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Financial Reality


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#1 But seriously

Posted 08 April 2020 - 08:24 PM

How is everyone travelling? I have found this has been a good (ha) opportunity to get tough on spending and really ask hard questions about what really matters. But what about those who are worried about hard core financial survival? Is there assistance out there? I have a friend in the middle of a divorce (and she is at this point largely dependent on his credit card as she is unemployed) and it’s bloody scary

#2 zande

Posted 08 April 2020 - 08:33 PM

This has been the only thing I’ve worried about since it kicked off. I’ve kept my job for now but don’t know about down the track and then any Centrelink assistance won’t be there like it is now. I’m a single mum and depend on child support to a certain extent (as well as work) - so equally worried about ex keeping his job etc. I was going to really go hard this year to find a new job, better pay, better career prospects etc, but that’s now unlikely, so I feel stuck in a holding pattern. I’ve been petrified about job security for a long time and this has just raised my panic level a billion percent!

#3 Mmmcheese

Posted 08 April 2020 - 08:34 PM

Artist friends are really struggling right now. It's hard to see a way forward for them. I've donated to a few different funds and charities, but I do fear that long term they are really going to struggle.

#4 Navy Blue

Posted 08 April 2020 - 08:35 PM

I am literally taking it day by day.

I'm recently separated, luckily still working and will hopefully be eligible for some centrelink assistance.

Prior to all this it was going to be an uphill battle to a) afford to keep the house and b) get exh to agree to me staying here.

Today we have food, there is petrol in the car, and I'm super fortunate to have supportive family and friends.

#5 But seriously

Posted 08 April 2020 - 08:49 PM

View PostNavy Blue, on 08 April 2020 - 08:35 PM, said:

I am literally taking it day by day.

I'm recently separated, luckily still working and will hopefully be eligible for some centrelink assistance.

Prior to all this it was going to be an uphill battle to a) afford to keep the house and b) get exh to agree to me staying here.

Today we have food, there is petrol in the car, and I'm super fortunate to have supportive family and friends.

Supportive people around so important !

#6 Lucrezia Bauble

Posted 08 April 2020 - 08:52 PM

View PostMmmcheese, on 08 April 2020 - 08:34 PM, said:

Artist friends are really struggling right now. It's hard to see a way forward for them. I've donated to a few different funds and charities, but I do fear that long term they are really going to struggle.

i have several friends in the arts and they are pretty glum. it’s awful for them, their long term outlook is grim. and i hope people realise this. as the saying goes - science may save lives, but the arts make life worth living.


#7 But seriously

Posted 08 April 2020 - 08:56 PM

View PostLucrezia Bauble, on 08 April 2020 - 08:52 PM, said:



i have several friends in the arts and they are pretty glum. it’s awful for them, their long term outlook is grim. and i hope people realise this. as the saying goes - science may save lives, but the arts make life worth living.

Yes I think the arts will struggle.

#8 Silverstreak

Posted 08 April 2020 - 08:58 PM

We are currently saving money due to using less petrol, less eating out, gym on hold etc. Not sure what will happen with DH's job mid year (self employed.) Have registered him for jobseeker in case business sales tank, which is likely. I'm public service and hoping our dept won't be stood down.

#9 ytt

Posted 08 April 2020 - 09:00 PM

My husband was meant to be paid today, nothing.... even though he has done some work.

DH is on leave without pay. He is a high income worker and as such we have a high mortgage. I'm lucky I work at a school so will get paid, we will have food on the table.

Mortgage has been suspended for 3 months so far. In 3 months we will be down 30K. Waiting to see if DH's company will apply for the job payer $750 a week, that will help.

Sadly we got an invoice for work done on our renovation over a year ago that they never charged for. Obviously they are doing it tough to go through books and charge what is due but so are we. DH paid it as he remembers his dad not being paid for building work and how it affected his family. Love my DH, a lot would refuse to pay.

We are not the only ones in this situation. Lucky DH is just stood down without pay not terminated...

DH sold a kayak the other day that he hasn't used in years to help pay bills. The new owners were so happy as it is like new and DH didn't ask for a lot (his family are givers...). DH is just happy that it's gone to someone who will love to use it.

#10 But seriously

Posted 08 April 2020 - 09:22 PM

View Postytt, on 08 April 2020 - 09:00 PM, said:

My husband was meant to be paid today, nothing.... even though he has done some work.

DH is on leave without pay. He is a high income worker and as such we have a high mortgage. I'm lucky I work at a school so will get paid, we will have food on the table.

Mortgage has been suspended for 3 months so far. In 3 months we will be down 30K. Waiting to see if DH's company will apply for the job payer $750 a week, that will help.

Sadly we got an invoice for work done on our renovation over a year ago that they never charged for. Obviously they are doing it tough to go through books and charge what is due but so are we. DH paid it as he remembers his dad not being paid for building work and how it affected his family. Love my DH, a lot would refuse to pay.

We are not the only ones in this situation. Lucky DH is just stood down without pay not terminated...

DH sold a kayak the other day that he hasn't used in years to help pay bills. The new owners were so happy as it is like new and DH didn't ask for a lot (his family are givers...). DH is just happy that it's gone to someone who will love to use it.

Hopefully karma will reward him

#11 jayskette

Posted 08 April 2020 - 09:23 PM

I have been making a point to support local everything, Australian food and goods, artists and musicians in that order, so my outlay actually increased but it's all going to great businesses!

#12 lizzzard

Posted 08 April 2020 - 09:23 PM

In a word: sh*te.

I’ll come back when I’m sober to comment further 🤣

#13 Mmmcheese

Posted 08 April 2020 - 09:36 PM

View Postjayskette, on 08 April 2020 - 09:23 PM, said:

I have been making a point to support local everything, Australian food and goods, artists and musicians in that order, so my outlay actually increased but it's all going to great businesses!

Supporting local business! Is my justification for quite a bit at the moment!

#14 WaitForMe

Posted 08 April 2020 - 09:42 PM

After the childcare subsidy change, we are good. We can get by on just my income. DH hasn't paid himself since January, although back then it was concern about supply chain with China and cashflow for managing that.

#15 wilding

Posted 08 April 2020 - 09:48 PM

I'm a sole parent and don't have a job at the moment due to corona and not able to get jobkeeper, just jobseeker, funds are up the creek, but i've been in similar before and always make do and pull through. It won't last forever, nothing does. I have a roof over my head and a full tummy at the end of the day.

Edited by wilding, 08 April 2020 - 10:17 PM.


#16 Coffeegirl

Posted 08 April 2020 - 09:57 PM

At the moment we are ok.  Luckily DH’s bonus from last year was just paid.  We had doubts it would come in full at one stage.   His job is pretty secure, but we think they may be asked to take pay cuts
l’ve been asked to take a day of my leave each week and just work 4 days.    It will be reviewed again once the job keeper comes in.    
DHs bonus has now gone into the savings in case I lose my job.  We had plans to use it to renovate.  If I get some job security we will go ahead with the Reno’s and help support some local tradies

#17 8LittleAustralians

Posted 08 April 2020 - 09:58 PM

I'm on maternity leave and husband's work is still going, so for us, nothing different. We'd been preparing for a major drop in our finances since June last year.

#18 Grrrumbles

Posted 08 April 2020 - 10:01 PM

We are in theory all good as we are public servants but with two small children I am wondering whether we can make it through Term 2 without dropping our hours or taking leave without pay. We are already both part time (DH cannot increase his hours because of medical restrictions).

We are not allowed to use carer’s leave while our children are home schooling but youngest is FYOS so very hard to get any work done. Already I know of parents who are having children looked after in friends/extended families homes contrary to social distancing and also families are looking for nannies/tutors to come into the home so that they can work.

I think times will be tough in the public service in future years and would expect redundancies to be pretty widespread next year.

#19 nom_de_plume

Posted 08 April 2020 - 10:07 PM

I have had to drop back from full time to part time hours (our school has cancelled OOSHC), so that's a drop of 40% of my income and 30% of the household income. I am on a contract so my employment isn't secure, although I am hopeful if it isn't renewed I can still find work as I'm a healthcare worker.

DP has a secure job in healthcare.

We have a savings buffer of 3 months living expenses.

As long as I'm not unemployed much past 3 months we will be okay. If it's any longer we will struggle as I'm the breadwinner and we aren't eligible for any financial assistance as I work in the public service (so no Jobkeeper) and DP earns over $78k (so no Centrelink). Depending on how long I'm unemployed we might be eligible for FTB next year.

#20 Holly298

Posted 08 April 2020 - 10:16 PM

We’ve got enough savings for about 6 months, we own a small business (as do most of our relatives in various industries but mostly restaurants /catering ) and if it lasts longer than that we are all in big trouble, pretty much every working relative or friend we have bar one (school teacher) has lost their job or their business has been shut down or has had their business restricted so we are all hoping we can get through it

#21 kimasa

Posted 08 April 2020 - 10:28 PM

I expected to be stood down. I expected the government to come up with a wage subsidy. I wasn't expecting to not qualify. That absolutely threw me.

I'm in the very fortunate position of getting my long service a few years back and not touching it, and my workplace is allowing me to take it instead of leave without pay so I've got a few months up my sleeve.

We have a service closure review date in a few weeks and depending on what is decided then I've got a few paths I can take that range from pausing the mortgage for 6 months to applying at Coles or Woolies.

I have the higher income of the two of us, so mine wasn't the one we could afford to lose without some kind of supplementation. My work have been nothing short of amazing about this, but it's the stuff that's out of their hands that's the issue.

#22 DaLittleEd

Posted 08 April 2020 - 10:33 PM

.

Edited by DaLittleEd, 08 April 2020 - 11:22 PM.


#23 JRA

Posted 08 April 2020 - 10:38 PM

The situation is dire for so many. I have seen so many in dire circumstances for the last few years with the horrendous drought. Now dire financial night mare is now more widespread

Thankfully for this time the govt is doing lots to help. I know there are some that will be missed with the packages, but thankfully for this most will be covered, not like the drought

#24 -Emissary-

Posted 08 April 2020 - 10:41 PM

We’re doing ok.

DH’s employer has requested that all employees take a 10% pay cut. They have already made a few people redundant. DH is safe given he is still quite busy and his projects are still ongoing. Luckily one of his clients love him and want to give him more work. The pay cut won’t hurt too badly given that we have been saving a lot from being at home all the time.

I’m on paid mat leave at the moment. Unsure what capacity I’ll be in when I head back to work but I think my job is safe for now.

I’m just thankful we decided to wait and didn’t drop $50k on a brand new car a few months ago. That would be stressing me out a bit now. Our car is 10+ years old but it’s running just fine. If something happens to it tomorrow, we can still afford to repair it.

We are heavily leveraged mortgage wise. But we will be ok for up to 24 months if one of us lose our jobs. My extended family would probably step in to assist financially if we need it. We also have our super accounts.

Edited by -Emissary-, 08 April 2020 - 10:41 PM.


#25 But seriously

Posted 08 April 2020 - 11:19 PM

View Post-Emissary-, on 08 April 2020 - 10:41 PM, said:

We’re doing ok.

DH’s employer has requested that all employees take a 10% pay cut. They have already made a few people redundant. DH is safe given he is still quite busy and his projects are still ongoing. Luckily one of his clients love him and want to give him more work. The pay cut won’t hurt too badly given that we have been saving a lot from being at home all the time.

I’m on paid mat leave at the moment. Unsure what capacity I’ll be in when I head back to work but I think my job is safe for now.

I’m just thankful we decided to wait and didn’t drop $50k on a brand new car a few months ago. That would be stressing me out a bit now. Our car is 10+ years old but it’s running just fine. If something happens to it tomorrow, we can still afford to repair it.

We are heavily leveraged mortgage wise. But we will be ok for up to 24 months if one of us lose our jobs. My extended family would probably step in to assist financially if we need it. We also have our super accounts.


We are this re a new house. We nearly did last year. Thank absolute god we didn’t.




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