Budget team hatch needed new nest egg
Financial mentoring, debt-problem help and debt restructuring offered free
Taupō Budget Advisory Service is free to the clients who use it, but behind the scenes it’s a constant battle to ensure the service has the funding it needs.
It is hoping the pressure will be eased by their new fund, announced last week with the Geyser Community Foundation.
As a charity, it relies on multiple sources of funding such as lotteries and the Ministry of Social Development. Although it has successfully secured funding so far, the service is vulnerable to changes in governments and funding models.
“We have to go cap in hand every year to raise money, and it’s getting harder,” says manager Wendy Gatley.
However, this doesn’t slow the Taupō Budget Advisory Service’s work with its clients.
The service offers financial mentoring, advocacy for debt problems, debt restructuring and financial education. All of these services are free for those who use them.
While its help is always in demand, the rising cost of living has led to a 22 per cent increase in face-to-face appointments for the team since July.
“Demand is phenomenal, and it’s only going to get worse.”
After Christmas was always an extremely busy time, Gatley said, because families often over-extended their finances to buy presents.
To combat such issues, a significant part of the advisory service’s work is financial education for both adults and school students, and getting to people before they get into trouble.
Those with problems should drop in and see an adviser as soon as possible.
“We’re free, we’re non-judgmental; people can come to us with any issues.”
To help them in this work, the Geyser Community Foundation — a local charitable trust — has teamed up with Taupō Budget Advisory Service to form an endowment fund.
The intention is that charitable individuals, groups and businesses will invest in the fund, and help to secure the future of the service and reduce its reliance on external donors.
This in turn will allow the advisory service to focus solely on what it does best — educating the public, and helping people in times of financial need.
The benefit of the endowment
We’re free, we’re nonjudgmental; people can come to us with any issues
fund was that it was intergenerational and long term, Gatley said, which meant they could better plan for how to meet demand.
“It becomes self-sustaining.” She said they were keen to hear from anyone who might be able to help their work through the fund.
“It doesn’t need to be large amounts, everything helps.”
In the meantime, Taupō Budget Advisory Service continues to be available to anyone concerned about household budgeting or debt.
Finance was an extremely large burden for people, Gatley said, but with the right help, it could be overcome.
She says that often, some expertise and a helping hand can make all the difference.
“Our clients come out and say ‘We feel more hopeful, we feel more optimistic’.”
Wendy Gatley, Budget Advisory Service manager