In this edition of The Beforepay Beat:
The Reserve Bank of Australia reported that fees charged to households by banks in 2021 was less than the year before. But this still saw Australians fork out a whopping $3.3 billion in bank fees!
A few examples of common transaction account fees and the median charge based on research by Canstar
Some people can end up paying far more by being charged these fees multiple times!
The good thing is there are ways to avoid these unnecessary bank fees:
“Pygg” was an inexpensive orange clay that was used in the Middle Ages to create dishes and kitchen jars that people used as savings containers to store their loose change.
Over time, as language evolved, the word for the clay (pygg) and the animal (pigge) began sounding the same. This confused potters who, when asked to make “pygg banks”, accidentally crafted pig-shaped containers.
As it turns out, the novelty stuck, and that’s how we’ve come to have piggy banks!
Our A-Z in money terms breaks down some key terms and phrases so you can be clued in the next time you come across them.
Did you guess any of these from above?
The more you know, the more informed decisions you’ll be able to make when it comes to your money!
The latest data from the Beforepay Cost of Living Index shows daily spending for the average Australian was up 1.6% from $58.81 in September to $59.78 in October.
The increase shows the continuing impact of inflation, with the October figure reflecting a 2.1% annual increase from $58.57 in October 2021.
With recent talks of rising gas and electricity prices, it's no surprise daily spending on utilities saw the biggest jump. From an average daily spend of $5.32 in September, utility expenses rose 9.2% to $5.81 in October. This is also an increase from $5.09 during the same period last year.
Other notable category increases were groceries, petrol and auto, entertainment and leisure, and fitness and health.
View our full October 2022 Beforepay Cost of Living update for more.
*Note: Data is derived from Beforepay data, not adjusted for seasonality. It is provided for general information only and should not be relied on.
Is it something Mum or Dad told you when you were a kid? Sage advice from a mentor or financial advisor? Or maybe it's a hack you've discovered yourself on your own financial journey?
Wherever your top tip for saving came from, we want to hear it!
Share your savings tips with the Beforepay community so we can help more Aussies get ahead and in control of their finances.
Your mental health and finances can impact each other, so being able to manage each of them well is critical.
Trying these small tasks can help kickstart your financial wellbeing journey, so you can feel confident and in control when it comes to your money.
At Beforepay we consider hundreds of factors when determining your limit each time you borrow as part of our ethical lending principles, allowing you to borrow within your means.
Your limit may increase or decrease in response to changes in several factors, including income, spending and repayment behaviour.
You could minimise the chances of your limit decreasing by avoiding these common mistakes.
Need help? You can always reach out to support@beforepay.com.au for any account questions or updates (like updating your bank details), or find out more about what impacts your limit here.