Managing Financial Difficulty

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Many of us will suffer a financial crisis at one stage or another in our lives. Whether it's 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.

Research into the financial habits of adult Australians, conducted by McGregor Marketing Research (1988), found that a large number of us are struggling to manage our finances:

These sorts of money problems are spread throughout the community. Financial problems are found in all types of households, irrespective of people's age, sex, marital status, occupation or income. It's 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 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.

10 steps that you can take to avoid falling into a debt trap include:

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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:

Our loan options include:

The Credit Union is owned by its members. We put your interests first!

Budget Calculator

To help you work out a savings plan, you can utilise our budget calculator which takes into consideration all of your general expenses and gives you an idea as to how much you could be saving.

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Questions?

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