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Introducing The Beforepay Beat
Check out The Beforepay Beat - our new newsletter and your source for the latest tips and updates to help you stay on track and in control of your finances
In our first edition:
- Tax time savvy: Getting the most out of your tax return.
- That's expensive! Why costs are rising and how to keep up.
- What's in a budget? We've broken down budgeting so you don't have to.
- Win $500! Enter the Beforepay Winter Giveaway for a chance to win.
- Cash on your terms: How to cash out just what you want, or need!
MONEY TIP: Make tax time work for you
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6 smart ways to use your tax refund
After doing your tax return and receiving your tax refund, it can be tempting to splurge it all at once, or just let it sit there. But did you know there are smart, low-effort ways you can make your tax refund go further?
To help you get thinking so you can start planning what you're going to do (if you haven't already) here are some ideas we came up with!
- Pay down debt and help get your finances back on track.
- Sort out home repairs to save on more expensive costs of replacement later.
- Make work-related purchases that you can claim at tax time next year.
- Grow your emergency fund to take the stress out of unexpected expenses.
- Top up your super to contribute to your financial security in the future.
- Invest in your goals (e.g. buying a house, starting a business).
See our latest blog article to learn more about these tips.
FUN FACT
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While in the process of establishing our own national currency in 1965, we went through tons of creative suggestions. One of which was "royals", suggested by then Prime Minister Sir Robert Menzies.
Other contenders included the oz, the roo, the austral, the kanga and the dinkum! Imagine paying 80 kangas at the servo 🦘
Eventually we landed on the simple and straightforward Australian Dollar!
MONEY TIP: Keeping up with rising costs
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Everyday tips to manage rising costs
The cost of living in Australia is the highest it has been in over 20 years as a result of current economical and environmental factors that have led to increases in production costs and demand.
An analysis of spending in the Beforepay community over the last year has shown notable increases in the average monthly spend on things like fuel and financial and insurance services. However, there was a general decline in grocery expenses among Beforepay customers, likely due to the pressures of inflation and wage stagnation.
Being mindful about how you use your money can help you manage the rising costs. Try these tips to make your money last longer, without feeling like you're missing out.
- Review your budget on a regular basis so you can easily spot where you might be able to cut back and adapt.
- Shop alternative grocery brands to save some extra dollars to help you stay on track with your budget.
- Swap your car out for public transport or walking (if you can!) to manage how much you shell out on fuel.
- Plan when you splurge, like online shopping only once a month, so you can still enjoy without feeling weighed down.
- Think twice before using your credit card and consider alternatives like an emergency fund or a Pay Advance with Beforepay to avoid getting hit by high interest rates when you're only making the minimum payment every month.
Find out more about how you can use these money-saving strategies to help you save and navigate your finances amid rising costs.
DID YOU KNOW...
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Did you know you can adjust how much you cash out with Beforepay?
We heard that some Beforepay community members prefer to cash out only a portion of their total limit, so we made it easy for you to reduce how much you cash out, when you want 😃
Just tap on the (-) and (+) buttons on the cash out screen to adjust to your preference!
MONEY TIP: Build a budget that works
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4 steps you need to know for building a budget
Being able to budget effectively can help take the stress out of managing your money and get you on track to achieving your goals.
Check out these 4 simple steps you can use to make sure your budget is solid and sets you up for success!
- Find a budgeting method that works for you - Spreadsheet? Diary? App?
- Assess your income v. expenses and create a budgeting plan.
- Set a financial goal (or goals!) to help you stay motivated and on track.
- Stick to your plan, but also adapt if you need.
Learn more about how you can put these steps into action on our blog.
WE 🧡 OUR CUSTOMERS
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Disclaimer: Information provided by Beforepay is factual information only and does not constitute financial, legal or tax advice. The views expressed in articles, including those of guest contributors, are general commentary only and should not be relied upon as a substitute for professional advice. While Beforepay Group Limited and its related bodies corporate believe the information provided is accurate at the time of publication, no representation or warranty is made as to its accuracy, completeness or reliability. To the extent permitted by law, Beforepay disclaims all liability arising from reliance on this information. Please read our Terms of Service before using Beforepay’s services.
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‡ Comparison rate calculated on a $2,500 loan over a 2-year term.
‡ WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or loan amounts may result in a different comparison rate.
The Beforepay Beat
Plan, track, compare, and save with Beforepay’s free finance tools.
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