Looking after your family’s finances and managing money will help you avoid debt and stress – and enjoy your family life together.
Why managing money is important
Knowing you have life’s expenses under control is a great way to avoid future stress and unnecessary worry.
Making the most of your money can sometimes seem daunting. With so much advice on how to increase or invest your income (and so many ways to spend it!), it’s normal to feel overwhelmed sometimes.
Here are some basic ideas for managing money and avoiding debt:
- Try to focus on what’s best for your family rather than trying to consider every financial option out there.
- Check out your entitlements to government parenting payments. Could you be getting more?
- If you’re worried about how to balance your family budget, try developing a basic plan for managing your money.
- Decide what your priorities are, and it will be easier to control spending in the different areas of your family life.
If you get into debt
Taking steps to reduce debt will help you avoid stress. If you have a partner, reducing debt might also help you avoid arguments.
If you find you’re not getting on top of things on your own, a financial counsellor might be able to help you negotiate with debtors, explain options for dealing with outstanding bills, and work with you to create a manageable budget.
Australian Government help with debt
The Australian Government Commonwealth Financial Counselling Program offers free financial counselling to individuals, families and small business operators who are experiencing financial difficulty because of unemployment, sickness, credit over-commitment and family breakdown.
You can also use the Australian Government Financial Information Service. This service is free and available to everybody. You don’t have to be receiving Centrelink payments to use it.