Free financial advice

The Beatles once said 'the best things in life are free.'

We know not everyone will agree with that. But we do - because we've discovered one of those things.

We've found financial counselling resources which you can use free of charge!

The agencies offering this service are able to offer a free service because they are funded by state, federal or local governments (see, our taxes do go somewhere!).

A financial counsellor's main purpose is to assist clients in managing their financial position and offer information so that they can ultimately take control of their financial situation and recover from hard times that have implicated them financially.

So just bear in mind this doesn't mean helping you work out a savings plan for a new sports car!

But what is the difference between a free financial counsellor and a financial advisor or planner who charges fees?

Well one major difference is that a financial counsellor cannot give advice to clients about purchasing investment products, such as shares or managed investments.

They can however, provide you with information about credit and debt issues and work with you to develop a plan to improve your situation.

Services they typically provide are:

• Assessment of your current financial situation
• Provide you with information about the debt collection process
• Present options and opportunities for improvement of your particular financial situation
• Assistance in preparing and designing your own personal budget
• If appropriate, act as an advocate for your negotiations with the people you owe money to
• Refer you to other services that your financial counsellor cannot provide (if needed)

In the course of helping you to manage your financial position, a financial counsellor may also give advice about other products such as deposit accounts, personal insurance, superannuation and home mortgages.

Thanks to guidelines put in place by the government, the free service is extended (but not limited) to people who are experiencing personal financial difficulties, which can include people facing hardship due to unemployment, sickness, credit over-commitment and family breakdown.

So if debt and/or financial woes are looming above your head like a storm cloud, or look like they're heading this way, then this service is for you.

But what should you check for when choosing a financial counsellor?

Firstly, they should be a member of (or be eligible for membership to) a relevant financial counselling association and must have undertaken appropriate training in order to have adequate skills and knowledge.

So basically we don't want someone who has studied veterinary science to be giving us financial advice now do we!

And because there are many relevant financial bodies out there that could qualify, there's an easy way to locate an eligible financial counsellor.

Just visit the Australian Government Department of Families, Housing, Community Services and Indiginous Affairs website for their state by state directory of service providers available.

You can skip straight to it by clicking on the following link: www.facsia.gov.au/internet/facsinternet.nsf/family/cfcp-cfcp_directory.htm

So if the assistance you need is a little out of Cash Doctors league, we want you to know that there is someone out there who will take you under their wing.

With help like this available, hopefully we can all be living the dream in no time!!!

Until then...

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