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4 Financial Issues That Can Throw Your Budget Out Of Whack

Do you want the secret to staying out of debt? It’s all about budgeting. You need to make sure that you are constantly keeping control of your spending and that you have a check on how much money you have for various different purchases and bills. Unfortunately, this is easier said than done because there are a number of problems that can throw your budget off completely. Let’s look at a few of the issues and some of the best ways to deal with them.

As you’re closing one year and resolving to make the next one even better – in whatever way you have in mind – remember that your financial plan has to be ready for the new year, too. You need to go over what you did with your money in 2017 and consider what expenses you’ll face in 2018. In short, you need a budget.

“While [budgeting’s] not necessarily anyone’s favourite part of the financial planning process, it’s a really important part because that’s where you can uncover opportunities or problems,” says Chantel Bonneau, a financial advisor with Northwestern Mutual. “And it really gives us the data to take action from there.”

High Energy Bills

If you own your property, you have probably at some point worried about how much your electric, gas or water usage is costing you. These days, with smart meters, it’s impossible not to keep a check on your energy usage. But that doesn’t mean that an unexpectedly high bill could catch you by surprise. In the winter months, when we use the heating more and stay inside regularly, it’s easy to use far more than the typical amount. Then, when the bill comes in it can be a nasty shock. To deal with this, it’s important that you keep your home as green as possible. Switch out any tech that is costing you a fortune.

Car Trouble

Cars can cost drivers a fortune, and we are of course talking about accidents and crashes. If you are responsible for a car accident, you might need to pay damages to any other driver involved in the collision. If there were no other drivers, you might still need to pay for the costs to repair a car. You might think that you can just leave the car damaged. But this won’t be a possibility if you need your car for the commute into work or to drive the kids to school. It’s worth making sure that you do have an excellent insurance coverage. This will guarantee that you do not end up in the situation where car trouble is costing you a fortune.

Home Repairs

Another issue that can take your finances through the ringer is a home repair. Renters won’t need to deal with this, but homeowners may one day find themselves facing an expensive home fix such as a broken boiler. This is why you need a rainy day fund. Save a little each month, and you should have enough to stay afloat even when you are hit with a heavy cost like this.

Redundancy

Finally, you may find that at some point you experience redundancy. Redundancy can occur without any warning, and you need to be prepared. You should always be keeping one ear to the ground, making sure you know of the job opportunities that could replace a lost income. As well as this, you need to have a plan in place to survive the average six months it usually takes people to find work.

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We hope this helps you deal with some of the financial issues that can throw your careful budgeting off completely and allow you to keep control.

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Read the original source article: here

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.

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NOTIFICATION OF MISCONDUCT BY CIGNO AUSTRALIA

Ordered by the Federal Court of Australia

The Federal Court of Australia has found that Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) have breached the law by engaging in unlicensed credit activity and charging prohibited fees.

In the period from July 2022 to 3 October 2023, over 100,000 consumers have been lent a total of $34 million, and charged fees of over $70 million, under the ‘No Upfront Charge Loan Model’ operated by BSF Solutions and Cigno Australia. At no time has either BSF Solutions or Cigno Australia held an Australian Credit Licence.

The Court also found that Mark Swanepoel (director of Cigno Australia) and Brenton James Harrison (director of BSF Solutions) were involved in these breaches of the law.

With effect from 24 May 2024, the Court has granted permanent injunctions preventing Cigno Australia and BSF Solutions from:

  • demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under the ‘No Upfront Charge Model’; and
  • engaging in further credit activity pursuant to the ‘No Upfront Charge Loan Model’, including by entering into new agreements with consumers, for so long as they do not hold an Australian Credit Licence.

Cigno Australia was ordered by the Court to, by 5th July 2024, send written communications to consumers who between July 2022 and December 2022 entered into agreements with Cigno Australia and BSF Solutions under the ‘No Upfront Charge Loan Model’.

The Court will later determine whether (among other things) Cigno Australia and Mark Swanepoel ought to pay a pecuniary penalty in respect of this conduct, and whether Mark Swanepoel should be restrained from carrying on a business engaging in credit activity.

Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison intend to appeal the decision of the Court and have filed an application for leave to appeal. If the appeal is successful, some or all of the orders of the Federal Court of Australia may be set aside.

Where can you get more information?

Where to go for further support

You can access legal advice in your state at: Free legal advice – Moneysmart.gov.au.

If you are experiencing trouble with debt, or money worries in general, contact:

  • the National Debt Helpline on 1800 007 007 or online chat (9:30am to 4.30pm, Monday to Friday).

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat