• Moni Ora

Lost income? Take Action!

Updated: Apr 15

Losing our income is incredibly stressful.

We all have bills to pay and mouths to feed - our expenses do not stop.

We have to figure out how we are going to cope, fast.


'What can I do to help myself ?'


Here are some stop-gap measures to minimise the financial impact of sudden change

& buy some time until you can get back on your feet.



Examine your finances - Clarify, Adjust, Monitor

Draft a comprehensive budget to clarify your financial situation and identify pressure points.

Be honest with yourself about all income & outgoings. 

Make a list of who you owe money too and how much.


‘What can I go without for now ?’


Adjust your budget. Cut out unnecessary spending to protect what is important to you.


While your income is uncertain, be careful about everyday spending.

Some bills may seem manageable in the short term but you don’t know how long you’ll

be without work, and everything adds up eventually.


Communicate - Talk now to buy 'time'

Talk to creditors - the sooner you phone your creditors the more options they have to help you.

Be bold, be upfront and phone as soon as your realise you're going to miss a payment.


‘Look, this is what’s happened, can we work something out ?’


Be careful not to over-promise. 

Ask for ‘time’ so you can make a budget and be sure you can manage the new payment plan.

Work together with your creditor – in a positive & realistic way – for a better outcome.


Explore hardship provisions

Financial service providers are required to have provisions for unexpected hardship.


‘This is unexpected & now I can't afford to pay my bills’


Every creditor has their own processes around hardship so you need to talk to them all separately.

Ask about taking a payment holiday – but ask what that means to the interest and term of your loan.


Check for insurances

Many finance contracts have insurance add-ons which can include ‘loss of income clauses’

Check all of your loans, credit contracts & credit cards.


‘Is there any insurance included in my contract ?’


It costs nothing to ask and it could be helpful if you are covered.


Get advice

Losing your income is an extremely stressful time.

It helps to have someone on your side to support you through a financial crisis.

A financial mentor can help you figure out what needs to be done and support you to do it.


‘a verified budget strengthens your case’


A Mentor can:

  • verify your budget,

  • determine exactly what you can afford,

  • help you talk with creditors,

  • provide a verified budget to prove your financial position.


Talk to qualified financial mentors at

Moni Ora

ph 06 867 7173

SMS 027 8432 868

info@moniora.org.nz


Or phone MoneyTalks 0800 345 123

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06-8677173

admin@moniora.org.nz

 

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Gisborne Budget Moni Ora is an autonomous non-profit organisation that exists to build financial capability in Tairāwhiti. 

Gisborne Budget Service is an incorporated society

and a registered charity, CC28561

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