What does COVID-19 (coronavirus) mean for MyBudget and me?

As the COVID-19 situation evolves and changes, many people will have questions about how it may affect their budget and our services. We’re pleased to let you know that MyBudget is prepared for all eventualities and our service will not be interrupted for any reason. We'll get through this together.

You will find more answers to your questions below. If you have any other questions or concerns, please don’t hesitate to contact us.

We're here to help.

MyBudget will not shut down or be interrupted for any reason.

All functions and security of our operations will continue no matter what. Even if our physical offices were to close, we have secure servers in multiple locations and our team is equipped to work from home. In fact, much of our team is already doing so. This includes uninterrupted payments, transfers, phone and email support, creditor liaison, money coaching, and every other aspect of our operation.

In the background, we’ve been preparing for a situation just like this and we are prepared for every eventuality.

Absolutely, yes your money is 100% safe and under no circumstances can your money be accessed or used for MyBudget’s business use.

Firstly, Australia has a robust and reliable banking system that is guaranteed by the Australian Government.

Secondly, MyBudget client funds are held in trust and deposited among Australia’s major banks.

Thirdly, your money is governed by stringent trust law, including provisions in the National Consumer Credit Protection Act 2009.

Fourthly, MyBudget’s accounts are rigorously audited by a third-party to ensure the safety and security of your finances.

Down to the last cent, every transaction is subject to a strict daily reconciliation, rigorous processes and multiple levels of security controls.

Fifthly, for further peace of mind, you have secure online access to your MyBudget account 24 hours-a-day, 7 days-a-week so that you can track your account balance and payments history in real-time via our client portal. You may also request hard copy statements at any time at no cost.

Sixthly, our clients' accounts and information are protected by the same level of world-class security systems and practices used by other Australian banking and financial institutions.

Absolutely, yes. Our system has multiple safeguards and layers of security, which means your information is very safe.

The same security measures that apply to our systems and staff in the office apply to staff working remotely. It works the same way at MyBudget as with any other bank and institution where call centre staff commonly work from home or remotely.

Your information is held on secure servers and the staff member can only see your account details to the extent they need to help you. They don’t have access to your money. 

We appreciate that some companies are suspending or discounting their fees in response to not being able to deliver their usual service levels.

In our case, we think the best way to help our clients is not by reducing fees but to offer more value by increasing our service levels.

Our clients, as well as members of the public, need us more than ever, which is why we’re currently looking at lengthening our call centre hours and increasing the availability of money coaches.

Given that a lot of our clients are out of their normal routine, it’s hard for us to anticipate call centre demands at present.

We are looking, however, at increasing our call centre hours and staff numbers to provide clients with even more support than usual.

Remember, you can also contact us via secure messaging at any time if that’s more convenient. You can also use our usual online self-service features to transfer funds, update bills and verify your income.

The MyBudget App is the easiest way to view your budget, manage payments on the go and get help without the wait. If you haven’t got the app already, you can download it from the App Store or Google Play.

We know that a number of clients will want to make changes to their budget and we’re here to help with that.

Whether it’s to make small changes or to request a budget review, please call or message us. We anticipate that most clients will not need to make any changes at all or will want to make only minor adjustments. A smaller but important proportion may experience significant changes to their income.

Our money coaches are experts at helping people get through the most difficult financial situations and, whatever the situation, we’re here to help you get through it. 

You can make changes to your budget at any time by calling or messaging us, and it’s a good idea to plan ahead. We do recommend, however, a measured approach that doesn’t strain your budget.

The government has made assurances that Australia’s food supply will not run out at any time and supermarkets would stay open even if other businesses were to close. At present, the recommended approach is to buy a few extra grocery items as you go. (Should that advice change, we will update this answer.)

You may also be able to pull money from other streams of your budget, such as the money you’ll save by staying home more while social distancing measures are in place.

It’s great that you’re planning ahead.

Before we make any changes to your budget, it’s recommended to first get confirmation from your employer about your leave entitlements and the details of how your income might change.

As soon as you know how your income will be affected, please contact us and we’ll reanalyse your budget and put a contingency plan in place.

Remember, our money coaches are experts at helping people get through the most difficult financial situations and we’re here for you.

Firstly, we promise we’ll get through this together.

Our money coaches are experts at helping people get through the most difficult financial situations and times.

Contact us as soon as possible and we’ll do a thorough review of your budgeting, bills and expenses.

If needed, we can also talk to your creditors. Be absolutely assured that we’re here for you and that we have your back.

Please contact us and we’ll go through your budget and analyse your expenses.

It may be possible to reorganise some of your expense streams given that social distancing measures are affecting people’s usual spending patterns. For other clients, hardship assistance may be applicable and, if so, we could help with your application.

If you haven’t done so already, we also recommend that you do a home loan health check with MyBudget Loans, which is a free service for MyBudget clients.

On average, clients who refinanced their mortgages with MyBudget Loans are saving more than $400 a month compared with their previous mortgage payments. 

Due to the pace at which the situation keeps evolving, we’re unable to provide specific advice about government benefits, stimulus payments or other financial relief schemes.
 
See our Guide to Financial Assistance During Coronavirus for a general summary or refer to the following resources for up to date information about financial assistance programs and your eligibility:
 

Frequently Asked Questions

Here you'll find the answers to some of the most frequently asked questions about MyBudget and our services. When you're ready to find out more, please get in touch.

MyBudget is a personal budgeting service. We help people gain control of their finances, achieve their financial goals and manage personal debt by assisting them with personal budgeting.

We provide caring money management, structure and support designed to free our clients’ lives from money worries. We do this by designing a customised budget plan based on your financial goals and priorities, coupled with hands-on money management support that reduces stress and helps you stay on track.


Our aim is that you never have to worry about your finances again. Using income deposited into your MyBudget balance, we’ll pay your bills, set aside savings for you and make sure you have enough money for the things you need. For those needing help with debt relief, we can also speak with your creditors, negotiate payments and help you explore options such as debt consolidation loans and mortgage refinancing.


With MyBudget’s proven system you can pay your bills on time, have savings in the bank and achieve your financial goals faster.

All of your financial obligations should be brought to our attention. This includes private loans from family and friends, one-off bills such as veterinary, medical expenses, car repairs, gap payments, and normal payments such as loans, credit cards, rent, electricity and school fees. The more you share with us, the better we'll be able to assist you achieve your financial goals.

You will still continue receiving statements from your creditors. MyBudget will also provide you with full visiblity over your finances through our client portal and mobile app. These tools allows you to view your progress and transaction history at any time, as well as forecasts for the future of your budget.

If an emergency or unexpected expense should arise, all you need to do is contact MyBudget. We'll work with you to find a solution. Ideally, unexpected expense can be covered with savings set up for this purpose, and we'll assist you to develop that buffer. Alternatively, we can rework and adjust your budget to accommodate payment of the bill. We're here to help.

This is a very common scenario. Our job, simply put, is to improve your financial health and work with you to balance your budget.

We may negotiate with your creditors to reduce payment obligation, to make sure they they fit within your budget. We also offer suggestions on how you can tailor your expenses to reflect your income.

MyBudget helps you make the right decisions with your money. It's easier to do the right thing when you have good visibility, guidance, and control over your finances.

During your initial consultation, the very first thing we do is work through your finances to create a personalised budgeting plan. This plan is designed to help you achieve your financial goals, reduce your money worries, and make sure that you have money for the things that matter.

Absolutely not. When you become a MyBudget client, you don't lose control of your money, you gain control of your financial situation.

Your money always remains yours. Your MyBudget personal budgeting plan is live and dynamic. If an emergency or unexpected expense should arise, all you need to do is contact MyBudget. The new expense will be incorporated into your budget plan. You can relax, knowing that we're here to help.

Some companies make these sorts of promises. Unless you are willing to enter into some form of debt agreement or insolvency arrangement, which can have implications for your long-term credit rating, no creditor is obligated to reduce what you owe them.

Instead, we work with you on responsible, reliable solutions to master your finances and manage your bills.

MyBudget has developed a long history of trust with a large number of creditor organisations such as banks, utilities and even the Australian Tax Office. This can help enormously when we work to negotiate payment terms with them. They understand that we are working with you to manage your finances and meet your commitments, which helps us get great outcomes for our clients.

Once you've authorised us to act on your behalf, we work diligently with creditors, and advise them that we are managing your financial obligations. We request that they direct their communication to us so that we can work with them to get the best possible outcome.

As a result, collection calls should begin to stop as we contact your creditors. If a collector does call, give them MyBudget’s telephone number and we can handle the rest. We have a specialist team that deals with these enquiries, and they're here to help.

Your first consultation with MyBudget is always free. During this consultation, we'll work through your existing financial position, understand your goals and provide a pathway to achieve them.

If you decide to proceed, MyBudget will charge an amount to cover the cost of providing the structure, support and guidance necessary for you to live your life free from money worries. These fees vary depending on what you need and the complexity of your financial situation. These fees will be made clear in your consultation so there will be no surprises.

We exist to improve the financial health of our community, so our fees are designed to be very affordable. They're spread over time and you don't need to pay upfront to get started.

At MyBudget, we tailor our solutions to suit your goals. This means we help people in a wide range of financial situations.

Whether you need to consolidate your debt, are looking to save, or you simply need help managing your money, we can help.

We create a tailored budget for you

Your budget is a living instrument. As your life or situation changes, so does your budget. We welcome these changes and expect them as you get closer to your financial goals.

We do the work and save you time

We pay your bills for you, manage your expenses and even contact anyone calling you about late payments. You can relax, knowing that we're here to help.

We teach you to be better with money

MyBudget helps you make the right decisions with your money. It's easier to do the right thing when you have good visibility, guidance, and control over your finances.

We are not financial advisors and do not offer financial advice. We never offer or sell you financial product advice. We offer recommendations only in relation to your budget and repayment planning. We do provide solutions, structure and support, but for financial advice, we recommend you seek the services of a financial advisor.

Since we began operating in 1999, MyBudget has successfully handled more than a billion dollars in salaries and literally millions of transactions. Down to the last cent, every transaction is subject to a strict daily reconciliation, rigorous processes and multiple levels of security controls. Our clients' money is protected by the same sort of security systems and practices used by other institutions in the banking and finance sector. 

For further peace of mind, you have secure online access to your MyBudget account 24 hours-a-day, 7 days-a-week so that you can track your account balance and payments history in real-time via our client portal. You may also request hard copy statements at any time at no cost.

To ensure the security of your finances, all money is held in trust on your behalf. This means that your income is protected by Trust Law, including the provisions in the National Consumer Credit Protection Act 2009. MyBudget’s accounts are also rigoursly audited by a third party to ensure the safety of your finances.

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