Managing Your Money
Here is some helpful information on how you can manage your money, and how we can help you manage your money.
A budget is a written plan that helps you know how much money you have coming in and what you need to spend it on. It helps you keep track of what you are spending.
Budgeting means you can:
- Pay for the things you need such as food, rent and current bills
- Keep a regular check on where your money goes
- Prepare for emergencies and unplanned expenses
- Save for something special
Tools to help you with budgets:
It’s good to have money set aside to use for necessary unplanned expenses, like car repairs or medical bills. Saving money on a low income is hard, but there are things you can do to try to reduce the amount of money you spend so you can save some for another day. There are many helpful websites that have ideas and information on how small changes can help you save money, including the following:
Please do not borrow money unless absolutely necessary. You will have to pay the money back, on top of all your regular living expenses. Most importantly, we strongly recommend that you do not use ‘pay-day lenders’ or ‘loan sharks’. There are other options if you genuinely need help in a hurry.
Non-Interest Loan Scheme (NILS)
NILS provides individuals and families on low incomes with access to safe, fair and affordable credit. Find out more here.
These are low interest loans for people on low incomes who have difficulty accessing credit from a bank. You can borrow from $800–$3,000 with up to three years to pay it back. Find out more here:
Hardship Utility Grant Scheme (HUGS)
HUGS provides one-off grants to help Western Australians experiencing financial hardship (and pays electricity, water and gas bills). You should discuss your situation with the relevant utility provider. For eligible clients, utility providers will apply for a HUGS Grant and may refer clients to a free financial counselling service for further support.
Understanding the true cost of “pay-day” loans and lending scams