Frequently asked questions

Here you’ll find the answers to the most frequently asked questions about MyBudget and our services. If you can’t find what you’re looking for, please contact us.
What is MyBudget?
MyBudget is considered one of Australia’s most trusted budgeting, debt solutions, and money management service companies. We’ve been helping people get out of debt, save and manage their money since 1999. Our state-of-the-art budgeting system and tailored money management services take the time and worry out of having to manage your finances.
How much does MyBudget cost?
Your first appointment with MyBudget is free. If you decide to join, your fees will depend on the complexity of your financial situation and the level of support you need. Our mission is to improve financial wellbeing, so our fees are designed to be an affordable investment towards helping you achieve your financial goals.
Who is the owner of MyBudget?
MyBudget was founded by Tammy Barton in 1999 at the age of 22 when she was working for a debt collection service and it was here where she witnessed the impact of financial stress on peoples’ lives. It all started on the kitchen table and has since grown into a company that has helped over 130,000+ Australians set up their financial future and create the savings they’ve always wanted.
What makes MyBudget different?
MyBudget is a powerful and worry-free way to manage your money. MyBudget’s budgeting and payment platform maps out the future of your money.

Your budget stays on track because your bills, savings and financial goals are automated and managed within one powerful platform. You have all the benefits of visibility, structure, automation and control in the convenience of an app, plus the support of our money experts.

What budgeting services and solutions does MyBudget offer?
We do all the work so you don’t have to worry. Our dedicated team will set up your MyBudget account where all of your bills, savings and payments are managed for you.

We do the heavy lifting that relieves money worries. Using income deposited into your MyBudget account, we pay your bills, set aside savings, and automate your finances so you can achieve your financial goals.

What expenses should be included in a budget?
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.
What if my expenses are higher than my income?
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.

What debt services and solutions does MyBudget offer?
For those needing help with debt relief, we can look to see if we can speak with your creditors, negotiate payments and develop a tailored debt strategy. This may include debt consolidation, mortgage refinancing, a Part IX Debt Agreement, bankruptcy or affordably paying your way out of debt.
Will debt collectors still call me and how do you help?
Generally, collection calls begin to stop as we contact your creditors to advise them that we are managing your financial obligations. However, if a creditor or debt collector does call or contact you, ask them for their best contact number and for your account number/reference, and tell them you’ll be calling us to organise for us to contact them – then call us – we’ll sort the rest.
What is debt consolidation?
Debt consolidation combines multiple existing debts into a single new loan. The aim is to reduce your repayments by paying out your existing debts and rolling their balances into a single, larger loan with an interest rate and repayment that is lower than the sum of the previous, separate loans.
Do I qualify for MyBudget services?
Our clients come from all walks of life. From young to old, casual workers to CEOs, from people on government benefits to those with six-figure salaries. The requirements are that you have a regular and reliable income that is paid into a bank account. You will need to meet minimum income and serviceability thresholds.

During the initial chat, we will ask you some questions about your financial situation to assess your eligibility.

How are MyBudget appointments conducted?
The majority of our appointments are conducted virtually or over the phone, which means they can be done in the comfort of your own home or office at a time that is best for you. We do offer face-to-face office appointments for our South Australian clients if preferred.
What can I expect at a FREE MyBudget appointment?
Your MyBudget journey begins with an initial conversation with one of our money experts. They will chat to you about your financial position and gain an understanding of the financial goals you want to achieve. Once we have this snapshot, we will connect you with your very own Personal Budgeting Specialist. We can arrange a time convenient to you (and your partner where relevant). At that session we create a complete picture of your 12-month budget plan that is yours to keep for FREE!

This budget plan provides you with a detailed understanding of how, together with the support of MyBudget, you can live a life free from money worries and achieve your financial goals.

Can I adjust my budget and access my money?
Absolutely. You have complete control and visibility of your finances. When you make a change to your budget, you’ll see your future forecast and payments update in real-time. New or unexpected expenses are easily added to your budget via our desktop or mobile apps or over the phone. Ideally, unexpected expenses will be covered by surplus savings. (We’ll help you develop a savings safety net.) If savings are not available, one of our money experts will help to adjust your budget so that the new expense fits.
It’s your money—you’re always in control—and we’re always here to help. Moving money between your MyBudget and personal accounts is done via bank transfer.
What time does MyBudget do transfers?

On every business day, MyBudget processes six payment runs (SA time):

  • 7:45am
  • 10:15am
  • 11:45am
  • 2:15pm
  • 3:45pm
  • 4:45pm
Does MyBudget provide financial advice?
MyBudget is a budgeting, debt solutions, and money management service. We provide a range of structure and support services associated with managing your personal expenses. While we do hold an Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL), we are not financial advisors and offer general financial advice only. For personal financial advice or financial product recommendations, we recommend you seek the services of a licensed financial advisor.
Can I cancel MyBudget?
Yes. There are no lock in contracts at MyBudget, so you can cancel the service at any time without incurring any cancellation or break fees. However, we do ask that you provide 28 days’ notice in writing to close your budget. During this notice period, regular administration fees are due and payable, and any outstanding establishment fees remain payable if you close your budget before the total balance has been repaid.
What if I get an unexpected bill?
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 expenses can be covered with savings set up for this purpose, and we’ll assist you to develop that buffer. Alternatively, we can look to see if we can rework and adjust your budget to accommodate payment of the bill. We’re here to help.
If MyBudget offices needed to close due to unforeseen circumstances, would MyBudget still be able to service clients’ needs?
In the event of a physical office needing to close, we have a business continuity plan to ensure that our services will not be interrupted. Our team and systems are equipped for secure remote service delivery.