Struggling to keep up?
- Moni Ora
- 7 hours ago
- 3 min read
Missing payments can be stressful and costly.
If your budget is stretched thin and you’re barely scraping by each week, even a small, unexpected cost can push you over the edge. Late fees make bouncing back harder, and if you can’t catch up quickly, it can trigger a cycle of missed payments that’s tough to break.
Don’t ignore your debts. Ignoring them will cost you more—They will not go away.
Read on for practical steps to reduce financial stress and create some breathing room as you adjust. The steps are a place to start—if you’d like help, call Moni Ora for a free, confidential session with a qualified financial mentor.
DIY: Start with these steps to reduce stress today…
1 Examine your finances
Draft a comprehensive budget to clarify your financial situation and identify pressure points. Free downloadable planners available here
—Be honest with yourself about all income & outgoings.
—Don’t ignore debts. Make a list of who you owe money to and how much. Missed payments cost more—They will not go away.
Ask yourself ‘What can I go without for now?’
What are basic costs?
Accommodation, Power, Food
Covering these fundamentals reduces stress.
Adjust your budget. Cut unnecessary spending to protect what matters to you.
Prioritise the basics, including rent, power, food, and other necessities
Calculate your surplus or deficit
Keep track of everyday spending—small costs add up
Avoid late fees by paying your bills on time
Eliminate unnecessary charges like subscriptions e.g. Pay-TV, online podcasts etc
Check phone and energy plans—have you got the best deal?
'I know what my budget is ....but money just seems to slip through my fingers
and I can't get on top of it'
30-Day Challenge Track your spending for 30 days and discover where your money goes
2 Communicate
Talk to creditors—as soon as you realise you are going to miss a payment. By being upfront, they have more options to help you.
‘Look, this is what’s happened, can we work something out?’
Ask for ‘time’ to make a budget and be sure you can manage any future payment plans. Work positively with your creditor for a better outcome.
Take your time and seek advice—Don’t rush or feel pressured into making financial decisions.
3 Explore hardship provisions
Financial service providers have provisions for unexpected hardship.
‘This is unexpected, and now I can’t afford to pay my bills’
Every creditor has its own hardship process, so talk to them all separately.
Ask what options are available to you under hardship. Options might include
extending the term of the contract and reducing the amount of each payment,
taking a payment holiday, or
a combination of those two options.
Remember to ask what any changes will mean to the interest and term of your loan.
Act promptly—there is a limited window before the options start drying up.
BEWARE—Debt consolidation loans sound great but don't always work out better—Don’t borrow money to pay off debts without careful consideration
4 Check for insurances
Many finance contracts have insurance add-ons, which can include ‘loss of income clauses’—Check all of your loans, credit contracts and credit cards.
‘Is there any insurance cover in my contract?’
It costs nothing to ask, and it could be helpful if you are covered.
5 Check entitlements
It’s always worth checking your eligibility for Government financial support.
If you qualify, any extra help can make a real difference.
Check your entitlements at
Work and Income NZ [0800 559 009] https://check.msd.govt.nz/
Inland Revenue https://www.ird.govt.nz/
6 Get advice
Gathering your financial information may take some effort, but doing so puts you in control and reduces stress.
Taking action now can help you avoid unnecessary fees and interest.
Meeting with a financial mentor is free, and you can attend as many sessions as you need.
A Financial Mentor can help you to:
Tailor a realistic plan
Verify your financial position
Support creditor negotiations
Explore options to protect against future crisis
At Moni Ora, we help you plan your money to reach your goals.
Whether you're in crisis, need help managing debt, or want to plan a better future, our Financial Mentors are local and here to support you.
Our service is always confidential and free of charge.
Book your free, confidential appointment now: call 0800 115 370
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