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  1. #1
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    Default Any experience with "my budget"

    Hi all - bit of background - prior to maternity leave I was the main income earner. I bought home $2350 per fortnight. Dh has a home business that was bringing in $600-800 per week. Now I'm back to work part time earning $1600 per fortnight and dh's business has declined bringing in only $400 per week. I really don't want to return to full time work for at least another 18 months (we'd like to not use daycare until ds is 2 - he's 6 months now).

    We have credit card debt up to our eyeballs - about $11K. We have a large mortgage and lost a lot of money on an investment property last year which means our current mortgage is still more than the property is worth. To top this off dh is the type to spend $20 when he only has $10. Our savings dwindled to around $1K surviving maternity leave (money that we lost on the property was supposed to allow us a decent maternity leave and pay off our credit card debt - unfortunately the property market crashed)

    On the plus side we own our cars and are managing to pay our bills but if any unexpected expenses come up we're screwed. I'm thinking of utilizing the "my budget" company to help us pay our debts, start saving again etc. Has anyone had any experience with them? Good or bad? ?

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  2. #2
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    I have no experience with my budget so can't comment on that but my best advice would be get rid of credit card debt ASAP and cut them up. Credit cards only work for people that can and do pay the balance on them very month. With credit cards, every purchase you make ends up being twice to three times what you actually pay for it once the interest is tacked on.

    I had a car and credit card debt , the best thing I ever did was get a consolidation loan from the bank and pay them both out. I then cut up my credit card and I will never get another,if I can't afford it I don't get it. Simple ...life is so much less stressful when you don't have credit cards IMO.

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    Waggers70  (31-05-2013)

  4. #3
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    If we could get a consolidation loan we would but with our huge mortgage we can only get a loan that has the same interest rate as the cards. I'm hoping we can at least transfer the balance of one to a low interest credit card in the short term. I am looking forward to getting rid of them!

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    Hi Wagger,

    I don't have any personal experience with my budget but I have heard the fees can be expensive & all they do is lock your money away so to speak so you can access it. If you do want to you must phone them etc.

    My DH is the same as you & I'm forever telling him we have no money (even though we do) just so he doesn't spend it on crap.

    I unfortunately had to go back to work earlier then anticipated & I enjoy it & my DD is living daycare which makes it easier.

    Another suggestion..,would it be possible for DH to get a part time job too?

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    Waggers70  (31-05-2013)

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    Waggers i dont have personal experience either but theres lots of reviews online last time i checked.
    When i needed some help i was able to see a financial counsellor for free from lifeline, maybe they can help before paying 'my budget' to do it?

    Hope things work out soon. I have to go back to work in July and dont want to either :-(

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  9. #6
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    Quote Originally Posted by Waggers70 View Post
    If we could get a consolidation loan we would but with our huge mortgage we can only get a loan that has the same interest rate as the cards. I'm hoping we can at least transfer the balance of one to a low interest credit card in the short term. I am looking forward to getting rid of them!

    Sent from my GT-I9300T using The Bub Hub mobile app
    Have you tried getting a personal loan with one of your cars as security? This should give you a better interest rate. I highly recommend consolidating your credit card in some way.

    FTR - $11k is not as bad as you may think either, so keep your chin up. It may seem *huge* to you understandably, but you will get through it. You could even contact your bank and explain your situation and arrange a payment plan.

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    Waggers70  (31-05-2013)

  11. #7
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    I've been looking at companies that do lock up our money and manage it for us as frankly dh and I just don't have the discipline to stick to a budget. I'm not as bad as he is but I can't resist spending on ds and my hobbies - it's insane how much yarn I have. Of the ones I've spoken to my budget were the least pushy and most positive - that's why I'm thinking of at least going for a consultation (it's free of charge) to find out what costs are involved - apparently it's charged on how much work they need to do on our behalf dealing with creditors.

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    Hi, We used My budget for a few years and they were fantastic.
    Easy to communicate to over the phone, they paid all our bills for us and gave us an amount for groceries etc, any left over went into surplus which we could let build up or take out as we pleased.

    Now that my kids are a bit older I do all my banking myself so no longer need ''my budget''

    I set up a few accounts with my bank to use internet banking..
    -My main account - wages go in and groceries get paid with ( only acc i have a card for)
    -Bills account- I worked out how much per week i needed to put away for bills and put that amount in each week. Then i pay my bills online using bpay from my bills account.
    -Savings account - for any left overs

    I made up a yearly spreadsheet in a book with all my bills/mortgage etc each month and as i pay them i cross them off.
    I have a clipboard folder for any bills that come in so that on wed night i can get out my spreadsheet book and bill folder and do my banking online.

    For working out your expenses and bills, add up what it approx costs all year for each one and divide it by 52 weeks.
    I always estimate a bit more for bills just in case elec or gas comes in more than i budgeted for.

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  14. #9
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    I used them and found them terrible. I had to triple check everything they did - they often had my personal loan overdue for payment, or my credit card which had me fuming. Many times they forgot to pay me my personal allowance so I had no money over the weekend to do anything. They stuffed up bpay payments ... the list went on... and their fees are quite high.
    Seriously for all the checking I had to do - I should have just done it myself.

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    steel magnolia  (12-06-2013),Waggers70  (31-05-2013)

  16. #10
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    The best thing to do with your credit card is ring the company and explain your situation. They can cancel the card and set it up more like a personal loan with a flat lower interest rate, so you are not paying the super high interest every month and you have regular monthly payments that guarantee you are paying it down. My mum had to do this after she was hit with a severe illness and was left paying a 16k debt on disability payments. Honestly the card companies are VERY good, so just give them a call and negotiate, don't bounce the balance from one to another to another to another as it will end up costing you more in the long run.

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    Waggers70  (31-05-2013)


 

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