Whether it’s you or a loved one overseas who could do with a financial boost, being prepared with an emergency fund could help you or your loved ones get back on your feet quicker.
In this edition of The Beforepay Beat:
With almost 30% of Australia’s population born overseas, more people than ever are sending money abroad to support friends and family.
To help you stay prepared for whatever unexpected expenses pop up, here or overseas, Beforepay has teamed up with Western Union so you can boost your transfer and send more money to your loved ones when you need to!
This can come in handy to help pay for things like bills, school fees and emergency costs in the event of medical expenses or natural disasters.
Visit the Western Union website to find out more and set up your Western Union account to get started.
John Paul DeJoria, for example, was born into a poor immigrant family and became a billionaire through several business ventures. When asked what advice he would give to his younger self, he said having an emergency fund is key to being prepared if things don’t go to plan.
"It’s important to have a cushion of six months financial backup before you invest or if something doesn’t work out in your favour."
Making your early (or late) repayments is now easier than ever!
You now have your own personalised PayID/Osko address that is unique to you for making repayments (update your app to see the new functionality!).
Here’s a quick breakdown about what this means for you.
What’s new
What’s changed
Don’t worry, the changes shouldn’t impact any recent payments, but you can always contact us on support@beforepay.com.au if you have any questions.
If it’s your first time accessing PayID it may take up to 30 seconds to generate your unique PayID details.
Log in to Beforepay to see your new PayID details.
Wondering why you should have an emergency fund? Here are just a few things your emergency fund could help you with!
1. Unexpected expenses - to help soften the blow of expenses you haven’t budgeted for.
2. Job loss - to give you some breathing room while searching for new opportunities.
3. Medical expenses - to help reduce the financial pressure of hefty and unpredictable healthcare.
4. Financial wellbeing - to give you the confidence to handle whatever life throws your way without going into long-term, revolving debt.
Building an emergency fund doesn’t happen overnight. Work towards it steadily – assess your expenses, set a goal and think about automating your savings.
See more about these quick and easy steps for building and growing your emergency fund.
The average daily spend for Australians rose by 2.9% from $57.17 to $58.84 in April, according to the April 2023 Beforepay Cost of Living Index.
Discretionary expenses were the major contributors to the increase in average daily spending.
Other insights:
If you need to send an international money transfer, using a pay advance service like Beforepay can help you send money when you need to, and top up your transfer, without needing to wait for payday.
Some other perks that can come with using a pay advance to boost your money transfer include:
Learn more and find out how you can send more to loved ones overseas with Beforepay and Western Union.