pay cheques left? also will he get a reduancy pay out as if hes on a mine most of them do a reduancy pay out when the job is finished.

    if hes on a mine he needs to start talking to people about when or where there are other jobs starting up. i know a few guys that when one shuts down another one start and they just move around. so fingers crossed he can find something.

    i hope this makesw sense and i hope you dp finds some work before his other job finishes


 

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