Frequently Asked Questions

Here you'll find the answers to some of the most frequently asked questions about MyBudget and our services. If you can't find the answer to your question below, please feel free to contact us.

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 budget account, we’ll pay your bills, set aside savings for you and make sure you have enough money for living. 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. See How Does MyBudget Work? or speak with one of our friendly staff to find out more.

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, school fees etc.

You will still continue receiving statements from your creditors and MyBudget will provide you with a monthly progress report detailing all transactions made on your behalf. You may also register for secure online access to your personal budgeting plan. Our secure Client Website allows you to view your progress and transaction history at any time.

If an emergency or unexpected expense should arise, all you need to do is contact MyBudget. The expense can be covered by your contingency savings that are set up for this purpose or we may be able to rework your budget to accommodate payment of the bill.

This is a very common scenario. We may negotiate with your creditors to obtain the lowest monthly payment obligation that fits within your personal or household budget.

We also offer suggestions on how you can tailor your expenses to reflect your income.

During your initial consultation, the very first things we focus on are your living necessities. We understand that a budget is only workable and sustainable if you have money for day to day expenses. As those needs vary, we can also alter your personal budgeting plan.

Absolutely not. When you become a MyBudget client, you don't lose control of your money—you gain control of it. 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. Any necessary adjustments to your budget plan can be made.

Some companies promise these sorts of offers. Unless you are willing to enter into a Part 9 Debt Agreement, which can have implications for your long-term credit rating, no creditor is obligated to reduce what you owe them.

MyBudget has also developed a long history of trust with a large number of creditors. Creditors are usually willing to negotiate payment terms with us because they understand that we are managing your finances.

Generally, collection calls begin to stop as we contact your creditors to advise them that we are managing your financial obligations. However you need to advise us if you would like us to communicate with your creditors on your behalf.

If a collector does call, give them MyBudget’s telephone number and we can handle the rest.

Our fees vary, depending on the number of creditors and payments included in your personal budgeting plan. MyBudget’s fees are specified in your budgeting plan and are budgeted for. There is an establishment fee and an ongoing administration fee.

Many of our clients say that our fees are less than the cost of interest and late penalties they have incurred in the past. Our fees are designed to be affordable - we don't want to add to your financial stress!

Financial satisfaction—Many of our clients feel relief and satisfaction as we guide them towards their financial goals.

Live & dynamic budget—Your budget is a living instrument. As your life or situation changes, so does your budget

Make the right financial decisions—You can make the right financial decisions while maintaining total control of your spending.

No. We are not financial advisers. We never offer or sell you financial product advice and we offer recommendations only in relation to your budget and repayment plan.

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.

Our commitment to security is demonstrated by the fact that we have never had a single act of misappropriation. 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 Website. You may also request a hard copy statement 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 audited by a third party to ensure the safety of your finances, and we have no history of breaches.

Find out more about MyBudget. Speak to us today. 

We can answer your questions and show you how easy it is to get started. 

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