Managing Financial Difficulty
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.
How many of us:
- have no particular budgeting strategy;
- make impulse purchases outside of our normal budget;
- make a large number of shopping trips that cost more than intended;
- have no money set aside in case several bills were to arrive at once;
- are forced to spend on unexpected bills during any given month e.g. motor vehicle repairs, breakages and urgent replacement of household goods.
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.