Many of us will suffer a financial crisis at one stage or another in our lives. Whether its overuse of credit, too many bills arriving at once, ill-health, losing a job, or an unusual turn of events, the reality is a financial crisis can happen to anyone.
These sorts of money problems are spread throughout the community. Financial problems are found in all types of households, irrespective of peoples age, sex, marital status, occupation or income. Its not just a problem for the unemployed!
A large proportion of us are simply unprepared to handle a financial crisis. Some don't have the skills to manage their money prudently. Others ignore the warning signs and fall into a debt trap. Whatever the causes, the consequences can be devastating.
This section helps you to deal with a financial crisis. It provides practical information to enable you to take control of your finances and be better prepared for the unexpected. It also contains information on who you can turn to for help in sorting out your money problems.
As many people say, prevention is better than the cure. We can refer you to a Bridges Financial Planner for expert advice on managing your superannuation, saving for your retirement or investing your redundancy payout. They will help you to make sensible long-term financial decisions. However, if you are already finding it difficult to cope with day to day financial pressures, you should consult a Financial Counsellor who is trained to help you resolve current money problems and put you back in control of your finances.
If you are experiencing problems, talk to your creditors straight away. You may feel awkward and embarrassed, but it is important to let your creditors know what is happening. Most creditors will be pleased you have called to inform them about the situation. When they haven't heard from you, they will think the worst. Avoiding creditors only puts them off side. Before you talk to them, sit down and work out what you are going to say. Take the time to think about what money you have coming in and what money you are spending. Prepare a money plan so you can make an offer to your creditors that is realistic and within your means.
Don't make promises you can't keep. It will make negotiation that much harder in the future. You are not alone. Removing the fear of a financial crisis should be an important priority for all of us. Unfortunately, crises will happen so it's best to have a sound budget and savings goals that can cope with life's emergencies.
Our savings options include:
The Credit Union is owned by its members. We put your interests first!
To help you work out a savings plan, you can utilise our online savings calculator which takes into consideration all of your general expenses and gives you an idea as to how much you could be saving.