When is the right time to ask for financial help?

by The Advantage

Many of us are accustomed to asking for help in a variety of situations – if we need help moving, when we’re dealing with a personal problem or if we’re having a tough time at work. However, most of us don’t ask for help when it comes to our finances.

Asking for help with your finances can be tricky, especially if you’re feeling vulnerable about your current position. It can be even harder if you don’t know when to raise your hand to ask for help, or who to turn to when you do need it. This article explores when it’s ok to ask for help, and how to go about getting it.

When you want more control over your money

Deciding to take better care of your finances is a big step in the right direction towards financial security. However, there’s often a lot of little steps that you need to take to get your money under control.

Some of these might include:

• Evaluating your income – This could include your take home pay and other income streams.
• Calculating your monthly expenses – Your expenses could range from rent or a mortgage through to loan repayments.
• Balancing your incomings and outgoings – Finding the right balance between your income and expenses.
• Starting a savings goal – Setting a savings goal can help in the face of an unexpected life event or a job loss.
• Setting a budget  – A good budget is one that suits your circumstances and something you can realistically stick to.
• Adapting to your situation as it changes – Whether it’s a new job or a marriage, your financial situation is likely to change in the future.

This can be a lot to handle on your own, especially if you’re new to financial management, or you’ve got a complicated financial history. No matter your circumstance, it can help to reach out for financial assistance when you’re looking to get control over your finances.

When you want to make a big purchase

Looking to buy a house, start a business or replace your old car? Then you’ll likely need some help getting your finances in order.

For those looking to buy a home, the planning that goes into becoming a home owner can seem never ending. However, when you break it down into smaller steps, it can become more manageable. By engaging the right financial assistance early, you’ll have a clear plan of attack. That way you can save a deposit, track down the best property and secure the right rate for your situation, without the stress that comes with going it alone.

If you’re looking to invest in a business or a similarly large asset, having the right financial assistance can help ensure you make the right decision for you. For example, while you may have your heart set on a top-of-the-line model, your budget may only allow for a second-hand car. With some financial help beside you, you’ll have a partner to bounce money plans off before you take the big plunge.

When you’re ready to get out of debt

According to the ABC’s most recent Australia Talks National Survey, 90 per cent of the nearly 55,000 surveyed rated household debt as a problem for Australia as a nation. At an individual level, 37 per cent of respondents acknowledged they’re struggling to get out of debt, with nearly half of millennials reporting that debt is a persistent problem for them. Clearly, debt is a problem many of us have in common. While many Australians struggle with debt management, few of us take the necessary steps to get ourselves out of our money troubles.

Engaging the right financial help won’t get you out of debt overnight, but it can assist you to see the path forward. Being aware of your habits – both good and bad – can help minimise your missteps and increase your chances of reaching your financial goals. After all, the more you know about your money, the better and more informed your decisions will be. And while there’s no need for you to become a financial expert, getting financial help can enable you to better understand how you earn, spend and save your money.

If you’re ready to kick your financial goals into gear, we’re here to help you achieve them. Talk to the team at Advantage Consulting today about taking control of your financial future.

Disclaimer: This is general advice and has been prepared without taking into account your particular situation or needs. You should consider whether it is appropriate for you before acting on it.