When Cathy Hocking met her husband, they were both in stable jobs, making money and living their lives while planning for the future.
Each of them had made the sensible and common decision to purchase a property that they were both paying separate mortgages on.
When they decided to move in together, it should have been one of the most exciting times of their lives. Instead, this is where it all went downhill, money wise.
“After we moved in together, I rented my property out. But it was losing money,” Cathy tells Mamamia.
“When I became pregnant, I sold it but didn’t make any money on the sale. I was on maternity leave without much income and we started relying on credit cards to meet our needs.”
Cathy struggled to account for expenses around things like birthdays and holidays. The situation spiralled out of control to the point where Cathy and her husband became $40,000 in debt – all while planning for the arrival of their baby.
“It was a stressful time,” she says. “You can’t enjoy life when you’re worrying about how the bills would get paid. Neither of us were very good at budgeting, and we lived from payday to payday.
“With the added pressure of having a new baby and the added expenses that brings, things were coming to a head.”
View this post on Instagram