It’s been a tough year for Pacific families financially and with the coming festive season, it’s about to get tougher. But if you pre-plan and budget it doesn’t have to be, highlights financial advisor Victoria Ongolea.
“What I do is I help families on low income, help them with dealing with unmanageable debts and I also work for Good Shepherds New Zealand, which is a non-for-profit,” says Ongolea.
Working two jobs, one as a Financial Advisor as well as a Community Financial Wellbeing Advocate, means Ongolea is often helping families out of trouble.
“We help families that are on low income with especially their debts and getting good loans with no interest and no fees to help them with essential items such as getting a second-hand car or car repairs and also if they have debts that need to be dealt with. And then that’s when we look at consolidating them with no interest and no fees,” says Ongolea.
A lack of financial literacy is a common theme and a lot of her time is taken up educating families and helping them to budget.
“Financial literacy is all about obtaining the knowledge about financial systems, the financial terminology, money management, budget, personal finances, you know, insurance, debts, interest,” Ongolea says.
Education also involves teaching families how to stay on course and to understand the value of a savings mindset
“When you are able to put that into action there, then have a little bit of savings, that means that you are in a better position financially,” she says.
“Because you are not only thinking about your present, but you are also preparing for what’s coming, for the future and to me, that’s financial well-being.
“I think setting goals is key. So, that you have a goal that you are working at and when you put your money aside because that motivates you. Because just saving doesn’t have sort of any emotion attached to it.”
With this in mind and the holiday season upon us, ideally you would have already planned for this, last year!
If you haven’t, there are things you can still do over the holiday period.
“If you’re having a family gathering, you know, share the load and everyone brings a plate, for example. The second one would be to not overspend.
“Because the key thing here is that, this is only a season, you know. And there’s a season that’s coming. Which is going back to school for the children. So, while you are celebrating the season, also think of what is yet to come,” says Ongolea.
But if you need help Ongolea says there are lots of not-for-profit budgeting and financial mentoring services available.
“But reach out in time and get the support that’s needed, because these services are free and they’re confidential. They’re all around the country. So, reach out and get help and get the support that you need in time before you’re at the other end.”
