Kin’s Money

With Hubby now out of work, our Emergency Fund is getting a workout. In a big way. In fact as we’re now waiting on Centrelink assistance in the form of Newstart allowance, it’s pretty much all we have.

We’re very lucky in Australia. Our social security system is, on the whole, effective and allows people to stay off the streets.

Until now we’ve been using the money Hubby received before the company closed down to live off. Now, we’re dipping into our emergency fund, and while I know that’s what it’s there for, it fills me with fear that we’ll get to the end of it and have nothing.

The worst part of dealing with centrelink is the time it takes. It has now been 2 weeks since we first contacted them, and we are dragging ourselves in to see them and hand in the forms this week.

What’s making this even worse is that even if it is approved, the amounts we’ll receive won’t even cover our rent. Which means moving. Which means more $$$.

While at the moment things are ok, I can see the time coming soon when it won’t be. And I’m doing what I can to cut our expenses, but there’s only so much you can cut. I am canceling our health insurance this week. We took it out at the beginning of last year as we were close to the threshold, but now the goal posts have changed we’re going to be nowhere near it and that’s $45 a week I can’t spare.

Beyond that I’m at a loss. All our phone/mobiles/internet are fixed and very good for what we get. Food is doing well and very low. I am only using the car for shopping and job interviews so I have only done 60km in the last 7 days, so that will save us a bit of money.

But at this point, I’m glad for our emergency fund. It’s going to keep us going for a few more weeks. After that, who knows?

Superannuation, or Super, is the most common retirement savings vehicle for Australians. It is funded by what is called the “Superannuation Guarantee” that means employers must pay contributions to your super fund, generally 9% of your gross salary.

This is required for all eligible employees, that is, employees who are over 18 years, but under 70 years, paid at least $450 gross in a calender month, and, if under 18 years, work at least 30 hours a week.

There is a slight caveat though, that stipulates this is only payable on “ordinary” hours. What are “ordinary hours”? Generally it includes ordinary pay, shift loadings and commission.

There are many other rules and regulations regarding super. Your employer is required to pay it by law, and if they don’t can be subject to fines or charges. Your super fund has its own strict set of guidelines it must adhere to, and it is in your best interest to know what those are.

And yes, that is experience speaking.