Bec and Jarrad thought they were doing a good job with their money, until they realised they could do even better. Find out how they’re fast-tracking their financial goals and what it means for their family and lifestyle.
Good with their money
Adelaide couple Bec and Jarrad are in their late 30s with two young children. Both have good jobs and have always been responsible with their money. They had fun in their twenties, but were also able to squirrel away enough savings for a home loan.
Still, when the kids came along, Bec and Jarrad’s household expenses went up and it highlighted that the goals they had for their family—holidays, education, financial security—weren’t going to happen automatically.
“We didn’t need someone to look after our finances.”
Bec was talking about money with a friend when they recommended MyBudget to her. Bec and Jarrad had seen MyBudget ads on television and their initial reaction was that it was not for them. Bec explains, “We didn’t have any money troubles and we were happy with the way things were going, but we just had some financial goals that we wanted to achieve.”
Jarrad adds, “We were hesitant about it [talking to MyBudget]. We thought we were doing a good job and didn’t think we needed someone else to look after our finances.”
Nothing to lose
Mainly not to disappoint her friend, Bec called MyBudget and booked an appointment. She figured there was nothing to lose and it would be interesting to see if and how MyBudget’s approach differed from her own.
The couple went to their appointment armed with bank statements, bills and a wish-list of financial goals. After meeting with a budgeting specialist for two hours, they emerged with a free budget and a new outlook on just how far their money could go.
“We didn’t realise that our money could be managed that much better than we were currently doing it,” says Bec. “We spent many times developing spreadsheets and systems to manage our money and we’d get on top of it and be really good at keeping the budget up to date for a short period of time. And then, after a while, we’d get really busy and then the dedication to doing that sort of thing disappears.”
A money plan for the life you want
Bec’s experience is not uncommon. MyBudget founder and director Tammy Barton explains, “A lot of people struggle with money because they don’t have a system in place or, if they do, it’s too hard to maintain or it’s a jumble of good and bad habits.”
“At MyBudget, our approach is that budgeting is not something you do, it’s something you live,” says Tammy. “It’s about firstly designing a money plan for the life you want, and then secondly having the right support and structure to achieve it. If you have the right system in place, from day one, you know you’re on track to achieve your goals.” (Read Tammy’s mini manifesto ‘Equipping the Financial Fitness Nation.’)
Time is even more valuable than money
Creating and sustaining a money system is especially challenging for people who are time-poor, particularly mums and dads juggling the physical and mental demands of work, children and homelife. Yet there’s an expectation that people are supposed to manage their money without any help.
“It’s an attitude that’s changing,” says Tammy. “If you want to keep your car running well, you take it to a mechanic for servicing, right? People are realising it’s the same for their money. If you’re too busy to do it right, it’ll cost you more in the long run. That’s why MyBudget has more and more clients like Bec and Jarrad, who want to fast-track their goals and get the time back that they used to spend thinking about their finances.”
Bec agrees, “One thing we didn’t realise when we joined MyBudget was just how much time it was going to save us. It takes a long time to pay bills and manage your money and MyBudget just does it all for us, so we’ve saved so much time.” (Watch this video to see how MyBudget works.)
“We’ve got money to do the things we want.”
“It took me a little while to warm up and get used to the process,” says Bec. “I think I was a little bit concerned about someone else managing our money for us—and probably even the perception of that. But we still manage our money … We still have control.”
The proof of Bec and Jarrad’s new money system is in the results. “Our life since joining MyBudget is just stress-free. We don’t talk about money, we don’t worry about money, all our bills are paid, we’re getting savings in the bank and we’re achieving our financial goals—and we’re going to set some more!” says Bec with a smile.
Jarrad ads, “We’ve had the confidence to go and buy our first investment property and we’ve also purchased a camper trailer, which means we can go away more with the kids on the weekends. It’s just given us the confidence that we’ve got the money there to do the things we’ve always wanted to do.”