 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
  |
 |
 |
 |
 |
 |
|
How we help
These case studies have been based on real client experiences, however the names and personal details have been changed to protect the identity of our clients. See our Privacy Policy page for more information. Case Study 1 Jeff is a single father who shares the care of his three children with their mother. As a business professional, he earns around $65,000 per year but by having a personal loan and a couple of credit cards as well as contributing to the financial upkeep of his children, he has been finding it difficult to make ends meet. The crunch came when he got sick and was unable to work for a couple of months. He got behind in his loan repayments and before long he also owed money on all his bills. His family lent him money to catch up but the stress was making him ill again. It seemed like a vicious cycle. Jeff rang Budget Bitch because he felt that things were out of control. With the help of a consultant he was able to get things back on track, and soon he began to accumulate some savings for a rainy day. With a proper plan, he was able to repay the family loans which meant he could enjoy spending time with them again.
Ben and Tammy are in their late 20’s, married and have 3 children. Ben works is a shift-worker and earns $68,000 per year. Tammy is the full-time home-maker, as the children are all below school-age. Buying their first home was a major purchase that put their income under considerable pressure. Having three kids meant that they needed a reliable and safe car, so they had also borrowed money to pay for that. As interest rates rose they felt that a noose was being tightened around their necks. Some weeks there was not enough money to pay for food and, as parents; they became used to ‘missing meals’.
By spending some time with a Budget Bitch consultant, they were able to see where their money was going and work out a spending plan to match their weekly income. Their consultant was also able to give them some personalised practical tips to help ensure their budget was manageable. Peter and Jane are just like most people they know – married, in their early 40’s, kids in high school. They both have great jobs and enjoy a full and active social life as well as ‘holiday’ weekends every month. Their combined income is $110,000 and the only debt that they have is their mortgage; which they say is “nothing to worry about”. They have no savings in the bank, and their retirement funds are negligible. Like most people – every week, the first thing they do with their income is to pay the mortgage. After that, whatever bills hanging on the fridge are paid and then they spend the rest. ‘The rest’ is food, fuel and whatever else they want. Their motivation in booking an appointment with a Budget Bitch consultant was to set up a plan so that they could put some money aside as savings. They had no idea how to do this, and could see the value of getting help from somebody who was impartial about the way they spent their money.
Case Study 4
Tracy and Robbie consider themselves to be “very good with their money.” Between them, they earn a little over $90,000 per year and say that they work very hard for their money.
Tracy says that she's the "best Budgeter in the world" because they're always able to pay their mortgage and their bills on time, they only have one credit card and they make all their major purchases with interest-free loans. But they don't have any savings in the bank.
After a frank discussion about their finances and their personal feelings in relation to their money, they were able to compromise. Together with their Budget Bitch consultant they created a new budget plan that could accommodate both their needs, still pay all their bills on time as well as allow for some savings to be put aside for the future.
Case Study 5
Helen and Maurice are getting ready to retire from work. In their mid 60’s they’ve worked hard, raised their family and are looking forward to spending more time in the garden and on their hobbies. As Baby-Boomers, they grew up in a time before ‘superannuation’ became compulsory and only have $85,000 put aside for their retirement. Fortunately, this is enough to pay out their mortgage of $60,000 and they will both qualify for a government pension. They say that they got caught up in the ‘live for today’ hype and forgot about putting something aside ‘for tomorrow’. Now, today, their ‘tomorrow' has arrived – much quicker than they expected. Helen says – “when we were in our 40’s we knew we’d have to do something about our debt and our future savings, but that was 20 years ago and the time has just gone!” Helen and Maurice booked an appointment with a consultant from Budget Bitch because they have never had a proper budget and now the government pension of about $235 each per week is very daunting. With their consultant they’re now able to plan their retirement lifestyle. Maurice says – “if we’d had a budget 20 years ago when we were working it wouldn’t have been too critical if we’d blown our budget sometimes. Now that we’re not working we can’t afford to blow it at all.”
|
 |
|
|
|
© 2009 Budget Bitch Pty Ltd, ABN 65 123 977 480. All rights reserved. ® |
 |
 |