i feel like i need a financial rescue plan.

[Novella]

Bills
Child Care
Car Insurance
House Insurance
Health Isurance
Life Insurance
Mobile
Home Phone
Internet
Rates
Gas
Electricity
Rego
Water
Union Fees
Car Service/Tyres
Visa/Bank Fees
School/Fees Uniform
Swimming
Nursing Rego
Hair
Petrol
Food/Groceries
Holiday
Pets
Gifts
Kids Savings
Medical/Dental
Mortgage Minimum
Extra Repayments
Clothes
Spending
House Maintenance/Furniture
Garden
Entertainment

These are the categories I have in our budget, obviously you would need to tailor it to your needs

I have it worked out so I can compare our weekly, monthly and anual income against our costs. I also have flagged when bills are due as there are some months where I have 3 or 4 large bills due at once. We were paying ahead on large bills like electricity $20 per week by bpay transfer so we weren't slugged with a big bill in one hit but a couple of years ago when we got FTB supplement and our tax return we put it in an account for bills which we now put a regular $ value into (based on our budget outline) and we now have the cash there when bills are due or regular expenses come up like car servicing/repairs etc this is something you might be able to do once you get your heads above water

[beckoes]

thanks all. i downloaded a spread sheet which adds it all up for me. which is pretty easy. i think its a start anyway. its only weekly, id like something monthly, or even yearly so i can see everything in the long run, but my internet is so slow i cant really search for things.

BG. im goin what you suggested about contacting hardship deps for electricity etc and i will call telstra tomorrow.

[fionas]

Is there any way of cutting down on your utility bills? Our utility bills are HUGE because our house has really poor insulation so is cold in winter and boiling in summer. We live in a very cold part of Australia (we get snow).

Anyhow, we got into a bad habit of having the heating on at night in winter. Only on low but on nonetheless (it regularly gets down to zero here overnight). Anyhow, the ducted heating broke recently and we realised that we really didn't need the heating on overnight. So that should cut our gas bill very considerably.

That probably doesn't apply to you BUT maybe have a think about whether you're using more gas/electricity/water than need be.

[Astrid]

Frugal and Thriving is a pretty good blog for budget tips, savings, along with some really good posts about actual budgeting and debt reduction.

Whilst we are in a better financial position now, it is helpful to have a plan in place for debt reduction. So have that goal and to see the affects of payments. Write all debts along with what you have already done with your day to day expenditure.

[Gigi]

understanding what a WANT is, and what a NEED is, is what my financial education class began with. It sounds so basic, but it's so important.

i THOUGHT me buying a carton of Iced Coffee, every time i went out, was a NEED, but it actually was a want. I traded in my "habit", and changed it to "taking a bottle of tap water with me when i go out EVERY TiME" and it's worked. Took time, but it's working now.

I saw a financial counsellor for free, and she made me a spreadsheet. Looked at all my bills for the last year, worked out the fortnightly amount i needed to put aside, for each bill, to make sure they got paid. Then the credit union helped me work out how to set up automatic fortnightly BPay deductions, so that every fortnight for example, $30 gets put on my Electricity Account. Did that with other bills as well. No more late fees, no more worrying about coming up with the money, much less stressful.

When you get any government bonuses (family yearly bonus) or other bonuses e.g tax rebate, spend it wisely. Pay off most pressing debt e.g electric bill and start up an auto deduct scheme with your electric supplier. On a daily basis, you rely on electricity alot. You don't need the stress of being cut off, and having to beg from relatives when it happens. Not as much fun as blowing the money on something fun, but you'll be glad once you've done it.

Get creative about things you can cut down on. I keep my heating bill low by wearing two jumpers inside my home in winter. Sit down to telly/computer, put a rug on your lap instead of turning on heater.

Let rellies/friends know you are after 2nd hand kid's clothing.

When friends/rellies say what do you/the kids/dh want for your birthday/xmas etc, have ready a list of stuff you/kids/dh actually NEED. Or a general voucher from a big store, so you can get what you/they/he needs.

Whenever you go out, take food and drink from home - it's guaranteed, you always are thirsty and hungry when you go out. Would your relatives have your family over for a weekly meal?

work out your financial leaks - track your spending for a week
i had to do this in a financial education course, i worked out how much i spent on Iced Coffee cartons FOR A YEAR!!! What i thought was a LITTLE extravagance, was really costing me a bomb. I now take a bottle of water with me everywhere.

Get financial advice
You need to know, bottomline
WHICH is the best (cheapest) option?
Sticking with the mobile plan til the contract expires - which would cost $???
Breaking the plan and paying it out - which would cost $????
you can't choose, until you have the info in front of you.

Financial counsellors see people every single day, that are in financial doo doo, due to mobile phone contracts - they are used to dealing with this type of thing, it's ok.

You WILL get out of this mess, cos you are asking for help. You've taken the first step, on a long journey. Good on you.

all the best hon.

[Gigi]

Frugal and Thriving is a pretty good blog for budget tips, savings, along with some really good posts about actual budgeting and debt reduction.

thanks for that Astrid, i will look that site up.