4 ways to protect your finances
Did you know October is Cybersecurity Awareness Month? What better time than now to brush up on some key cybersecurity terms! We’ve got an A-Z of things you should know and look out for to protect yourself online.
But protecting your finances can also mean preparing your future self for whatever comes up. Like insurance, setting up an emergency fund or finding the best deals to help you save now, for later. Keep reading for tips on these and more.
In this edition of The Beforepay Beat:
- Learn how to keep yourself safe online
- Why green cars have the cheapest car insurance
- Fun Fact: How to protect yourself from an alien abduction
- On the hunt for cheap petrol? We've got you!
HOW TO STAY SAFE ONLINE
When was the last time you updated your password? For many of us the answer can range from never to very rarely. But updating your passwords is one of the easiest ways to keep your information and finance safe online!
These are some quick tips our Chief Technology Officer, Rajini, shared last month for a secure password to help you stay safe online.
Something else that might help you feel in control of your devices and personal info is understanding key terms about cybersecurity. Knowing what Cookies are, why a One-Time Password (OTP) is secure, and how to detect Phishing, could make all the difference in helping you protect your finances and keep your information and data safe.
Get up to speed with our A to Z of cybersecurity terms in our latest blog.
Did you know the colour of your car affects the price of your insurance?
Insurance is another way to protect your finances, providing you with extra options for rebuilding, purchasing, or navigating unexpected situations to minimise the stress that can come with financial pressures.
Take car insurance, for example. It not only protects you, but also other drivers on the road. Surprisingly, the colour of your car can even influence the cost of your insurance!
Cars in neutral colours like black, silver, and white tend to come with the highest insurance premiums, ranging from $1460 to $1564 annually. On the other hand, green cars are the budget-friendly choice, with an average annual cost of just $1374!Different factors can influence how much you pay for your insurance, whether it’s for your car, home or travel. Some common factors are:
- How much cover you are looking to get
- Where you live
- The insurance provider you choose.
Not sure how to pick the insurance policy that’s going to give you that financial security? We’ve outlined 6 steps to help.
Since 1987 you can purchase Alien Abduction Insurance in the U.S!
The policy, issued by Saint Lawrence Agency in Florida, was designed to provide help if someone were to be abducted by non-human life forms.
Surprisingly, more than 100,000 of these policies have been sold across the country, each offering a whopping 10 million dollars in coverage in case you find yourself abducted from planet Earth!
Protect your future self (and finances!) with an emergency fund
Emergency funds aren’t created overnight, but by budgeting and saving on a regular basis.
And the best part, it’s your own money so you won't have to worry about going into debt!
But you may be wondering, where and how do I start?
Lucky for you, Beforepay makes it easy with the budgeting tool and spending insights in the app! Track your cash flow and allocate funds to set aside for your emergency fund, or let us suggest a bespoke budget by analysing your spending.
3 other quick tips for budgeting:
- Go without: Slow down your spending by going without your daily coffee or bringing lunch to work everyday.
- Review your subscriptions: A third of Aussies lose $200 from unused subscriptions. Make a habit of taking stock and ditching what you’re no longer using.
- Compare and Save: Consider taking a day to go over your bills and using Beforepay’s platform to see if you can save by switching to another provider.
Save on your petrol with these tips
Wednesdays aren’t just happy hump days, but are apparently also the best day to fill up your tanks!
In fact, the September 2023 Beforepay Cost of Living Index showed that the average daily spend on petrol and auto expenses increased by 1.25%, climbing from $7.99 in July to $8.09 in August 2023.
But don't worry– we've got some hacks to help you cut back on your petrol costs!
- Sign up for loyalty and reward programs.
- Drive smoothly and steadily (Tip: Your car uses up to 25% more fuel when driving at 110 km/h compared to 90 km/h!).
- Avoid accelerating rapidly and braking harshly.
- Use petrol saving apps.
Check out some petrol saving apps we found in our latest blog!
- Find out how much you could be potentially saving on your utility providers. Check out our Compare and Save tool.
- In case you missed it: Our Q&A with Beforepay Chief Technology Officer, Rajini, about cybersecurity.
- Visit our Financial Support and Resources page for services to help you with any financial assistance.
- Understand the different types of insurance and the situations they are helpful in
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