Money, money, money

Not much has changed since ABBA sang in 1976 “All the things I could do, if I had a little money.” Money – or the lack of it – has been causing us headaches and stress since we started using it.

Living with a musculoskeletal condition – or multiple conditions – can be expensive. Medications, healthcare appointments, time off work (or not being able to work), exercise classes, complementary therapies, and aids and equipment are costly on top of everyday expenses.

When you add rising living costs, financial stress is almost inevitable.

Fortunately, there are things you can do if you’re in this situation. And it starts now.

Acknowledge the situation.

This is the crucial first step. As much as we’d like to bury our heads in the sand when we feel anxious or worried about anything (I know that’s my go-to reaction 😑), it won’t solve the problem. We need to look it in the eye, acknowledge it exists and start to deal with it – one step at a time.

Create a budget.

This may sound daunting, but you need to know where your money’s going. You need to be able to track what money is coming in and what you’re spending it on. MoneySmart is an Australian Government website with many tools and resources to help you manage your money. They have a section on budgeting to help you create a budget that works for you and your circumstances.

By understanding where your money’s going, you can start to see where you can make some savings or cut some costs. It’ll also put you in a better position when/if it comes time to talk with your bank, utility companies etc.

Know your rights.

When you’re struggling and stressed, it’s easy to become overwhelmed. But there are laws to help protect you if you’re suffering from financial hardship. The National Debt Helpline has information to help you understand your rights and protections.

Seek help.

If you’re finding it challenging to create a budget or find a way out of your financial problems, contact the National Debt Helpline and talk with a financial counsellor. They’re free, confidential, and independent. You can call them on 1800 007 007 weekdays 9.30am-4.30pm. They also have a live chat function on their website, available weekdays from 9.00am-8.00pm, or you can also send them a message outside of hours, and a counsellor will get back to you. National Debt Helpline also has a huge range of other resources to help you if you’re struggling with debt or controlling your finances.

Talk to your bank.

If you’re having difficulties paying your mortgage, personal loans or credit card repayments, talk with your lender about your options, such as making smaller repayments over a longer period or pausing repayments.

The Australian Banking Association has some useful resources on their website, including information about your rights and what your bank can do to help you.

Talk to your utility companies.

Contact your supplier if you can’t afford to pay your gas, electricity, water, and phone bills. But first, check out this information from the National Debt Helpline about how to do this.

Be wary of buy now, pay later schemes, payday loans, and consumer leases.

If you’re under financial stress, these options may seem like a convenient way to pay for things you need. However, they’re also an easy way to get into even more debt. Learn more by reading MoneySmart’s info on the potential problems with payday loans, consumer leases, and buy now, pay later schemes.

Talk with your doctor about GP management plans.

Living with a chronic condition (or multiple conditions) can cost a lot of money. Discuss accessing a GP Management Plan and Team Care Arrangement with your doctor so that you can get coordinated care to manage your health condition. You may be eligible for Medicare rebates for certain allied health services. You can find out more on the Department of Health website.

Talk with your doctor and pharmacist about safety nets.

They exist to help lower the out-of-pocket medical costs for people who, due to their health condition/s, spend a lot of money on Pharmaceutical Benefits Scheme (PBS) medications. Your doctor and pharmacist can give you more information about these safety nets.

Talk with your doctor about 60-day scripts.

From 1 September 2023, eligible people living with chronic conditions can buy 60 days’ supply of some medicines. This will reduce the cost of some medicines for people with stable, chronic conditions. For more info, check out the Consumers Health Forum 60-day scripts website, and talk with your doctor about whether this is an option for you.

Find out about government allowances and benefits.

The Australian Government provides a wide range of allowances and benefits you may be eligible for, including:

• Disability support pension
• Mobility allowance
• Concession and health care cards.

The Australian Government’s Services Australia website provides a lot of information about these payments (and others), including information about eligibility criteria.

You can also talk with our nurse on the MSK Help Line if you’re having trouble navigating through these social services schemes. Contact them on 1800 263 265 weekdays or email helpline@msk.org.au.

Find out about the National Disability Insurance Scheme (NDIS).

The NDIS helps people under 65 with permanent and significant disability get care and support. It pays for reasonable and necessary support that a person needs to live and enjoy their life. The NDIS also provides information and connections to local services to people who aren’t eligible for funding. Find out more about the NDIS.

There’s light at the end of the tunnel.

When you’re in debt or dealing with financial hardship, it can seem like there’s no way out. But there are a lot of organisations and services available to help you. This article has just scraped the surface of them.

There are more for you to explore in the links below.

If you need help with debt or just want to learn how to manage your money better, I’d urge you to look at MoneySmart, National Debt Helpline and The Salvos. They provide excellent, easy-to-understand resources on a wide range of issues relating to money.

Contact our free national Help Line

Call our nurses if you have questions about managing your pain, musculoskeletal condition, treatment options, mental health issues, telehealth, or accessing services. They’re available weekdays between 9am-5pm on 1800 263 265, email (helpline@msk.org.au) or via Messenger.

More to explore

• 60 day scripts
  Consumers Health Forum
• Keeping your medicines costs down
  National Prescribing Service
• MoneySmart
  Australian Securities & Investments Commission (ASIC).
  For free tools, tips, and guidance to manage your money and take control of your finances.
• National Debt Helpline
  For free information and advice to get out of debt and manage your finances.
• Personal finance and money advice
  Choice
• Rural Financial Counselling Service (RFCS)
  Free confidential service for rural people experiencing, or at risk of, financial hardship.
• How to save money on medicine
  Choice
• School costs
  MoneySmart and National Debt Helpline provide information about paying for school expenses.
• Seek legal assistance
  Australian Financial Security Authority. Find a community legal service and consumer credit legal service.
• Services Australia
  For information about government payments and services.
• The Salvos – Financial assistance
  Free information and resources to help you manage your money.