Concerns relating to IT & structure
I have been with Mybudget for 3yrs, for the most part- they have been useful. However, there systems have been down for over 2 days. While issues occur, I find it concerning that a company managing many people's livelihoods do not have the IT systems equipped to manage it. I have had payments missed during this time & I wouldn't even bother calling, as wait times were terrible before. Why has it taken such a large company over 2 days to resolve this IT issue? Why is there no timeframe for resolution. The emails from Tammy will begin to be seen as lip service if there isn't actually any resolve.
Too many different people to deal with
Since starting with MyBudget we are able to put money aside. The downside is there are so many workers looking at our budget and they don’t fully read the messages we send and always ask the same questions over and over again. It’s not good customer service. It’s annoying. We are putting our trust into this company to help us with our budget, but we get asked the same questions multiple times even after we answered them and gave explanations. There are so many different people looking at our budget and they all aren’t on the same page. I also h...ate that our messages aren’t in order until they go into archive. Their system needs to be updated so the messages are more in order so when we go back in to retrieve latest messages we aren’t scrambling to find the one we need. It’s rather messy and confusing. I’m happy that we are getting on track, but unhappy with how clueless some of the workers are when they ask the same questions over and over or tell us the same thing over and over after we’ve explained the situation. Needs to be better. PLEASE!!
good produce terrible customer wait times
This is a great way to get ontop of your finances. However... you wait on hold up to 30mins when you call! they should offer a call back system. Whats worse is the wait music is all crackly and scrambled its the most frustrating thing to listen to. They would get 5 stars if they worked on customer service.
Did the job but has some down sides.
We have been with Mybudget for just over 2 years. It started out great because we were bad with budgeting. We were successful in purchasing a house while with them but wasn't due to them, and a trip to NZ in December. I liked being able to have specific savings streams for certain things you wanted to save for. Downside would be that if I sent a message through to change something in the budget, at least 3 times out of 5 they always managed to not read the whole message and stuff something up, especially in the last 12 months. So in that time I...'ve been on the phone to them to get them to correct things more times than when we first joined. Phone waiting times have been horrible lately. About 30+ minutes all up on average. I expect that with Centrelink. Also, the inconvenience of not being able to access funds on the weekends when needed. We tried our best to budget for things on a Friday but we couldn't account for unexpected things. In that case, I was having to use the emergency credit card or pull from the bills account which is a no-no. Otherwise ok but something you could do for yourself. We'll be saving $50 a week now on fees...Bonus!
Not sure if it's going to work!
I am only one month in however I have not been more stressed about money than I have since starting this service. It's not because I'm not in control of my money. It's because certain things that I expected to be paid as it was worked out in my budget in the first place were just not paid because of a lack of funds. I was underpaid slightly 2 weeks in a row which led to my rent being late by a week. My rent had never been late for the last 6 months. I was not informed about this untill my real-estate emailed a week later. Had I not been using ...the mybudget service I could have put the money aside in the previous couple of weeks and had an understanding of what I could spend to have enough for rent. Because of variables in life I now cannot get a grasp of if I'll have money for certain situations. Also I find it very stressful that I cannot do any spontaneous activity that may arise spare of the moment because it's not budgeted for but I could account for that of I had control. I'm not sure what mybudget is actually providing as a service apart from holding onto your money so you can't spend as much spontaneously. I think that's a good thing, but not much of a service. i still pay most of my own bills and direct debits. They just let me have money for it each week which is something I can do myself. However now that I've started I'm trapped in paying them $85 a week till I've payed out the "initiation fee" and I'm inconvenienced if I stay because little mistakes keep happening and situations arise where I'm stuck and stressed. I would leave immediately if I wasnt being made to pay $1000 for I don't know what tbh. I just gave them bank details and have my pay go to them. That's all I've received so far. Each time I've found myself needing that little extra it's not been available from mybudget but would be if I wasn't paying fees to them. I'd say talk to your bank about setting up a budgeting account than bills and all other ongoing expenses can be paid from. Wish I had done that.
Since joining my budget I have felt relief and a weight off my shoulders, I am a bit concerned that I no longer get managed very well. My file is now with the call center, well that is how I perceive it. My messages take a while to get answered and sometimes I think, do they know what they are doing, it all done electronically and the electronic system tell them what to do. I think if we had more one on one with someone they would see that sometimes things need to be changed for payment earlier than other bills, at the moment they are paying...my car rego. nearly a week late. That cannot happen as if I get fined is My budget going to pay for the fine? So Yes I am happy in a way but worried in another way, as I log in nearly everyday to make sure things are going well, and I should not be doing this as the amount of fees I pay I should be able to have faith in My Budget handling it all. When I was not paid for two weeks due to illness and a family situation, I had no contact from My Budget at all in regards to why there was no income coming in and the bills not getting paid, there computer system just pushed everything back to be paid at a later date. My Budget should have contacted me to see who they should ring to arrange late payments or organised payment plans. Will keep seeing how it goes and hopefully it gets better.
MyBudget - Cost Structures
I have read the good reviews and poor reviews about using MY Budget and the thing that keeps coming back to my mind is the fee structure, which apparently differs with every client;
$1000 or more "setup fee"
$45-100 or more weekly cost
$5 "unscheduled transfer" fee
$5 "un-budgetted" fee
These fees add up over time and it just feels a bit like my bank who charge for excess transactions each month if they can. Not sure on the financial services rulings on these hidden fees and costs, but the idea of using a third party to manage bil...ls and implement a savings plan is very attractive, but really concerned over the fee structure and why its so secretive instead of being open based on number of transactions they handle each week for example. Certainly ripe for disruption. Anyway can anyone elaborate on their experience with the (amortised) charges who takes the time to actually look at them or question them or see if new fees have snuck in etc? Cheers
Ok not there fees were very high it was stupid
I was with my budget just to pay my credit cards then I pulled out
Your fees were very high that's another reason I've pulled out
hi i am new customer
What exactly do I need to have in order to get started
And how much income is required to be eligible.
I was thinking of calling My Budget to see what kind of qualifications I would be required to have to join their company as a budget adviser. After reading quite a number of reviews, I can see that this is not an industry to get involved with. It appears to be extremely difficult to advise and manage peoples' personal finances to their satisfaction and although they have gone to seek budgeting advice, which is a service business, they are not prepared to pay for it. This is a business like any other and has a service fee like any other. Is t...his a case of people getting into debt by spending more than they earn and then blaming others when they can't rectify their situation? If however, My Budget is not giving the correct advice/client services (paying bills on time etc.) that is another matter that should be addressed. If you have access to the money My Budget is meant to be paying your bills with and you spend that money, how is it the fault of My Budget for not having sufficient funds to meet your bills? If you seriously want your debt to be resolved then you should not have access to those funds but should receive a monthly statement showing all income and expenses. I am experienced in the financial sector and have great reservations about being accountable for other people's personal money as it is often a can of worms. Jackie
Could be great
Mybudget could be fabulous but the truth is far from it in our experience. We signed up in January and have had nothing but issues. Their priority is to make sure they get their $46.50 every week and quite happily reduce your higher priority payments (like your mortgage going from #1 to #4) to ensure they get paid. They also won't ask permission or inform you of these changes and can't provide an explanation as to how and why it's happened in the first place.
Fortunately because of the level of incompetence, I check mybudget regularly and am ...
Everyone says the same
If you look at most of the reviews, most people either love the principle and it helps! We have been with them for 6 months and agree, but they seem to take forever to get back to you, or you sit on hold for a long period of time! Which is fine if they didn't charge so much in weekly fees, but what they don't get is that if you are paying for a service, that's what you expect Service!
Overall it's a great idea, and if you stick to there model it does work, just don't try to contact them... Nightmare
Was OK until I went to leave
Initially went to mb because of stress with bills and managing finances. I'm not going to lie when i say that our first year and a half was good for us holistically, it gave me an insight into how better manage our finances and a few bills that were past due were caught up (done well when i was assigned my own case manager at the very start).I loved the fact i could log in at any time and view my next 12 months. It was a great relief i must say. In general i found the call centre always friendly and willing to assist me. Online message response...s take forever...There were a few minor hiccups (bill details entered incorrectly) over the 18 months but not anything really major. After 18 months we felt that it was time to take back over our finances by ourselves. I rang mb on the friday to request terminating our account. I was told by the phone consultant that i would have to wait until a 'supervisor' called me back to close the account and transfer over funds, and they couldn't tell me how long that would take, so i was concerned i would miss the funds for the weekend as i was changing banks etc. On the saturday. After the phonecall just in case i decided to transfer over some funds from surplus for the weekend. Online a message came up denying me of access to our surplus funds online because of a "termination pending"??? Rang them back straight away, reiterated quite diplomatically my request for all funds to be transferred before last pay run of the week..Not wanting to wait for a long drawn out call back as i knew it wouldn't happen that day.... Was on hold for some time - decided they would transfer my funds without me speaking to supervisor (as i was not happy), but they transferred my 'savings' to an external account by accident (a family member's!!) instead of our regular account. Had to wait 4 days for those funds to clear instead of overnight and then had to get them transferred back to me by my family member. Here's the thing mybudget -- was happy with your service, but the lack of care and way i felt i was treated during the exit phase was simply just not right. Wrote to two different staff online via web msging. Took 4 days for someone to get back to me who wasn't the initial girl i was dealing with, and the way the message wrote, she simply was not concerned of the error that was made, just about the remaining 4 weeks the account remains open. And no phonecalls to apologize. After this final incident, i highly doubt i would return. Everything was ok up until this moment.
Getting too big too quick
I have been with Mybudget for 8yrs and for majority of them they have been brilliant. There have been the usual stuff ups but they can be fixed. For the last 8-9mnths quality of service has taken a turn for the worse. Messages take over 11 dys to be answered, if you have multiple questions in an email don't expect them all to be answered in the same email. Staff are rude and don't realise that their tone of voice, how they speak to someone who is in need of a shoulder to cry on and that the way they respond to them will determine if that person...will end the call feeling that they have been heard. Fees have just gone up but yet there hasn't been any improvement in the service they give to us. They seem to be more focussed on getting more customers but not retaining their current ones. Questions on the forum become unanswered which leaves some to wonder if they do actually care about their current customers. They have a stock standard answer when asked why the delay "An unprecendented number of calls/emails due to the public holiday" How can this be so though when someone sends an email well before the last public holiday. Or they are training new staff....... Mybudget need to start listening to the people who are not happy and give us some answers instead of the stock standard ones they always do. And yes I have asked them for an explanation but so far nothing
MyBuget are average at best. Very expensive for what is little more than a fancy online spreadsheet.
I have been using this company for a number of years now and, unfortunately, I would struggle to recommend its services to others. The biggest problem is the appalling level of fees which really have reached an embarrassing level. It wouldn't be so difficult to accept if messages were answered quickly and someone answered the phone occasionally instead of your call being directed to the 'call-back' service. They do call back though which I suppose one should be thankful for. To be fair I should commend MyBudget for not outsourcing their phone s...ervice to India, Philippines, or Bangladesh although I'm sure there are plans to do this! My suggestion to people considering signing up with them is to make very sure you know what the ongoing fees will be and think VERY carefully before signing on. For new clients the establishment fee is extremely excessive and does not provide any true value in my opinion. It's been my experience that MyBudget act in their own best interests first. They certainly make sure they get their ongoing fees first! Usually their best interests are the client's best interests but this is not always the case. Remember they are a business like any other and are in existence to turn a (very decent) profit. Fair enough but you need to remember this and accept they are not LifeLine. This company will put in the absolute minimum effort to get your financial affairs in order. Be aware of this. If they have to negotiate with creditors on your behalf (almost a certainty) it will cost you money - the more they have to negotiate the more it will cost you. Once they have 'negotiated' an agreement with your creditor/s they will make sure funds are allocated there first (oh after their fees of course!) because this is in their best interests. After all they wish to create the impression with creditors that they are reliable and what they say will happen, happens. Again fair enough but is this really in the client's best interests? If your budget is running a modest surplus you will find MyBudget works perfectly but wouldn't you expect the fees to drop when they have to do LESS? Well, this just doesn't happen. Also the client has to contact them to 'fine tune' their budget - there is no proactive contact from them to suggest "We recommend you do this or that with your budget". Again quite appalling considering the sky high fees. So the ultimate aim is to get the client set up in their spreadsheet and then forget about you until you have the need to contact them...and then they do as little as possible to get you on your way.
Questions & Answers
HI! HOW MUCH IS A BOY DOG?
Goodmorning, thankyou for your question which type of dog would you like?
I think you may have the wrong page! However, if there is any way that MyBudget can help, please let us know.
I just joined my Budget
So when I asked the lady if I want to cancel she didn’t mention any fee she just stated I have to give some notice.
So since I have 2 days cooling off period do I still have to pay ?
I imagine if you are still in your cooling off period there would be no fees. That is how cooling off periods are supposed to work.
Thank you so much xx
Hi Anps, If you are wanting to cancel, please call our team on 1300 300 922 and we will be able to step you through the process. Reach out if you have any other questions! Thanks, Peter - MyBudget
How much do you charge for this service
As there are different things that we do here at MyBudget, the fees vary depending on your situation and requirements. We offer a free consultation where we go through your finances with you and work out a budget that’s right for you.
From there we can work out what your fee will be. To make sure we always improve your financial situation, our fees are worked into your budget so you don’t have to worry about paying anything upfront.
Let me know if you have any other questions, or you can call 1300 300 922 to speak with one of our money experts or enquire online: https://www.mybudget.com.au/enquire-online.
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