MyBudget Questions & Answers (page 3 of 3)

It varies I think. I was paying $36 a week recently.

It depends on the complexity of the budget. It is incorporated into your budget so you don't even notice it and in all honesty I would have been paying more in overdue fees etc. I highly recommend having at least the initial consultation to see if it works for you. And no I don't work for MB! I just think it really really works and recommend it to everyone!

My daughter used one of these "rescue" organizations (without talking to.me first) a few years ago and was charged 10K ...kind of defeats the purpose to charge that kind of money to someone who's already in financial.trouble dont u think??

Hi Leshar, in answer to your question they are almost $2000. However they break it down in Establishment fees and Admin fees.

There is a huge establishment fee and then weekly fees on top of that forever.

Hi Danny,

Thanks for the response, although I'd like further clarification on the legalities and practicalities of having a MyBudget Consultant access an account set up in my name. If I choose NOT to activate the self-service feature, the account continues to be in my name, only it's controlled by someone who is not an account holder?? Or is it a case of MyBudget being set up as a third party or signatory to that account? It sounds like letting someone else, other than yourself, have access to an account solely in your name. Raises legal and privacy issues. Just trying to clear things up first before I make that call to you guys.

Thanks!

Your account with My Budget is not actually yours. Your money goes into their account and they keep all interest earned from your money. The account is simply a "sub account" that belongs to My Budget. You have no control over that account. I learnt this the hard way when I called the bank and was told that "my" account didn't exist.

Yes not a problem

Great thank you Allana, here goes :)
1. Why did you buy the service from mybudget specifically?
2. If you could change anything, what would it be?
3. Have you pruchased anything similar elsewhere?
4. What do you like about the service?
5. Is the price right?
And 6. If it was more expensive, would you still have signed up?

A massive thank you, really appreciate it :)

Hi Alison to put this very politely nicely and efficiently, the CEO of this company is amongst Australia's richest woman for a reason! We have been with them twice. The first time things got so messy and I thought it'll get better. We joined them cuz we wanted to save . I was 2 months in arreas for some bills when we left. They blamed it all on us as due to pregnancy I had to go part time. This was also discussed at the initial interview! The second time was 2 years ago and I canceled it within 2 days thak the universe.
I assure you that 99%of the reviews here are FAKE. 2 YEARS AGO THE RATING WAS BARELY 2 STARTS. Then all of a sudden in 3 months BOOM! review explosion. Government website has an awesome app which is free and is amazing. Save your time, money and integrity!

My suggestion is that you need to give it longer than a month to see the difference Mybudget will make to your financial situation. Once you are set up you won't want to leave. We have never been in a better finacial position than we are with Mybudget.

Really look into it before you do it!!! My partner & I joined 6 months ago, worst thing we ever did. We still have no savings and are continually wondering what's happening with our money.
We are now looking at cancelling it. It's not for everyone.

Yes theses a Cooling off Period
But it's takes a few months to see it work i would say I glade I stayed

Hi
Cap is shortened for Christian against poverty. Their service is very similar to my budget but it's FREE ! There are a few obstacles to join them like you have to be in the zone they provide their service and stuff. Best decision I have made after my budget turned my financial situation from not bad to disastrous.

Caitlin the very first thing you need to do is sit down together as a family and commit to making the changes needed to achieve your financial goals - in your case to "save money in a year". Everyone will need to play their part (assuming any kids are old enough to understand).
Here are the things you need to STOP or significantly reduce spending on:
Foxtel - eliminate or go to basic package
Mobile phone plans / calls - you don't need to latest phone! Move to cheaper plan/s if you can. Reduce the calls you make! Think if the call's necessary before calling!
Restaurants and takeaway - cook at home and do NOT buy lunch at work / school
Internet - you need the internet but can you get a cheaper plan? Changing provider does not help long term.
Alcohol and tobacco - stopping drinking / smoking saves you a fortune each year and improves health.
Electricity - minimise use as best you can. Changing provider does not help long term.
Borrowing - don't borrow (any more) money!
Health insurance - cancel it and use Medicare instead. Health insurance is a massive waste of money for no real value. The public system is fine.
Groceries - minimise as best you can
Insurance - review home / contents insurance and shop around for a better deal. Do you really need comprehensive car insurance?
Centrelink and the tax system - make sure you get everything you are legally entitled to. Call Centrelink and make sure you're getting what you should. Keep at them.
Don't waste money - just don't spend money unless it is absolutely necessary!
Do your own tax return - use the ATO's eTax program; it's free and works brilliantly. You don't need a tax agent.
Finally set up a budget and stick to it.
If you do these things only good will follow and not problems.

Caitin !, I think you the one work with MyBudget. I already make mistake about used this service and I have to pay for weekly fee $39.98 the Establishment fee $460- $485 a month for six month. I don't know what to do and see how this will work. I find out after that very hard to get communicate with them after you are already get in contact. All the phone call always busy and no one answer the phone ( I thought all the line will try to get a new client without worry about exit client).If Anyone in here been use this service will be agree with me that some time the client problem or the interest fee charge not very important for myBudget to think first, The first thing will do from your account first is debit the Admin Fee and Establishment fee, Event you don't have much money to pay off your debt or you should use that money to pay off some hight interest. I can't wait to cancel this service and I will very appreciate if anyone got the same problem to tell me what I should do?
Max

I have never encountered any problems like the ones you mention above. I have been a client since August 2013 and I find they are always contacting me and reminding me of my short falls and at times over spending. I am only to happy to pay my service fee as I continually say to people My Budget is like having my own accounts payable department (please note a lot cheaper than my bosses accounts department). This small weekly fee allows me to stop living from wage to wage and has given me the means to actively save for those horrible surprises. My Budget has also inspired me to find better deals for my credit cards and loans in order to increase my yearly surplice. It has also made me aware how missing one weekly wage can create short falls month in advance.
I am to happy to answer any other questions you have from one consumer to another consumer.
Regards
Marisa

Hi suzie. I have been with my budget for 18 months and it has made a huge difference. We have gone from living week to week with loads of pay day loans to going on holiday to the uk for 6 weeks buying a new car and having a few savings towards new house. So yes it has made a huge difference to my family and i.

Hi Suzie, I have been with MyBudget for just over 4 and half years now. They have made a dramatic difference in my life. I was living pay cheque to pay cheque as well as borrowing money from my parents. My car loan, the loan to my parents and all my other debts were cleared in just over 3 yrs. I have now been able to travel overseas twice and now looking at purchasing a new car in the coming months.

Yep, joined a couple of years ago and so far so good!

I dont honestly think paying someone $11,450 over 5 years to pay my bills is worth it. Sure go to them and see what they have to say, everyones fees are different depending on the situation but they dont call creditors and discuss a payment plan with them all they do is pay the minimum of everything owing. You could do this on your own, sure it can be hard work, but when is life not hard. You also do not get the interest that is made on your money that you(or they) are saving. If you like MO have a decent wage coming in and are just bad with money this may work, but if you have debts you have to pay and are struggling you will understand that the fees they are charging weekly could be put to a much better use, such as actually paying off your debts! I just could not justify it.

I used CAP and got debt free in 16 months and didn't pay a cent in fees. After I got debt-free I did there CAP money course which was also Free.

Their establishment fee and monthly payments will vary according to the situation the customer is in and how much time it takes them to sort it out. Worth it though.

Establishment fee is several thousand dollars plus quite large weekly fees for a computer doing the work! Their fee is deducted BEFORE anything else is paid - even if that leaves you short for mortgage, rent, food, petrol etc etc.