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  1. #1
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    Default Who has used my budget or companies like that

    Has anyone used these companies for getting finances under control. Are they good or bad and what is the costs etc
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    I'm subbing! I actually wondered this yesterday for some reason.

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    I just want to get back in track and pay off our debt so we can start saving for a home

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    I've not used them, nor would I. It seems ridiculous to have to pay them to control your finances. Surely there is a better way? What about seeing a financial advisor? If someone else did you up a plan could you follow it? Dependent upon income/situation you often access such services for free. Might be worth looking in to?

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    Quote Originally Posted by cakester69 View Post
    Has anyone used these companies for getting finances under control. Are they good or bad and what is the costs etc
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    Google it. There are lots of horror stories out there about them charging high fees for something you could do yourself. Best avoided.

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    I know people who have successfully used the service, but for me the fees are astronomical and not something I could justify.

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    I have a tenant who uses it successfully. I asked her about it and she really appreciates the service because she admits she can't control her spending.

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    They had a brief segment on the checkout (abc) last week. It was about free government funded financial advisors. The clip is called:

    If I Could Say One Thing: David Bergman

    Would be worth taking a look at it.

    ETA - I have never used a company or financial advisor as I have worked in finance, but some of my friends have needed just a little help and have found advisors helpful.
    Last edited by Taiyed; 07-07-2014 at 15:52.

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    Be very careful. We used them for a year and nearly none of our debts were paid off. We still dont know where our money went because it sure wasn't on our bills. They have an account management section on their website which you can go to see what has been paid but it is like trying to read a telstra bill....may as well be in Japanese. What minor things they did pay they were getting me to do it for them so what was the point. Also they would do stupid things like choose to put our electricity account a month in credit but not pay our rent for three weeks and the first we knew about this was a nasty letter from our real estate agent. In the end one of their phone operaters let slip to use they basically just use a program called simply budgets which you can download yourself.....now this program is amazing we have been using it now for a year and are debt free and on our way to having savings. The great thing abput this program is you put in all your expected expenses for the year and how much you're regular income is and it will tell you how much to allow for to cover said expenses but you xan tweak it whenever you want as things change. Ie I get paid x amount every thursday and my gas bill comes every two months at an average of whatever amount and the next one is due on such and such date. So then every week it tells me that after I cover all the upcoming bills etc I have this much "play money" for this week without affecting the budget. I can even plan for things like winter clothes for the kids, or Xmas

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    Last edited by partyof4; 07-07-2014 at 16:10.

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    We contemplated using My Budget when we were living on edge for a while. But DH looked into it more and saw that they basically take control of all your money and pay you an allowance out of your wage. No way did that sit well with us. We're not compulsive spenders we just needed to reorganize our money better. We now do the following:

    - Both wages go into one account (mine fortnightly, DHs monthly)
    - After my wage goes in, we each get an allowance of $200 each shifted into our own separate accounts that the other has no access to. (General spendings on ourselves, eating out, luxury items etc)
    - set amount transferred into a "bills" account each month after DHs wage. This covers mortgage, personal loan, plus money to cover bills like electricity, gas, water, rates, body corp, gym membership, health insurance etc.
    - minimum $200 into Savings each pay (so approx $600/month).
    - $1000-$2000 on to CC to help pay it down.

    I also have set up a spreadsheet that we use to keep track of ALL of our spending (debit and credit) and interbank transfers, mortgage payments etc (except the allowance money) PLUS it predicts our expenditure for the future. Currently it's predicting up to November this year. It means we know when we can put extra on CC it in savings if there is extra in our wages account. It's made such a huge difference and we're now in a much better financial position.


 

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