Managing your money

Budgeting and bills

Budgeting is a practical way to see where you spend your money, and can help to: 

• get a clearer picture of your overall financial position, which can make you feel more in control 
• prepare you for unexpected expenses 
• spot areas where you can cut back spending and save money.

Moneysmart also has tips and guidance to help you when:

• paying council rates, bills and fines
• planning and making a budget.

Learn more about how to track your spending and budgeting at Moneysmart.

Get help with energy costs

Some energy providers can extend payment periods for customers who are in financial hardship.

Talk to your energy company about options if you’re having trouble paying your bill.

Depending on your eligibility, there are rebates available in some situations for: 

• retail customers (if you get your bill from an energy retailer) 
• on supply customers (if you get your energy bill or invoice from a strata manager or community village operator).

Find out more about energy rebates and discounts available at Energy NSW.

Changing loan and credit arrangements

Most banks and other creditors have policies to help customers experiencing financial hardship.

If you find yourself in this situation after losing your job, contact your lender or credit provider to discuss options as a first step.

If you have more than one unsecured loan, like a personal loan and credit card debt, one possibility is to consolidate (or refinance) them into a single loan.

This could make it easier to manage repayments as long as you ensure the new interest rate or fees are lower than before.

Find out more about debt consolidation at Moneysmart.

Home loans and a hardship variation

To make changes to any home loan repayments, you can apply for a hardship variation. This is a letter you submit to your lender that sets out reasons for wanting to:

• alter the terms of your home loan, or
• temporarily pause or reduce loan repayments.

To apply for a hardship variation, contact your bank or lender to find out what's required.

Financial Information Service (FIS)

FIS is a free, confidential service provided by the Australian Government where financial experts can help you plan for your future financial needs.

They are not licensed advisers. What they can do is help you make more informed financial decisions, including:

• increasing your knowledge and confidence when dealing with money matters like debt reduction, superannuation and investments
• how to use credit sensibly
• finding a financial planner and how to best use their services.

Find out more about the Australian Government's Financial Information Service.

Zero and low interest loans

Good Shepherd is a faith based, microfinance organisation that works with communities across Australia to improve the economic wellbeing of people on low incomes.

Its services include no-interest loans (up to $1,500) and affordable low interest loans (between $800 and $3,000) to cover expenses such as:

• whitegoods, including fridges and washing machines
• household furniture 
• education and medical bills
• low cost insurance policies.

Eligibility requirements apply.

Find out more about microfinance loans available at Good Shepherd.