Found some useful tips and tidbits in the first edition of The Beforepay Beat? We’ve got more!
You’ve probably heard the words “inflation” and “rising costs” thrown around more times than you can count recently. But what does that really mean for us day-to-day?
The Beforepay Cost of Living Index is a snapshot of the daily spending behaviours for the average Australian. It takes into account several household expense categories, and any notable monthly and annual trends or changes.
So how did people spend in August 2022? Check out these key insights:
How does your spending compare? Do any of these spending trends ring true for you?
See more insights and find out more about the Beforepay Cost of Living in our latest update here.
*Note: Data is derived from Beforepay data, not adjusted for seasonality. It is provided for general information only and should not be relied on. See full disclaimer here.
It’s true! We’re an inventive bunch who issued the first full series of polymer banknotes between 1992 and 1996.
The idea was born in January 1988 when the Reserve Bank of Australia and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) developed technology to create a $10 polymer banknote commemorating the bicentenary of Australia.
And it wasn’t just for looks! Some benefits of polymer banknotes include durability, better hygiene, and greater security against counterfeiting.
Both pay advances and credit cards offer simple and convenient ways to manage temporary cash flow challenges, right?
Technically, yes.
But there are some differences that actually allow people to save more with a pay advance. We’ve done the comparison so you don’t have to!
*Based on a survey of 1,100 Beforepay customers in February 2022.
You can make a repayment via PayID/Osko in your mobile banking app (subject to your bank’s availability) as soon as 2 days after you cash out, and if you do not have any payments pending.
You’ll just need to make sure you enter the Beforepay PayID email and your unique reference number in both the Description and Reference fields. Payments with missing or incorrect information will be declined. If the transfer is successful, your account should reflect the payment within minutes.
To view your PayID payment details, simply tap on the ‘Repay early’ button on the cash out screen.
See our help article for more details.
Financial stress can look and feel different for everyone. Being able to recognise when you are feeling financially stressed is the first step to getting on the right track. The next is doing something about it!
Here are some things you can try.
Learn more about how you can put each of these tips into practice.
I’m a Content Manager at Beforepay and my role is to support our customers’ financial knowledge and wellbeing with interesting content across our different channels - blog, email, social, you name it!
I wanted to be a part of an organisation that was innovative, disruptive and committed to helping people. Beforepay is all of that, and I love that we offer so many different and practical ways to help people manage their money - not just through our products like the Pay Advance, but also through things like our money tips and budgeting tool.
I dedicate about 30 minutes every payday to budgeting. I split my pay across different buckets, like living expenses, groceries and fun (we all need it!), so I know exactly what I have to spend. I also put any left over budget I have from last payday into a rainy day savings account. I find that putting in the time upfront saves time and pays off later!
AMP’s 2020 Financial Wellness Report showed 1.8 million Australian workers were experiencing prolonged financial stress.
Understanding how money can impact mental health and wellbeing is important to identifying positive ways to manage money and feel financially confident and in control.
To help Australians manage their financial wellbeing we’re looking for real stories and tips to share from the Beforepay community.
If you have a story about how money has affected your mental health, and the things you did (or are doing) to overcome it, please submit your expression of interest here.