63 questions from our users
The last three years have left my financial situation and absolute tragedy. Three years ago my then wife and I entered into a part 9 debt agreement for all the silly young single person debt that we had carried intoour married life. I started working away fifo and then our family situation broke down with court stresses and attempted alienation I fell victim to depression and anxiety. Also a consequence of the decline of my mental health was the lack of attention for my finances. I have been back to good health and working fifo and fully recovered but now left not knowing where to start or what to do as I don't know what options I have to rid myself of the weight of all the debt. It's that bad because I pretty much fell off the planet for nearly a year. My credit rate has been murdered. What can my budget do to help?
Thank you for sharing your experience - It sounds like you've certainly been through a lot of financial stress over the past three years, and we'd love to see how we might be able to help. We understand how hard it can be to bounce back from a position of debt and financial stress/anxiety, but certainly not impossible with a support plan in place for you. Please feel free to email me at email@example.com and I can organize for someone to give you a call and discuss your situation and what solutions we may be able to offer. Alternatively, if you give our team a call on 1300 300 922 and select option 2, we can go through it with you that way.
We look forward to speaking with you and seeing how we may be able to assist. Kind regards, Bek - MyBudget
My husband and I are with my budget- I pay around $50 a fortnight which I think is really high for what they do for my income ( monthly phone bill and car insurance) - have any couples spilt it and 1 do my budget and the other not?
How long did couples try it for - we are 4 weeks in and I hate it but hubby likes it.
Hi Kay S,
It sounds like this question may be directed to other MyBudget clients, however I wanted to let you know that we do speak with clients on a regular basis who only have one half of a couple using the budget and have found that this method works best for them. I guess it really depends on your particular circumstances and what you're both comfortable with. Do you current use our members forum? This is an online community for MyBudget members only where you can ask other clients questions and seek advice. It may be beneficial to get on the forum and get some more first-hand experiences! If you'd like further information on this, please feel free to email me at firstname.lastname@example.org or give us a call on 1300 300 922.
Kind regards, Rebecca - MyBudget
Good Morning, we have huge debts everywhere - do you consolidate all debts into one as well as Budget planning?
DO NOT GO WITH MY BUDGET! we went with them and they decided to not pay our mortgage as it didn't work in with our budget (we had been paying it fine for 5 years) we are currently working with them and the ombudsman to get it fixed as they out right lied to us about what they would be doing with our money. We only went with them as I am going on maternity leave and wanted to reduce stress. If you need help speak to an accountant or contact the salvos they have a team who can help. I repeat DO NOT GO WITH MY BUDGET
Thanks for your question. MyBudget can assist you with looking in to debt consolidation options as well as helping out with your everyday budgeting. Please feel free to give us a call on 1300 300 922 and select option 2 to discuss this with one of our staff members. Alternatively, please send me an email at email@example.com.
HappyValley - I'm really sorry to hear about your situation, this definitely does not sound like the usual MyBudget experience. It sounds like you may already be working with a supervisor in regards to your concerns, however if there is anything further I can follow up for you, please let me know.
Kind regards, Bek - MyBudget
If you lose your job will MyBudget cancel on you without having to pay the establishment fee?
Thanks for your question. We can certainly look in to options to assist you if you have lost your job. Please give us a call on 1300 300 922 and let our Customer Service team know about your situation and we would be happy to assess. Alternatively, feel free to send me an email at firstname.lastname@example.org.
Kind regards, Bek - MyBudget
Hi, I'm looking at cancelling my MyBudget account, can anyone shed some light on the time it takes to cancel and if there were any fees? I can't find anything on their website or the paperwork they gave us.
I am so sorry to hear that you are looking at closing your budget. May you please call us on 1300 300 922 or message us through the member's portal so we are able to give you more information in regards to this.
King Regards Lauren - MyBudget
I am not sure exactly how you work but my granddaughter and her fiancé have accumulated some debt subject to him losing his job last December they are in a stressful situation and being young are not finding a way to a solution would you be of any help to them he has a job now and she is studying but finding that difficult because of circumstances ..I feel they need to consolidate but at the moment they are in a huge struggle
Thanks for your question. I'm sorry to hear about your family's situation right now, it sounds like things have certainly been hard since the job loss! We have many clients who have come to us in similar situations, and we are able to put solid plans in place to help.
What I would suggest is to give us a call on 1300 300 922 and select option 2 which will bring them to one of our new enquiry specialists. From there we can discuss their situation in more detail and see what sort of solutions we may be able to offer. We look forward to speaking with them soon!
Kind regards, Rebecca - MyBudget
I am in debt, credit cards and car and house loan. I however have a casual job, hubby permanent. Would this help when our income varies from fortnight to fortnight?
Thanks for contacting us with your question.
Providing you have a regular and reliable source of income, generally speaking MyBudget would be able to assist you with getting a budget plan together. Even with a varied income, we may still be able to build a working budget based on your minimum or average income amounts.
I would suggest giving us a call on 1300 300 922 and selecting option 2 so that we can discuss your income and expenses in more depth - that way we should be able to get an even better idea of how we can assist you.
We look forward to speaking with you!
Kind regards, Rebecca - MyBudget
What fees does MyBudget charge to use their service?
I'm not in debt but really need to knuckle down on saving money so could use help as at the moment I'm not able to save anything.
Thank you for your question.
The cost of setting up an individual's budget is determined by the complexity of the budget. We provide a free appointment where we create a tailor-made budget solution for you. Once the budget has been created during the appointment, you will be able to view the costs involved and decide if you wish to join the service.
Please note, all fees are worked into your budget and are spread out over time, so you don't need to pay upfront. If you choose not to use the service you will be provided with the budget plan which you can take home at no cost. If you choose to use the service, you will have access to your flexible budget online 24/7 (we work with you as life changes), receive ongoing support from the MyBudget team, partake in goal coaching for your short and long term goals and more!
We do have many clients who are not in financial hardship but still use our service for a more structured savings plan! The best way to get a more accurate idea of fees involved would be to give us a call on 1300 300 922 and select option 2 to speak with one of our consultants. We can then look at running through your situation in more detail.
We look forward to speaking with you!
Rebecca - MyBudget
If you go to an accredited financial counsellor, the cost is absolutely NOTHING. Ring 1800-007-007 (national debt helpline) and you will be put through to an accredited financial counsellor who will assist you fee free. Stay away from my budget (and or any other agency purporting to assist for a cost) as you will not be any better off. My budget have quite expensive fees and charges, which at the end of the day will NOT make your debt any less. They also do NOT employed, qualified financial counsellors who are trained and registered with the national financial counselling industry of Australia.
MyBudget's fees are low in comparison to the service they provide. They make everything very easy and provide customer service that you hardly see anywhere else these days! Besides, the fees are built into your budget so you don't even notice them! At least have a free consultation. It is very obligation free and you have nothing to lose by chatting to them!
Does your services do debt agreements debt agreements are a form of bankruptcy right?
Thanks for your enquiry. We offer many different solutions, tailored specifically to the individual needs of our clients. Based on your financial situation right now, we may be able to assist you with looking in to a bankruptcy or debt agreement (a form of bankruptcy). The first step would be to give us a call on 1300 300 922 (option 2) and discuss your current options with one of our team members who can see what we can do to help.
Kind regards, Rebecca
I'm not in debt, just not saving as much as I probably could. Will my budget work for me? As there is no debt are the fees less?
Thanks for your question. MyBudget have thousands of clients who are not in debt, and instead use the service to help with achieving their savings goals! We help to create a structured plan and support you by managing all of your day to day expenses. We focus on your goals, whether they be big or small to help you live the life you want free from money worries.
In terms of fees - if you choose to sign up with our service, every plan is specifically tailored to your individual situation and therefore no two clients’ fees are the same. To see if the service is right for you, you can come in and sit down with one of our Personal Budgeting Specialists for a no obligation appointment to map out a budget plan. This consultation is completely free! I would suggest giving us a call on 1300 300 922 and selecting option 2 to discuss your situation further with one of our consultants - we look forward to speaking with you.
Kind regards, Rebecca
How much did they charge you for the service??
It varies I think. I was paying $36 a week recently.
It depends on the complexity of the budget. It is incorporated into your budget so you don't even notice it and in all honesty I would have been paying more in overdue fees etc. I highly recommend having at least the initial consultation to see if it works for you. And no I don't work for MB! I just think it really really works and recommend it to everyone!
My daughter used one of these "rescue" organizations (without talking to.me first) a few years ago and was charged 10K ...kind of defeats the purpose to charge that kind of money to someone who's already in financial.trouble dont u think??
How long does it take for money to be transferred from your budget into your personal bank account?
Thank you for your question.
The simple answer is payment transfers may occur the same business day or the following day depending on who you bank with. There are certain restrictions because of the business hours for clearing house services, such as after hours, weekends and public holidays. If a transfer is completed when the clearing house is closed, the above payment transfer will apply the following business day.
I hope this information is helpful to you.
What are the charges. I am thinking of engaging my son and family and paying the charges for them. cheers les
Hi Leshar, in answer to your question they are almost $2000. However they break it down in Establishment fees and Admin fees.
Thanks for your question. As all of our plans are created based on your individual situation, no two clients' fees are the same. However if it helps, you can come in for a free, no-obligation consultation. We can create a budget plan that is yours to take home and keep, whether you decide to join or not. The budget is laid out before you in this consultation and you can decide if it is a good fit for you. I would suggest giving our team a call on 1300 300 922 (Option 2), and we can discuss this with you further.
There is a huge establishment fee and then weekly fees on top of that forever.
Will my budget work for a self employed person struggling with cash flow issues and large debt?
Thank you for your question. There are some considerations when it comes with assisting self-employed people. It may be best to speak with our team, as they will be able to look into your situation in more depth and advise you of steps you may need to take. You can call us on 1300 300 922 or request for us to call you by enquiring online at https://www.mybudget.com.au/enquire-online.
I hope this information helps.
I'm self employed and don't earn the same money every week. Am I still eligible to do this?
Thank you for your question. There are some things that we need to consider given that you are self-employed. Please call our team on 1300 300 922 so they can understand your situation a little better, and if you are not currently set up in a way that is compatible with our program, our friendly team can advise you of the steps to take, so that we can work together.
I hope this information helps.
I'm deciding whether I should take up this service and need information on how it works exactly. My main concern is with the set up of bank accounts managed by someone other than myself. Whose name is the account in, how do I get control of my money in that account if myBudget consultants are handling the funds for me? (I realise I'll keep my own personal account with my main bank and will get an allowance). Do I get direct access to this account (as it's my money going in my account) or do I just get visibility of what goes on once I log in to myBudget's online portal? Are their fees deducted from the account they set up or my main one? Would like to know more before I decide if I should go ahead.
I hope the following answers your questions.
Setting up with MyBudget consists of opening a MyBudget account in your name. Once your budget starts you can choose to activate the self-service features on the online member’s website. If you wish to access funds that are dedicated to paying your bill’s, we ask that people call us or send a message through the online member’s website, so that we can work together to make the funds and bills affordable when they fall due.
The fees are deducted from your MyBudget account not your bank account.
At the end of the day it is your money, and you are in control. We are here to provide greater insight into your finances, to support you day to day, and help you reach your goals.
If it helps, you can come in for a free, no-obligation consultation. We can create a budget plan that is yours to take home and keep, whether you decide to join or not. The budget is laid out before you in this consultation and you can decide if it is a good fit for you.
Thanks for the response, although I'd like further clarification on the legalities and practicalities of having a MyBudget Consultant access an account set up in my name. If I choose NOT to activate the self-service feature, the account continues to be in my name, only it's controlled by someone who is not an account holder?? Or is it a case of MyBudget being set up as a third party or signatory to that account? It sounds like letting someone else, other than yourself, have access to an account solely in your name. Raises legal and privacy issues. Just trying to clear things up first before I make that call to you guys.
Your account with My Budget is not actually yours. Your money goes into their account and they keep all interest earned from your money. The account is simply a "sub account" that belongs to My Budget. You have no control over that account. I learnt this the hard way when I called the bank and was told that "my" account didn't exist.
Hi there, I'm doing an assignment for a business course and would really appreciate being able to talk to some mybudget customers about the service you have received (plus I'm interested in the service myself). If anyone would be willing to help me, I'd really appreciate it. Pretty please :)
Yes not a problem
Great thank you Allana, here goes :)
1. Why did you buy the service from mybudget specifically?
2. If you could change anything, what would it be?
3. Have you pruchased anything similar elsewhere?
4. What do you like about the service?
5. Is the price right?
And 6. If it was more expensive, would you still have signed up?
A massive thank you, really appreciate it :)
Hi Alison to put this very politely nicely and efficiently, the CEO of this company is amongst Australia's richest woman for a reason! We have been with them twice. The first time things got so messy and I thought it'll get better. We joined them cuz we wanted to save . I was 2 months in arreas for some bills when we left. They blamed it all on us as due to pregnancy I had to go part time. This was also discussed at the initial interview! The second time was 2 years ago and I canceled it within 2 days thak the universe.
I assure you that 99%of the reviews here are FAKE. 2 YEARS AGO THE RATING WAS BARELY 2 STARTS. Then all of a sudden in 3 months BOOM! review explosion. Government website has an awesome app which is free and is amazing. Save your time, money and integrity!
If I join mybudget can I leave say a month after I sign up?
My suggestion is that you need to give it longer than a month to see the difference Mybudget will make to your financial situation. Once you are set up you won't want to leave. We have never been in a better finacial position than we are with Mybudget.
Really look into it before you do it!!! My partner & I joined 6 months ago, worst thing we ever did. We still have no savings and are continually wondering what's happening with our money.
We are now looking at cancelling it. It's not for everyone.
Yes theses a Cooling off Period
But it's takes a few months to see it work i would say I glade I stayed
Hi Nicstar 41 who or what are CAP?
Cap is shortened for Christian against poverty. Their service is very similar to my budget but it's FREE ! There are a few obstacles to join them like you have to be in the zone they provide their service and stuff. Best decision I have made after my budget turned my financial situation from not bad to disastrous.
What are some of the main areas that families of 4 need to reduce their spending so they can save money in a year.. i.e groceries, changing insurance, electricity etc. And what are some problems that could arise due to these cuts?
Caitlin the very first thing you need to do is sit down together as a family and commit to making the changes needed to achieve your financial goals - in your case to "save money in a year". Everyone will need to play their part (assuming any kids are old enough to understand).
Here are the things you need to STOP or significantly reduce spending on:
Foxtel - eliminate or go to basic package
Mobile phone plans / calls - you don't need to latest phone! Move to cheaper plan/s if you can. Reduce the calls you make! Think if the call's necessary before calling!
Restaurants and takeaway - cook at home and do NOT buy lunch at work / school
Internet - you need the internet but can you get a cheaper plan? Changing provider does not help long term.
Alcohol and tobacco - stopping drinking / smoking saves you a fortune each year and improves health.
Electricity - minimise use as best you can. Changing provider does not help long term.
Borrowing - don't borrow (any more) money!
Health insurance - cancel it and use Medicare instead. Health insurance is a massive waste of money for no real value. The public system is fine.
Groceries - minimise as best you can
Insurance - review home / contents insurance and shop around for a better deal. Do you really need comprehensive car insurance?
Centrelink and the tax system - make sure you get everything you are legally entitled to. Call Centrelink and make sure you're getting what you should. Keep at them.
Don't waste money - just don't spend money unless it is absolutely necessary!
Do your own tax return - use the ATO's eTax program; it's free and works brilliantly. You don't need a tax agent.
Finally set up a budget and stick to it.
If you do these things only good will follow and not problems.
Caitin !, I think you the one work with MyBudget. I already make mistake about used this service and I have to pay for weekly fee $39.98 the Establishment fee $460- $485 a month for six month. I don't know what to do and see how this will work. I find out after that very hard to get communicate with them after you are already get in contact. All the phone call always busy and no one answer the phone ( I thought all the line will try to get a new client without worry about exit client).If Anyone in here been use this service will be agree with me that some time the client problem or the interest fee charge not very important for myBudget to think first, The first thing will do from your account first is debit the Admin Fee and Establishment fee, Event you don't have much money to pay off your debt or you should use that money to pay off some hight interest. I can't wait to cancel this service and I will very appreciate if anyone got the same problem to tell me what I should do?
I have never encountered any problems like the ones you mention above. I have been a client since August 2013 and I find they are always contacting me and reminding me of my short falls and at times over spending. I am only to happy to pay my service fee as I continually say to people My Budget is like having my own accounts payable department (please note a lot cheaper than my bosses accounts department). This small weekly fee allows me to stop living from wage to wage and has given me the means to actively save for those horrible surprises. My Budget has also inspired me to find better deals for my credit cards and loans in order to increase my yearly surplice. It has also made me aware how missing one weekly wage can create short falls month in advance.
I am to happy to answer any other questions you have from one consumer to another consumer.
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