Financial Struggles

Practical tips for improving you finances.

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Why are finances important?

Finances are an important part of life. We know that whatever your financial situation looks like, things aren’t always straight forward and issues can easily arise. Finances dictate many important aspects of your life, and so it’s critical to be able to manage them well. This article will explore tips and guidance on getting a hold of your finances, and places you can reach out to for support.

ACCESS TO FURTHER INCOME

Have you considered additional financial support?

The good news is that whatever your financial situation, there is support available for you! Services Australia provides payment for anyone that is in need financially and is facing serious financial hardship. Plus, there is a newly introduced $5,000 ‘Escaping Violence Payment Scheme’ to help women establish safe lives away from abusive partners and help overcome the barriers that stop people from leaving relationships.

Government payments, benefits and concessions

• Use the Centrelink Payment and Service Finder to see the payments and services you may be eligible for.

• Urgent help with money, including Centrelink, Crisis payment, Advance payment & Housing.

You can also visit these websites to find out about government financial assistance:

• For a guide to available Australian Government payments, see the Services Australia website.

• For housing, aged care and disability services, see benefits and payments and concessions, allowances and supplements on the Department of Social Services website.

• For concessions to help you meet the cost of living, for example, discounts on your bills, see government concessions on the australia.gov.au website.

DEALING WITH DEBT

If you have debt piling up that you want to get under control, you can make a Debt Agreement. A Debt Agreement is an arrangement with your creditors to pay an agreed amount that you can afford over a period of time (usually this ranges from 3 to 5 years). The benefit of the Debt Agreement is that it can reduce your debt, stop creditors calling, stop any more interest accumulating on your debts and in most cases, you can settle your debts for less than what is owed.

Better yet, get advice from a financial counsellor who will be able to help you and advise you of your best options.

Links provided below for optional services:

• Financial Counselling Australia (free service)

• National Debt Helpline (free service)

• Debt Help Australia 

• Legal Aid Queensland

BUDGETING 101

Are you managing your money or managing a financial crisis?

The best way to start managing your money is to look at what's coming in versus what's going out. The best tips on ‘How to do a Budget’ is to consider the following:

Also, create your personal budget by using accessible online tools. A handy tip is to use a service that is available on your laptop or mobile, like the MoneySmart Budget Planner, which makes you accountable at any/all given times.

Here is an excel spreadsheet that you can download and adjust to your (weekly/fortnightly/monthly) income/expenses. We suggest that you adjust it according to the timeframe when your income hits your bank account.

KEEPING UP-TO-DATE WITH YOUR TAX OBLIGATIONS

It’s important to make sure that you are keeping up to date with your ATO tax obligations. Many people assume that if you’re not earning a wage/salary that there is no need to lodge a tax return. This is not the case! Whether you are earning an income that is taxable or not, you are still required to submit a non-lodgment advice (also known as an NLA). This is a form that is sent to the ATO if you do not need to lodge a tax return. This document tells the ATO you won’t be lodging a tax return this year and ensures they do not mark you down as having an outstanding tax return. This is important as the ATO can impose penalties or fines on outstanding tax returns. Here are some contacts that provide free tax return services for those in vulnerable situations:

• myGov

• DZ Accountants

• QUT ATO Tax Help

TOP TEN PERSONAL FINANCE TIPS

Make the effort to educate yourself about personal finance. Read financial magazines and good financial books and use well-known, reputable sites on the Internet.

1. Budget! Operating without a budget is like driving a car without a steering wheel. You don’t have control over where you are headed.

2. Save the cents, and the dollars will save themselves. Lots of small amounts add up to big savings.

3. Pay cash/debit card. If you can’t afford to pay cash, maybe you can’t afford to buy.

4. If possible, automate your savings (salary sacrifice) before it hits your bank account. After a while you will get used to spending on the lower amount, while your savings grow.

5. Be a smart shopper. Don’t buy cheap items that won’t last and don’t pay for bells and whistles that you don’t need or won’t use.

6. Know how to recognize the warning signs of too much debt, and if you see yourself headed for trouble, act quickly, before you ruin your credit score.

7. There is active income and passive income…passive income can only be achieved through investments, but you cannot invest if you cannot save.

8. Eating fresh saves you a further 10% (GST) not to mention the health benefits.

9. Revenue is vanity, profit is sanity but, CASH is king.

OVERWHELMED BY MONEY OR PERSONAL ISSUES

Finally, if you're feeling overwhelmed by money or personal issues, it can be hard to know where to turn. You don't have to go it alone. For advice, try these organisations:

• 1800Respect (1800 737 732) - Support people impacted by sexual assault, domestic or family violence and abuse. 

• Salvation Army (13 72 58) - Helping with finding employment, housing and providing financial assistance.

• St Vincent de Paul Society (13 18 12) - Help with housing, financial assistance, aged care, DV, substance addiction, disability services and emergency food relief.

• Your local church or community centre

• Community Care Brisbane (3347 5835) - Helping with emergency food relief, education and support groups.

Resources

Books

• Rich Dad Poor Dad by Robert T Kiyosaki

• Think and Grow Rich by Napoleon Hill

• Total Money Makeover by Dave Ramsey

• Barefoot Investor by Scott Pape

Faith-Based Resources

Prayer for Finances

Lord, please forgive me for the times I have not been diligent or obedient with my finances. Today, I submit my finances into your hands and I believe for blessing to come into my finances. You said that I am above and not beneath, so I thank you today for favour to flow  around my finances. Give me wisdom, creativity, opportunity and favour to receive an increase today. Open and close doors I can’t open, bring new promotions that are not possible without your power, in Jesus Name Amen.

Scriptures

• Deuteronomy 28:11–12 :   And the Lord shall make you plenteous in goods, in the fruit of your body, and in the fruit of your cattle, and in the fruit of your ground, in the land which the Lord swore unto your fathers to give you.The Lord will open up to you his good treasure, the heaven to give the rain into your land in his season, and to bless all the work of your hand: and you shall lend to many nations, and you will not borrow.

• Deuteronomy 28:6: You will be blessed when you come in and blessed when you go out.”

• Proverbs 10:22 :The blessing of the Lord brings wealth, without painful toil for it.

• Psalm 68:19: Blessed be the Lord, who daily loads us with benefits, the God of our salvation!

• Philippians 4:19: And my God will supply every need of yours according to his riches in glory in Christ Jesus.”

• Job 22:21 :Submit to God and be at peace with him; in this way, prosperity will come to you.

• 2 Corinthians 9:9–11 :As it is written: He has scattered abroad His gifts to the poor; His righteousness endures forever. Now He who supplies seed to the sower and bread for food will supply and multiply your store of seed and will increase the harvest of your righteousness. You will be enriched in every way to be generous on every occasion.

• Joel 2:18–19: Then the Lord will be zealous for His land, And pity His people. The Lord will answer and say to His people,“Behold, I will send you grain and new wine and oil, And you will be satisfied by them; I will no longer make you a reproach among the nations.”