“Financial Stress” is increasingly becoming a popular term these days and not only does it occur in many homes across the nation but it often puts extreme pressure on our families and relationships without us even realizing it!

Increased Financial stress can be caused by many factors such as:

Loss of a job
Birth of a child and one less person in the workforce
Too many debts to keep paying
Rise in the cost of living
Interest rate rises
Separation or divorce

Family finances is an increasingly complicated topic and as most of us are not educated in the field of “family finance” we need to be aware of a few key points to stay on top of the game and keep a solid home both with our Relationships and Finances and to enable us to teach our children (where applicable) the correct habits.

A few tips below may help to alleviate the stress that may be caused by the Issues listed above

Always try and put away a bit of money every pay. Do it as soon as you get paid so you don’t realize it’s missing. Try and aim for 10% of your net pay as a starting point.

Pay down high interest debts first to save money on interest. Wherever possible, pay extra off your debts to finish them off sooner

Try and keep family debts “even” (that is some in his name and some in hers) that protects those in the event of a separation so one person is not caught with all the debt.

Save rigorously in the months before a baby is born and buy all the required items for the child so expenses do not hike when he/she is born

Start a savings plan once the child is born and put away a bit for their future expenses. As an example ($50 per month @6% interest will be worth $20,000 in 18 years).

Avoid numerous debts and credit facilities and just keep the bare minimum

Always try to “save and buy” as opposed to “buy and pay-off” the latter is a lot more expensive!

If you do need further assistance or help with your current Debt Situation, give Debt Negotiators a call on 1300 351 008 and we can help you to consolidate and pay off these debts with one easy payment or point you in the right direction.