Sheryl’s My Money Story

Sheryl found My Money Kete after searching online for solutions that could help her get on top of her money problems. It’s already making a difference!

Sheryl and her partner live in Auckland with their three teenage children. Like so many people, even though they’re both employed, they’re struggling to make ends meet with the increased cost of living.

The couple pay $820 a week in rent and are also servicing three debts; a personal loan (which is nearly paid off), a credit card, and a car which is financed. Their debts combined with their living expenses, including food and utilities such as power, Internet, and petrol, leaves them with just $100 to $150 a fortnight.

“The leftover money quickly seems to disappear on things the children need for school or their sport,” says Sheryl. “At times, we’ve had to use a food bank to put meals on the table.”

It was these reasons that led Sheryl to My Money Kete. “I’ve always been careful with money but now that everything is so expensive, I knew I needed to learn more about how to take control of our money,” she explains.

“My Money Kete has been really helpful – and I’ve learnt a lot. I always knew debt wasn’t a good thing, but the ‘debtbuster’ emails have really shown me how it makes it so hard to get ahead. And that trying to pay off loans is so difficult when there’s hardly any money left over at the end of the month.”

Less debt means less stress

Since joining MMK, Sheryl has become even more focused on getting rid of their debts. “We didn’t have any option with the car loan. but it is really costing us a lot,” she says. “Now we don’t use the credit card unless it’s an emergency.”

The couple has nearly finished paying off the personal loan with the bank. Once their debts are paid off, their goal is to save for an emergency fund. “Not having an emergency fund is one of the reasons why we have debts. I can see now that if we have money to use when an unexpected expense comes up, like having to get the car fixed, it will make all the difference.”

Sheryl recommends My Money Kete to anyone who wants to get control of their money and feel less stressed. “Worrying about money is awful and at times I’ve felt really stressed,” she says. “I’m determined to get rid of the debts, get our stress levels down, and start saving.”

In the long term, Sheryl and her partner have a goal of buying their own home. “That would be amazing and something that would provide us with the security we dream of.”