Getting Out of Debt
Something that applies to a large proportion of the Australian population. The numbers around this debt is the troubling factor. 25% of the population is ignoring their personal debt, a concerning behaviour that can lead to increased spending beyond an individual’s means, only to amplify the issue further.
Assuming that “you’ll be right” is the best way to make your situation worse, instead you should make a budget. Using a budget template to account for all of your expenses and breaking it down to a weekly budget planner.
Accepting the position you are in is the first step to fixing it. This doesn’t just apply to people in difficult financial situations, it applies to everyone who has some form of debt. These debts can be credit card debt, personal or car loans and mortgages.
Another hurdle to addressing our personal budget was found in a recent survey conducted by ING. This survey found that 47% of Australians in debt felt anxious, while 38% of people were embarrassed by their debt. On top of that, more than half of the respondents in the survey said they would rather talk about anything else other than their debts. This thought process highlights why household debt in Australia is increasing. People are less inclined to seek help, but still borrow more and get caught short when bills arrive.
The reality of money is that it won’t make you happy, but being short of it will make you unhappy. At Budget Connect we understand that talking about money could be an uncomfortable conversation. As a business established with a genuine desire to assist people improve their financial situation. We understand this difficulty.
We would like to thank ING for the statistics used in this post, you can find the full article here
What to do?
We would invite you to request one of our budget templates, either our monthly budget template here.
You can also request a personalised annual budget template here. Once this annual budget template is completed we can arrange a time for a confidential discussion with one of our team members to review your finances and see if there is anything further we can do to assist you improve your outlook.