New seminar helps manage cost of living
Mt Druitt families interested in driving their dollar further will be given helpful ways to manage their money at a free ANGLICARE seminar on Tuesday, 7 June.
The seminar will cover ways to lower the cost of electricity bills as well as provide hints and tips on saving money and avoiding credit traps.
Every Monday and Wednesday Peter Jalady, ANGLICARE financial counsellor, sees many Mt Druitt families stressed out and at a loss about their financial situation. With the rising cost of living the fortnightly family income is becoming increasingly stretched with many finding it difficult to live on what’s left after the rent and utility bills have been paid. Finding ways to get more for their money and to avoid getting into financial difficulties is therefore more important than ever says Peter.
“It is important to have a plan when spending your income,” Peter explains. “There are some people who spend their income as soon as they get it, instead of taking the time to prioritise their spending. It can often get people into trouble, especially if they are on a low income. I’d say about 20 to 25 percent of people we see at ANGLICARE fall into this category.
“Others are in financial trouble because they cannot manage their loan repayments. We find many have taken loans from money lenders or entered into rental agreements that charge a lot of interest. It gets to such a stage they don’t know how much they’re actually paying these lenders and it can be well over the actual value of the goods they’ve purchased. However, while the interest rate is very high, the total amount owing is usually not that high.”
The first step to regaining control of one’s finances is to make a list says Peter.
“It may be a very simple concept, but it is vital that people know how much income they have and how much they are spending,” says Peter.
“Families should have a list on what they need to spend their income on and then stick to it. This isn’t as simple as it sounds in practice and that is why we provide daily expenditure sheets so that our clients can see exactly where they spend their money and how much they spend.
“After we have our list, we can then see if we can find some money left over for incidental expenses.”
Drive Your Dollar Further Seminar will be held at 91a Kurrajong Ave, Mt Druitt, on Tuesday, 7 June at 10am to 12pm. Free childcare is available, but booking is essential. Contact Hazel Crandles on 02 9832 2300.
