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Bex and James were both employed, earning good income and bought their
first home 2 years ago with support from parents.
It hasn’t been easy paying a big mortgage but they had been making ends meet
until Bex lost her job last month.
Now, with only one income and no savings they have a significant shortfall
in income. Bex and James try not to ask their parents for additional financial
support unless it is absolutely necessary. They are now really worried about
how they will survive until Bex finds a new job.
Their story
Review spending to see where their
money is going. Useful tools – Income and
expenses template and Track my Spending
Cut back on any non-essential spending
Stop any memberships or subscriptions
that they don’t use – gym, newspapers, and
media subscription
Review and negotiate their essential bills
to ensure they get the best deals that work
for them – power, phone, and internet
Review their bank accounts to ensure they
are not paying unnecessary fees
Talk to their bank about the financial
impacts they have experienced and
enquire about possible relief options such
as loan repayment holidays, switching
to low interest rate credit cards or debt
Bex and James reviewed their spending and found some reductions
they could make in their day-to-day spending
They also cancelled their Lightbox subscription that they weren’t
using, as well as James’s gym membership - hes been enjoying the
new routine of jogging and doing online classes he started during
They switched their power and internet plans and saved a minimum
of $100/month including a number of power shout hours
They reached out to their bank and discussed options to reduce
their financial stress. They have been approved for a 6 month
mortgage repayment holiday and have also restructured some of
their debt to make repayments and interest easier to pay off
Bex and James started a reduced income budget and feel a lot more
confident in covering their essential spending for the next 6 months
Considerations when making financial choices
Mortgage deferral provides temporary relief but the interest will
continue to be added to your loan at each payment date. You will end
up paying more over the life of the loan, either by increased future
payments or a longer loan term.
for Bex and James
What Bex and James did
Bex & James
Couple, no children
We are not managing our
essential needs well
Meet Bex and James. They’ve had a challenging time managing their money and keeping on top of bills. Find out more
about them, our guidance and the steps they have taken to get back on track.
Banking profile
Personal loan
of $10k
Credit card
limit - $10k
Balance - $5k
of $400k