personal finance Archives - Credit Simple

The simple step to help you pay down debt? Speak up.

Credit Simple — Wed, 10 Feb 2021 21:54:43 +0000

If you’re feeling anxious about your debts, it’s time to start communicating. Here are five steps you can take to talk to your credit providers about debt.

1. Call your credit providers

If you’re feeling overwhelmed by debt, give your credit providers a call. It is in their best interests that you make your repayments, so there is no harm in having a chat.
Call your utility company, telco or lenders and explain your financial hardship. If the customer representative you’re speaking with is unhelpful, escalate your call to a hardship officer or manager.

2. Talk it through

Go through your options with your credit provider. They may be able to offer you more affordable repayment plans, due date extensions or hardship variations.

Many credit providers can amend their terms to ensure you can continue to pay. You might be surprised at the options they have available to you.

3. Aim to agree

By now you would have done a budget and know your incomings and outgoings. While the aim is to at least meet minimum repayments, you should have a good idea of what you can and can’t afford. Therefore, if there is no way you can meet your minimum obligations, you should negotiate alternative payment structures. And if your situation changes, let them know straight away.

4. If debt issues persist

If you’re still finding it difficult to get on top of your debts, you can reach out to the National Debt Helpline on 1800 007 007 or contact a Financial Counsellor. The National Debt Helpline can put you in contact with your local service.

5. Don’t be lured by quick fixes

There are many providers out there promising to consolidate your debt, refinance and transfer your balance. Some of these can be legit and may help you. But they can also add to your financial burden through hidden fees, higher interest and lock-in contracts.

Our advice: be aware! Don’t look at these options until you have spoken with your current providers about your situation.

For more tips on how to stay on top of your finances, sign up or log in to Credit Simple.

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The first 3 steps to paying down your debt

Credit Simple — Wed, 03 Feb 2021 22:01:54 +0000

Have you entered the new year with existing debt from 2020?

You’re not alone. More than one in three Aussies enter January with Christmas debt from one year to the next¹.

When you combine this with household debt, credit card debt and buy-now-pay-later owings, it’s fair to say many of us will need a helping hand to get on top of our bills.

Household debt has significantly increased with the latest household to net disposable income ratio sitting at 210%², meaning that on average, people have debt equal to two years’ disposable income. There are also more than 13.7 million credit cards in circulation accounting for a national debt of $21.1 billion³. The buy-now-pay-later (BNPL) industry is also booming. As of June 2019, there were more than 6.1 million accounts, representing 30% of the Aussie adult population and totalling more than $5.6 billion in the 2018-19 financial year⁴.

As we enter the new year, we have outlined three easy steps for you to start the year on the right foot and tackle your debts in 2021.

1. Lay it all out on the table

This first step is easy. Grab all your latest bills, statements, invoices, anything you owe. Go do it now, we’ll wait…

Find the most recent copies of your mortgage, rent, electricity, water, gas, phone, internet, car insurance, credit cards, BNPL statements and physically lay it out on the table.

Debt can feel overwhelming. Seeing what you owe and tallying it all up is confronting but it is also a good motivator to get on top of it.

With each debt work out how much you owe and the repayments.

This will prepare you for step 2.

2. Identify your smallest debt

So, you’ve laid out your debts and identified the monthly repayments. Next, grab a piece of paper and list the debts from smallest to largest by outstanding debt amount. Number 1 will be the smallest.

Keep this list handy! Store it in the same folder as all your other bills and expenses.

Now, grab your bill with the lowest debt and keep it in a visible place – maybe the fridge, bathroom mirror, anywhere you can see it.

Your focus over the next few months will be to use any savings you have after making your monthly debt repayments, to pay off the smallest debt.

This will involve making additional payments to this debt. Before you know it, your smallest debt will be paid off. You will then put this money into the next smallest debt (that’s number 2 on your list) and so on. Continue this process until all your debts are paid. This is known as the snowball effect.

3. Automate your repayments

One of the easiest ways to keep your repayments on track is to set and forget.

All you need to do is set up the repayments for each debt to automatically debit from your account each month. Plus, don’t forget to set a little extra repayment for the smallest debt.

It’s a good idea to set this up soon after you get paid.

Why this method works

The method is called the ‘Snowball Effect’. The idea is that the satisfaction you get from paying off the first debt motivates you to pay off the next one. This is because each debt you pay off feels like a big achievement, inspiring you to keep going. It’s also much easier to focus on one thing (debt) at a time, so you’re unlikely to get overwhelmed and give up.

Footnotes
1. https://www.finder.com.au/press-release-jan-2020-7-2-million-aussies-will-nurse-a-new-year-financial-hangover
2. https://data.oecd.org/hha/household-debt.htm
3. https://www.finder.com.au/credit-cards/credit-card-statistics
4. https://download.asic.gov.au/media/5852803/rep672-published-16-november-2020-2.pdf

The information provided in this blog post is general in nature and does not constitute personal financial advice. It has been prepared without taking into account your personal objectives, financial situation or needs. Before making any decisions, it is important for you to consider your personal situation and seek appropriate tax, legal and other professional advice.

The post The first 3 steps to paying down your debt appeared first on Credit Simple.

This could be the secret to better budgeting

Credit Simple — Wed, 07 Oct 2020 01:09:13 +0000

If you’ve never had a budget, or if you’ve tried and given up on one before, it can be easy to get overwhelmed. Visions of complicated spreadsheets and living on nothing but 2 minute noodles make the idea seem at best, snore-inducing and at worst, overly restrictive. But the truth is it takes very little effort to get a basic system in place. This is great news, as it can mean the difference between major savings and none at all.

If you’re hesitant to set up a budget, or even if you have one now that’s only kind of working for you, here’s a solution that may just work: separating your money into ‘buckets’.

What is a money ‘bucket’?
This concept has been doing the rounds of the personal finance blogs and media for a while now, and it’s a simple one: instead of a complicated line-by-line budget that accounts for every cent, you simply split your income into a separate account – and automate transfers – for each category. That way, you automate your saving and spending so it becomes easy to save: it’s that simple.

Step 1: Track how you’re spending now
For a week, or better yet, a month, track your spending. Many banks in Australia and New Zealand also have this function built in to their online banking, categorising your transactions for you. However you choose to do it, you’ll soon see trends emerging, and you’re ready to move onto the next step.

Step 2: Choose your categories and decide how much goes in each
Once you have all your info, it’s time to come up with a few broad categories that reflect a realistic picture of how you want to spend and save. For example, you could have categories like rent or mortgage and bills, emergency savings, groceries, eating out, fun money, travel savings and debt. Less is definitely more – fewer categories makes for a simple budget that’s easy to stick to, making it easier to save. Once you’ve set your categories, decide what percentage of your income needs to go into each. Assuming you’re not spending more than you’re earning, this needn’t be vastly different from how you’re spending now.

Step 3: Open an account for each category
With a different account for each type of spending and saving, you’ll know exactly how much you have in each. Many financial institutions offer an option for multiple accounts linked together, and you can even give them customised names so you can see, at a glance, how much you have in each one.

Step 4: Set up your automatic transfers
As with many things in life, set and forget is the surest path to success. Make sure you set up direct debits for each of your categories so your money is moving where you need it without you needing to think about it. Many companies will let you split your salary this way, or you could have all your income go into one account to begin with, with regular transfers set up to move money between accounts automatically.

Step 5: Regular check-ins
Whether monthly or quarterly, it’s a good idea to check regularly to make sure each account is where it needs to be. That way, if you find one overflowing while another is almost empty, you’ll know it’s time to tweak your transfers to better match your spending and saving goals.

So what are you waiting for? It’s time to let your savings take care of themselves. see how automating your finances can help you save towards your dreams.

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Debt consolidation loan vs. balance transfer credit card – which one to choose?

Credit Simple — Mon, 06 Jan 2020 04:54:25 +0000

When you consolidate your debt, you are essentially taking out one large loan and using that money to pay off two or more smaller debts.

The two major ways you can do this is by applying for a balance transfer (BT) credit card or taking out a debt consolidation loan.

This guide explores why you’d want to consolidate debt in the first place and then looks at your two options to help you determine which one is right for you.

Why would you want to consolidate debt?

Consolidating your debt offers several key benefits:

It streamlines your paperwork and payments. With one loan instead of several, you don’t have to keep track of multiple bills, due dates and fee schedules.
You could save on interest and fees. Consolidating gives you the opportunity to shop around for a loan offering better rates and fees than your current loans.
You could get a special deal. Many balance transfer credit cards will offer you a temporary interest-free period on the amount you’ve transferred from other loans.

What options are available to consolidate debt?

The following sections describe your two main options for consolidating debt: balance transfer credit cards and debt consolidation loans.

A balance transfer credit card

Balance transfer credit cards are cards you can use to pay off your other debts in full and then continue to use it just like any other credit card. They often come with an introductory offer that lets you pay 0% interest rate on your “transfers” for a period of time.

Other than the introductory offer, interest rates on balance transfer credit cards tend to be higher than those on debt consolidation .

That means this option is best suited to someone who is consolidating relatively small loans and plans to pay them off quickly (i.e. during the 0% introductory period).

Note:

Watch out for balance transfer fees. One card might offer a longer 0% introductory period but charge a balance transfer fee that would offset any extra savings.

For example, the ANZ First Card offers an 18-month interest-free period but has a 2% BT fee, whereas the ANZ Low Rate Card offers a 15-month interest-free period with a 0% BT fee .

Depending on how much you transfer, that extra 3 months might not be worth the extra fees.

Click here for offers on balance transfer credit cards

A debt consolidation loan

A debt consolidation loan is a personal loan where the lender gives you cash, which you’ll then use to pay off your other loans. Then you’ll pay off your new loan over a set timeframe you and the lender agreed to.

Unlike a credit card, there probably won’t be a promotional introductory interest rate. However, interest rates in general are lower on debt consolidation loans than credit cards. For example, a personal loan from Ratesetter can come with an interest rate as low as 5.95% p.a., which you’d be hard-pressed to find on a credit card.

These loans work best for someone who is consolidating larger debts and needs more time to pay them off. For example, Wisr offers loans of up to $50,000 you can use to consolidate other loans. Most balance transfer credit cards won’t let you transfer sums that large.

Click here for offers on debt consolidation loans

Balance transfer credit card and debt consolidation loans compared

Here is how the two options compare based on common factors like interest rates and fees.

	Balance transfer credit card	Debt consolidation loan
Interest rates	Generally offer a lower introductory rate perfect for small loans you can pay off quickly.	Generally offer lower ongoing rates anywhere from 3.99%. However, those with lower credit scores can pay up to 43% p.a .
Interest rates	Ongoing rates are usually anywhere from 11.99% p.a. to 20.99% p.a.	These work better for larger loans that take longer to pay off and for people with lower credit scores.
Fees	Anywhere from 0% to 5% of your transferred balance.	Generally no transfer fees, but you may incur an establishment fee of 1%-5% on the amount borrowed.
Loan term	Since you can keep a credit card open forever, there is no set timeframe to pay off your loan (although the 0% interest rate will revert to a higher interest rate after the promotion ends).	Anywhere from 1-7 years or more.
Impact on credit score	Requires a “hard pull” of your credit report, which will cause your score to dip temporarily. However, as you continue to make payments on time, your score should improve in the long run.	Requires a “hard pull” of your credit report, which will cause your score to dip temporarily. If it’s a quick cash/payday loan, your score may dip even more. However, your score can improve if you make your payments on time.
Perfect for:	– Someone with relatively small loans to consolidate – Someone who is after a new credit card anyway – Someone who diligently avoids interest by paying their balance off before interest accrues	– Someone with larger loans to consolidate and who needs more time to pay them off – Someone who usually carries a balance and therefore needs a lower ongoing interest rate – Someone with a lower credit score and who isn’t eligible for a credit card

Pros and cons of each

Here are the pros and cons of each option.

	Pros	Cons
Balance transfer credit card	You could end up paying 0% on your entire debt	You could see interest rates as high as 21% p.a. after the 0% balance transfer promotion ends
	You can use the card for ongoing additional purchases	There’s no deadline to pay off the loan, so you could end up paying on it for longer than you intended
	Your card may come with other rewards and perks like the Qantas points you can earn with the Qantas American Express Ultimate Card or free delivery on David Jones purchases with the David Jones American Express Card .	The ability to make ongoing purchases means you can allow your debt to snowball
	Pros	Cons
Debt consolidation loan	Usually a lower interest rate than a credit card after the card’s balance transfer promotion ends	You won’t get a 0% introductory offer on the debts you consolidate
	A defined loan term with regular repayments gives you a clear time-frame by which to pay off your loan	You may not be able to pay your loan off early without a penalty
	You can consolidate all types of other loans including credit cards, car loans, department store cards and more

Bottom line

Both of these options will meet the needs of most people looking to consolidate their loans. Both should do the job for small to medium-size loans, and the debt consolidation loan can handle debts that are a little larger.

The information in this blog post is general in nature and does not constitute personal financial or professional advice. It is not intended to address the circumstances of any particular individual. We do not guarantee the accuracy and completeness of the information and you should not rely on it. Before making any decisions, it is important for you to consider your personal situation, make independent enquiries and seek appropriate tax, legal and other professional advice.

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6 personal finance podcasts to change your money mindset

Credit Simple — Tue, 30 Apr 2019 23:18:08 +0000

Ready to change your money mindset? These fantastic money podcasts may be just the inspiration you need…

My millenial money
This Aussie podcast is perfect if you want to sort out your financial future but aren’t sure where to start. Join Glen James and John Pidgeon for a laidback discussion on heaps of financial themes particularly relevant to those in their 20s, from HECS debts to ‘rentvesting’.

So Money
In this daily podcast, financial expert Farnoosh Torabi interviews people from all walks of life about their finances and answers questions from listeners. Perfect for if you need a bit of inspo to start the journey towards your financial dreams.

Afford anything
This is a practical podcast for anyone who wants to improve their decision-making around money. Paula Pant interviews financial experts as she blogs her way to financial freedom, covering themes like financial independence, wealth creation, retiring early, and how to afford your big goals.

Planet Money
Focussed mostly on the US economy, NPR’s Planet Money tells stories that explain real-world economics in an entertaining and engaging way. Its genius lies in how it can make seemingly boring topics fascinating, diving deep into the money behind everyday things.

HerMoney
Financial editor of NBC’s ‘Today’ show, the best-selling author of 11 books, Jean Chatzky talks personal finance for women, covering the intersection between money and career, family, relationships and more.

The Tim Ferris Show
More of a business and self-improvement podcast, but with a big money focus, Ferris interviews top entrepreneurs to find out what makes them tick. Each episode, he chats with experts in their field to find the routines, habits and strategies that make them successful.

These are just a handful of our favourite financial podcasts, but there are plenty more podcasts (and blogs) out there that can help you take the first steps to financial freedom.

What are some of your favourites?

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7 money saving tips you can complete in 10 minutes each

Credit Simple — Tue, 23 Apr 2019 07:05:21 +0000

It can be all to easy to chuck anything money or finance related in the too-hard basket. But the truth is, spending a few minutes sorting out just one aspect of your finances can make a big difference.

If you’ve got 10 minutes to spare, complete one of these money saving tips and you could see instant financial results.

Empty your spare change into a jar
Then pop on the lid. Now every time you’ve got a few bits of shrapnel, chuck ‘em in. This is now your bonus money. Whenever the jar is full, you can either deposit it at the bank or use it to treat yourself.

Set up a high interest savings account
It’s probably been on your to-do list for a while, so pop open your laptop and set this up now. It doesn’t take long and there are heaps of added benefits – for example, some accounts have free overseas transactions (as long as you make regular monthly payments).

Make a grocery list
Check your cupboards and your fridge and then go through the week in your mind day by day to figure out what you need in your next shop. Obviously, this one only works if you shop to the list. Plus, if you only hit the supermarket once a week, you’ll make bonus savings.

Switch energy or insurance providers
New customers almost always get the best deal, so why not be one? Call up a rival electricity, gas or insurance provider, get a quote, and switch to them. Chances are, you’ll pay a lot less.

Set up your bills to come out automatically, or pay them early
Most energy providers give discounts for customers who pay early, or even just on time. You can take advantage of this by either setting up direct debits to come out early, or paying on time each month.

Pack your lunch for tomorrow
Whether you’re heading to work or just out for the day, a container of leftovers or a simple sandwich can save you up to $20 if you find yourself getting hangry when you’re away from home. Ditto for a byo water bottle and/or morning coffee-filled keep cup.

Sign up for a Spend tracker to track your spend
Most of the time, we engage in ‘mental accounting’ – we think we have a pretty good idea of where our money goes, but actually, the picture we have in our minds usually doesn’t match up with reality.

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How to enjoy a low-spend long weekend

Credit Simple — Wed, 17 Apr 2019 01:22:41 +0000

As the long weekend kicks off, it can be all too easy to fill your time with fun and frivolous spending. But before you know it, Monday night rolls around and your bank balance is looking more than a little depleted.

Luckily, it doesn’t take much to reset your default setting from ‘spend’ to ‘save’ for a few days, and the savings can be pretty significant. Read on for our tips to boost your savings in just a few days.

Skip 1 thing
You probably have a pretty good idea of which is your biggest discretionary spend. But what would happen if you skipped it, just for this weekend? It’s easier than you think.

For example, for many of us, a big money suck can be eating out. With 4 days off, you could find yourself eating out a couple of times a day and think nothing of it. With even your local cafe or Thai restaurant setting you back at least $20 a head. If you’re a couple or a family, you could save hundreds of dollars.

Only use cash
Studies show that when we use cash rather than cards, we feel the loss of money more. This is because cash is a physical, tangible thing you have to give away to pay, while credit and other payment methods feel hypothetical or even non-existent.

Switching to cash not only makes it easier for you to mentally track your spending, but if you take out a set amount at the beginning of the long weekend, it makes it much easier to stick to a budget.

Take the zero-spend challenge
This one’s a game changer. For a single day (or even the whole weekend if you feel like an epic savings challenge), don’t spend a single cent and see what happens.

As an added bonus, you’ll find that (as long as you have a well-stocked fridge and ready access to a car or public transport) that the possibility for free activities are almost limitless. Make your own coffee, go for a run, fire up netflix, have some friends round or chill in your local library. It can be a really fun experiment.

Apply the ‘clean slate’ principle
If you spent Friday-Sunday on a bit of a spree, that’s actually ok – studies show that at the beginning of a week, month or any time that feels like a ‘fresh start’ is the perfect time for habit change.

With that in mind, Monday or Tuesday may be the perfect time to set up a new budget or set and ambitious savings goal, especially after a few days of spendthrift-madness.

So go on, take the challenge – enjoy a low-spend long weekend. It could save you heaps!

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Has Cupid’s arrow struck? Don’t date your way into debt

Credit Simple — Sun, 04 Feb 2018 19:51:55 +0000

We know your new girlfriend or boyfriend wants to go out every Friday. Even two drinks each, some snacks and an Uber ride home could set you back $50. It’s dead easy to blow $100 if you throw food in as well. What’s more, dating can send your credit score south. Fast.

Let’s say you spend $150 a week going out, $300 a couple of times a year on a weekend away, $200 on his/her birthday, and flowers or chocolates on Valentine’s Day. You’re up to around $8,500. And who has that to spend year in year out?

If you keep this up your savings will be knocked for six if nothing else. But it could lead you into a downward debt spiral. Debt is a real turnoff to plenty of potential mates. Trust me, I’ve been there.

Unrealistic expectations

Serious socialising might also set your date up with unrealistic expectations about how much money you have and are willing to spend. What if she wants jewellery, or he wants to go Dutch on lots of expensive weekends away at $200 a night love hole hotels?

As unromantic as it sounds, the difference between needs and wants matters even when you’re dating. There is good news, however.

Cheap but romantic dates

You can be romantic without spending much. If you’re clever, the apple of your eye won’t even realise what you’re up to. Tee hee.

Cupid tip 1: Take up walking. Going for a walk down the beach, a walk in the bush or a walk through an interesting part of town is very romantic.
Cupid tip 2: Learn to cook. Find a recipe that you know you can pull off easily. It doesn’t have to be haute cuisine. Google ‘simple romantic recipes’ and choose something easy. If you really need three courses, choose cold dishes for the starter and desert and prepare them the day before. If you can’t cook then buy nice bread and salad and a few simple sausages.
Cupid tip 2: Cook up a storm on a public barbecue. You’ll find them at many beaches around the city.
Cupid tip 4: Pack a picnic. Almost any food becomes romantic when there is a picnic blanket and park, river or beach involved. Buy a pre-cooked chicken or French bread and fillings from the supermarket. Cold champagne for two is oh so romantic.
Cupid tip 4: Go bike riding. Meet up with your own bicycles. Or many of the major cities in Australia now have public bike stations, such as Melbourne Bike Share, or Brisbane City Council’s CityCycle bike hire scheme . Many cities now have electric bike hire as well.
Cupid tip 5: Watch a movie together. But whatever you do, find out the other person’s tastes. If you like fantasy and she only watches period dramas you could make a mistake. Homemade popcorn is very romantic indeed.
Cupid tip 6: Go to church together. Honestly! If you both believe in compatible religions then it’s a nice thing to do.

The great thing about cheap dates is they set the bar low financially, but high in terms of what a creative, romantic person you are.

Happy dating!

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Never drink your rent (and other sensible life advice)

Credit Simple — Tue, 14 Mar 2017 18:03:42 +0000

It can be a dry old topic, personal finance, and it can sometimes inspire feelings of sadness due to one’s lack of savings, which is why I used to imagine it might be more fun to work in in banking pocketing ludicrous bonuses for throwing around other people’s money while sustaining a truly ludicrous social life possibly due to illicit substances.

Unfortunately, I have since worked for a bank and I didn’t once get to roll around in piles of dosh that belonged to other people while quaffing champagne at 2pm on a yacht. Très disappointing.

So, over the years I have been forced to look at other ways to improve my financial situation – and fortunately for you, my chums, today I deign to share some of these tips with you.

1. Never drink your rent (also applies to mortgages)

A family member (who shall not be named) told me this the year I went flatting, I assume based on his own painful experience. If you’re reading this thinking ‘who would be so stupid as to drink their rent’ then I think you’re underestimating the lure of more booze to an already intoxicated person having a really good night out. All logic goes out the window and straight to the bar. I have danced perilously close to this cliff edge on a number of occasions and it is only a) the voice of reason and b) the knowledge various flatmates would fill my bed with drawing pins if I failed to pay rent that stopped me from toppling over the ravine and into the valley of total destitution from whence no rent can be paid.

2. Always take your lunch on your first day

I am actually a keen follower of the ‘always take your lunch’ school of thought – not just on your first day (although this is good if it turns out you work in a wasteland with nothing but fried badger available). It might seem naff to some but if you’re spending $10 a day on snackery, then that’s $50 a week you don’t have for stamp collecting or pet food for Captain Waffles. No one likes making lunch or having to think about making lunch which is why I personally always cook too much for dinner and take that instead. And there is the pleasure of watching your colleagues venture into the rain to purchase a luncheon probably quite high in saturated fats while you’re sitting pretty scoffing last night’s pasta surprise which tastes both free and surprisingly good the next day.

3. If it’s cold, volunteer to cook or do the dishes

This depends a little on your living situation, but if you’re cold, with limited heating and you can’t afford more, you’re wearing all your merino and you’re still shivering, then cook. And if you can’t cook because it’s someone else’s turn and they will not relinquish the saucepans, then once you have eaten said warm meal – do the dishes. If you don’t want to be caught using your hairdryer as a personal heater, destroying the power bill in the process and attracting the wrath of those you live with and incurring a bed full of drawing pins, then run a sink full of hot water and get stuck in.

4. Save 10% of your pay regardless of how little it is

I was fairly useless at this until quite recently. Particularly when I was in my twenties. If I had a goal to save for (like a plane ticket to somewhere way more interesting) then I was fine. If I was just supposed to be just saving for whatever, e.g. a rainy day (weirdest thing to save for, right), then no.

5. Claim for stuff at tax time – legitimate stuff, of course

For many years, I had little understanding of how you should best do your tax return, probably because I was too busy not drinking my rent and doing dishes instead. But if you’ve made donations over $5 you can claim tax credits, and if you’re self-employed or work from home, you can claim on your expenses – but keep in mind you will have to prove all this so this is not the time to use your imagination and claim you have a home office with all the trimmings when you actually work from your bed.

The above certainly isn’t rocket science probably because I’m not a rocket scientist but it’s been surprisingly useful and kept those wolves from the door (I have no idea why they’d be there in the first place) so ignore it at your peril.

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