Christmas is over and the starter’s gun for the New Year has already sounded. This time of year sees many of us dealing with extra debt that the season has added to our financial load and that can leave us feeling anxious about what to do when the extra bills start rolling in.
The Financial Counselling Helpline on 1800 007 007 is a free and confidential service that can help start your new year on the right financial foot. They analyse and assess your financial situation and give you ways of dealing with a range of issues including credit and debt. They work with you to develop a plan to improve your financial situation.
The Helpline team have kindly offered their following Top Ten Tips to help get you started in finding your financial footing in 2016.
1. It is worth investing some time and effort in planning and assessing your situation. Planning is cheap but it is an effective way of obtaining some control over your financial situation. Understanding what income or money you have coming in against expenditures, what money you need to spend, is a good start. Keeping track of these essentials is also a good way to identify savings you can make or money that can be better used. If your expenditures are more than your income then something needs to change.
2. Reduce your credit card Debt. Long term credit card debt impacts on the money you have now and in the future. Over time you may end up paying much more than you need. Planning to pay off debt as early as possible or finding ways to consistently make payments reduces your overall expenditure.
3. Payment Options. You may be able to pay back debt or larger bills over smaller, more frequent payments using monthly or even weekly instalments. Regular small payments rather than one large payment for such things as insurance, utilities or other regular bills can also help you manage your income and expenditure by smoothing out the financial highs and lows over the year.
4. Plan for seasonal expenditure. Start planning for Christmas and holiday expenditure now. Starting a savings account for special events or incorporating these expenses as part of your yearly budget helps make them achievable.
5. Utilities. Make sure that you are on the best plan for your usage or if you are able to access any discounts or concessions for utilities such as electricity, water and gas. Knowing your usage and understanding the charges can help you in making an informed choice of provider or how best to control usage. Heating and cooling can be expensive and the very young and elderly prone to health issues in extreme conditions and in some cases have access to concessions.
6. Being technologically mobile has become a convenient part of connecting with our work, support networks and community. Mobile telephones and tablets using internet and data contracts can be surprisingly expensive if you step outside of the policy limits. Get to know your usage and understand the contracts you are signing. Explore the options of contract vs prepaid particularly in regards to expensive excess data usage. It is better to have slower access than long lasting debt.
7. Stay in touch with the Affordable SA App and explore the Programs and regular articles. This can help save you money by indicating the programs that can best help you and provide information about the latest assistance programs and advice.
8. Hardship. If you are experiencing difficulties meeting regular Utilities bills you can approach a provider and explore the many options available in meeting your payments. If you cannot agree on a compromise or a way forward contact the Financial Counselling Helpline on 1800 007 007.
9. Try and work on stress levels and fitness. Keeping healthy helps you deal with stress. Walking and general exercise is a cheap way to stay healthy and de-stress from the pressures of work.
10. Remember, if you need help ask for it. Many people experience some form of financial hardship at some point in their life. The 1800 007 007 Financial Counselling Helpline is there to offer support and help get you back on track. They are non-judgemental and experienced in dealing with the many scenarios and situations and want to help