In this new Mamamia series, Curveballs, we get in experts to help support you through those tricky life situations, from finance worries, relationship challenges and career to your health. This week, financial advisor Renae Vercoe shares practical advice to a woman who has recently been made redundant at work...
"I've just lost my job and I'm worried about how we'll pay off our mortgage. Between my husband and I, we have $24,000 in savings and a monthly mortgage repayment of $3,700 on a fixed interest rate that is going to expire in a few months. My redundancy pay was only $10K, which is accounted for in that savings amount. We also have quarterly strata fees of $2K, plus daycare fees, on top of all the usual living expenses, like food, nappies, and formula. I feel anxious about it all. I'm not sure how long it will take me to find another job. What do we do?”
I’m sorry to hear you are going through a stressful time. It’s always unnerving navigating change and uncertainty.
Many Australian families are feeling the pressure of rising interest rates and also many find themselves in a similar position to you in terms of their low fixed rate expiring soon, your bravery in asking the question will help many people.
What I’m really pleased to read is that you have some savings. I can’t stress enough how important it is for people to have some emergency savings put aside for situations just like this.
Watch the 5 money lessons your parents told you, that you should probably forget. Post continues below.