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 one of Australia’s most trusted financial services 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 services take the time and worry out of managing your finances.
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 award-winning support of our money experts.
MyBudget is the proven approach to reduce debt, save faster and budget for your best life.
What services and solutions does MyBudget offer?
We do the heavy lifting that relieves money worries. Using income deposited into your MyBudget balance, we pay your bills on time, set aside savings, and automate your financial goals.
Importantly, we ensure that you always have enough money for living. For those needing help with debt relief, 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.
How much does MyBudget cost?
Your first consultation 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.
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, and that you meet minimum income and serviceability thresholds.
Over the phone, we will ask a couple of questions about your financial situation to assess your eligibility.
What can I expect at a FREE budget consultation?
Your MyBudget journey begins with an initial 10 minute 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!
You will have 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.
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 if my expenses are greater than my income?
Don’t worry—this is not an uncommon scenario. Our money expert will work with you to explore all of your options and come up with a plan to balance your budget. For instance, we may be able to negotiate with your creditors to reduce some of your payment obligations.
We may also offer suggestions about tailoring your expenses. Our money experts will know what sorts of terms and arrangements are achievable.
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 personal finance. We are not financial advisors and do not offer financial advice. For financial advice or financial product recommendations, we recommend you seek the services of a licensed financial advisor.
Is my money secure?
Your money is safe and secure with MyBudget. Client funds are held in trust and governed by trust law, including provisions in the National Consumer Credit Protection Act 2009.
Our accounts are rigorously audited by a third-party. Funds are deposited among Australia’s major banks, which are guaranteed by the Australian Government. Down to the last cent, every transaction is subject to a strict daily reconciliation, rigorous processes and multiple levels of security controls.
Our clients’ accounts and information are protected by the same level of world-class security systems and practices used by other banking and financial institutions.
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 rework and adjust your budget to accommodate payment of the bill. We’re here to help.
If MyBudget’s 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 would not be interrupted. Our team and systems are equipped for secure remote service delivery.