My hubby has got a new job paying more which is great but we won't have an income for over a month and he has no annual leave owing from the job he is leaving. I am trying to get some work nights and weekends but haven't been successful. We have two young children and a mortgage. I have no idea what to do. We live week to week, our credit card is almost maxed and we have no savings. Has anyone been in this situation?
4 Replies
Yes, it's very scary and intimidating but it is okay! Have a chat to your bank, see if they will let you hold off on your mortgage payment for that month. Buy things in bulk from NQR or Aldi to cook with, usually super cheap places. I wouldn't recommend looking into small loans as they charge ridiculous interest. Have a chat to your bank first and see if they'll be accommodating. Ours are :)
aerate money, it can be so stressful! Yes definitely talk to your bank and hold off on the mortgage, call other billers and explain to them the situation, they'll be understanding.
Make sure you have a budget! Start paying down that credit card when he's working again and incorporate that into your budget. I cut ours up because it was getting too high and we were starting to live outside our means. Cannot stress the importance of a budget enough, do you have private hospital cover? We just suspended ours as we are going through financial hardship at the moment. I actually found out that you can hold off on paying hospital cover for up to 3 years and you won't lose out on the lifetime health cover levy that's in place by the government if you're over 31.
Get a hold on the mortgage. There are lots of places that do free food if you get stuck on that. Look up your local budget family Facebook page. If none google for local charity places. Lots do lots of fresh stuff for struggling families it's great
Put a hold on mortgage, bills, everything. Sooner you get onto it the better, to avoid late fees, threatening letters, etc then once his pay starts coming, work out a budget and pay your bills weekly/fortnightly, and put the extra income straight on the credit card.
can you up your credit limit to cover living costs for the month, or borrow from parents/family? Or can he speak to new employer about an advance?