Australia’s leading personal budgeting company MyBudget has moved to open its third Sydney office at Hurstville due to increasing demand for financial coaching as more and more Australians become time-poor and struggle to juggle a household budget.
According to the latest Australian Bureau of Statistics three in every 10 households with a home loan are suffering mortgage stress and are paying more than 30 per cent of their gross income to meet repayments on a property.
MyBudget Founder and Director Tammy May said the expansion into Hurstville was in response to local residents taking the first step to seek help and take control of their finances.
“We are servicing numerous enquiries from residents in Sydney’s south each week with the majority of people admitting they have no savings. We are actually helping them get ahead with their finances and save money often for the very first time,” Ms May said.
“There is a gap in the marketplace for a personal budgeting service to help those who live in the southern suburbs of Sydney, with many people living week to week or not doing as well as they could financially.
“We are helping people across the board from homeowners to renters, families, couples and singles who are low income earners up to those earning six figure salaries. Many don’t have time to manage their incomes effectively.”
Sutherland resident Lisa Brown, 42, who is single with no children and works full-time, admits she is no longer stressed about money after turning to MyBudget.
“I was at breaking point because I was overwhelmed with personal loans, credit card debts and even being chased by creditors,” Ms Brown said.
“MyBudget has taught me how to save money and enjoy life again. I am now taking holidays and my long-term goal is to save a deposit to purchase my own unit or house. “I wish I put my hand up for help sooner.”
MyBudget’s office at Hurstville opened on Wednesday, September 5, joining other offices in New South Wales located at Parramatta and Sydney’s CBD.
Due to rapid company growth MyBudget is also moving locations in Sydney’s CBD on Monday, September 17 to take over a larger office space. On average the company is employing 1.4 new staff members per week to cope with the demand.
Tammy’s Top 5 Tips:
1. Start by putting together a budget – A budget is the most important tool for getting our finances under control and knowing if we are spending more than we are earning.
2. Planning will help you stick to your budget – Do weekly meal planning, make a shopping list and stick to it. Buy what you need, not what you want. Ensure you include things like birthday presents, vet and annual expenses in your budget to make sure you don’t get caught short.
3. Ensure your budget is flexible - You should have savings factored into your budget and try and build up a surplus which can act as a buffer if your circumstances change.
4. Review your budget regularly – A budget is not a ‘set and forget’ document. The more you review your budget, the more likely you are to stick to it. Set aside a specific time each pay cycle to review your future payments and income.
5. Where possible, avoid using credit - Living off a credit card for everyday expenses makes it very hard to stick to a budget and suddenly you’re unable to pay off your credit card in full at the end of every month. You make the minimum payment—maybe even a little extra—but you can’t keep up with the interest charges.