Financial counselling helps new mum Jennifer

July 30, 2024

For Jennifer, the appearance of two lines on that pregnancy test will be forever etched in her memory. As a young, single woman, she knew that caring for this baby would fall solely on her. Along with the myriad of emotions that came with a positive pregnancy test, she was anxious about her financial future. Jennifer was supported by CatholicCare’s financial counselling team, which ultimately reduced her stress and gave her the breathing space to enjoy her newborn son.

“Jennifer had been employed full-time before her baby’s arrival,” shares Financial Counsellor, Jill. “She left her job to care for her newborn and she was unsure about the Centrelink benefits she was entitled to. Her preparations for the baby, including purchasing a cot, pram, and other essentials through Buy Now Pay Later credit (BNPL), had been managed reasonably well. However, her credit card and BNPL debt had accumulated, and she had been neglecting payment notices from her bank.

Compounding her concerns were notifications of a forthcoming 25% surge in electricity prices and a 15% hike in rent.”

Jennifer held aspirations of returning to part-time work, but even with an income she didn’t know how she would manage the ever-escalating cost of living.

Guided by CatholicCare, Jennifer completed a money plan, where they reviewed income and expenses. “We reviewed and discussed potential Centrelink benefits and energy concessions, which Jennifer had been unaware she was eligible to receive,” says Jill.

“Together, we examined different work scenarios, reviewing their potential financial impact and how these choices might affect her Centrelink benefits. Addressing Jennifer’s debt situation, we emphasised the importance of communication with creditors during times of financial hardship. Collaboratively we formulated a realistic action plan that Jennifer would use with her creditors.”

As the financial counselling sessions progressed, Jennifer noticed a newfound sense of understanding and confidence regarding her financial standing. Today her financial decisions come from a place of knowledge, rather than fear and that has made all the difference.

We provide free, independent and confidential financial counselling to anyone having difficulties managing money. We have offices in Artarmon, Brookvale and Ryde. Our Financial Counsellors can help you prepare a budget or money plan, manage your debts, set realistic financial goals, understand your rights, and if needed negotiate with creditors. It’s always best to seek help early before your problems get out of control. Financial counselling can help you relieve stress, resolve immediate problems and plan for the future.

For more information:
P: 1800 324 924
E: info@catholiccaredbb.org.au