How to Overcome Financial Difficulties and Achieve Financial Stability

What do to if you are under financial pressure?

It feels like all we ever talk about is the cost of living. “I can’t believe how much fruit and vegetables have gone up”, “did you see the price of petrol today”, “my mortgage has just renewed and gone through the roof”. If you have lost your job on top of this, it can be an incredibly stressful time, so how do you navigate these financial pressures and the sense of overwhelm that often comes with it?

Tips for dealing with financial issues

If you or an employee is facing financial hardship, and it is affecting your/their wellbeing, there are several steps you can take.

1. Seek financial advice – if the bills are stacking up and you can’t see a way forward to pay them, or you know you aren’t good at managing money, then seek financial advice. A financial advisor can help you put a budget together and look at where you can save money and/or reduce expenses. There are links and helpline resources where you can go to for free advice at the bottom of this page.

2. Engage with your bank – it might seem scary going to the bank if you are struggling to meet your mortgage payments. However, the sooner you talk to them the more they will be able to assist you and put a plan in place. All the major banks have financial hardship support services for this reason.

3. Talk to your employer – telling your employer you are struggling financially will not only help with getting moral support, but they may be able to help you with a financial plan.

4. Look at help from community organisations – there are many community groups that are around to help people in need. These include foodbanks, community centres and free budgeting services.

5. Use government resources – we pay our taxes so that help is available when we fall on hard times. In New Zealand you can go to Work and Income and in Australia Centrelink.

6. Get professional support – sometimes our financial issues are related to a dispute with a debt collection agency or a creditor. Seeking legal advice in these instances may help. Free legal services are available in New Zealand and Australia and there are links to these below.