500
Weekly
Fortnightly
Monthly

Loans from $2100 and upwards require a car, motorbike, boat or caravan to be provided as security. If you cannot provide security, please apply for $2000 or less.

The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.


7 Expert Tips For Saving Money


March 17, 2022

Whether it’s saving up for a new car or putting money aside for your future, saving as much money as possible is a goal for many Australians. But what’s the best way to go about reaching your savings goals?

If you’re in need of some money-saving tips, the team here at Good People Bad Credit has you covered! With these 7 expert tips for saving money, you’ll be a savings pro in no time!

1. Track your spending

The first thing you need to do when setting out to manage your money, is to know where your money is coming from, and where it is going. Having a clear understanding of your income, fixed expenses, and spending habits can help you plan how much disposable income you have left to put towards your savings.

Remember: Little expenses can add up! If you notice there are a few unnecessary spending habits you’ve picked up over the years, this could be a great opportunity to refine your spending habits. It can also help you cut back on expenses that aren’t helping you meet your savings goals.

2. Make a budget

The key to boosting your savings is to manage your money through a clear savings plan. Organising your budget via an Excel template or budgeting app is a popular way for many Aussies to keep track of their cash flow.

Once you’ve tracked your income and expenses, you’ll have a clearer picture of what expenses you should be prioritising. Basic living expenses such as home loan repayments, car insurance, utility bills, rent, and transport are regular payments you’ll need to budget for. If you’re overspending or looking to save more money, consider the expenses that don’t fall in this prioritised category and see what you can cut back on or cut out completely.

3. Open up a savings account

Setting up a separate savings account from your usual transaction account is a great way to monitor how much money you’ve saved. It can also reduce the temptation to dig into your savings for unexpected expenses.

Your savings account should be a bank account designated for your discretionary income, which is the amount of money you have left over after paying for your basic living expenses and financial commitments.

Another great feature of a savings account is that it can let your money work for you through higher interest rates. Many savings accounts offer better interest rates than normal transaction accounts. However, before opening up a savings account, you should shop around for banks that offer a good interest rate or even a bonus interest rate for when you resist touching your savings. This way, when you’re transferring money into a separate account, you’ll be earning higher interest and making more from your money, without lifting a finger.

4. Automate your savings

Setting up an automatic transfer for when you receive your pay can help ensure that you keep regularly transferring a consistent amount of designated funds into your nominated savings account. When these funds are transferred automatically, you can save each month without having to do all the work.

You can ask your employer to organise this for you or you can set up a direct debit to go from your transaction account into your savings account. As you can’t spend money directly from a savings account, it makes it harder for you to spend your discretionary money.

5. Look for ways to reduce your spending

While cutting back on small unnecessary purchases can help you reach your savings goals, focusing on your large, recurring expenses can be a great way to boost your savings even further. Shopping around for cheaper insurance, mobile plans, internet or utility providers, and energy efficient appliances could help you save hundreds of dollars every year.

Looking closely at your weekly expenses, such as groceries, can also be a great way to cut back on spending. Organising a meal plan with a set shopping list can ensure you’re only buying what you need and not overspending on food that’s just going to go to waste. It will also reduce the need for emergency mid-week trips to the supermarket, which can result in more unnecessary spending.

6. Pay off some debt

Making extra repayments towards your credit card bill or any outstanding loans can help you save money in the long term. This is because it can reduce your interest charges and risk of paying late fees.

In Australia, interest rates on credit cards can be more than 25% in some cases so the longer you’re paying off your debt, the more interest you’ll incur and the more money you’ll need to pay.

With interest rates like these, it’s easy to see how delaying your credit card repayments can dampen your ability to save money. To avoid this, you should try to pay off your credit card in full and on time each month by setting up a direct debit. Budgeting to pay more than the minimum amount back on your credit card can help decrease your interest charges.

7. Control your spending impulses

With online shopping, credit cards, sales, and buy now, pay later services, it’s no wonder impulse buying affects so many Aussie’s ability to save.

Sometimes your willpower isn’t enough to stop you from buying something you don’t really need, so here are some helpful tips to help you beat your impulse buying temptations:

  • Wait a couple of days, a week, or even a month, depending on the size of the purchase. This can help you decide if this purchase is really worth your money, or if it’s just a quick ‘want’ or a passing urge.
  • Think about how much you get paid per hour. When you work out how many hours you need to work in order to pay off your purchase, it may be easier to realise that the expense isn’t worth it.
  • Don’t get tempted by sales. Just because something goes on sale, doesn’t mean it’s worth the price. Consider your budget to see if the purchase is something you can realistically afford.
  • Remember that buy now, pay later services don’t make items more affordable. When purchases are broken down into smaller repayments, it’s easier for them to appear to be more affordable. However, you’re still going to have to pay the full amount so ensure you’ve budgeted for the full amount before committing to the expense.

Final thoughts

Meeting your savings goals is a long term commitment that can help set you up for financial freedom in the future. The earlier you start your savings journey, the longer you have to improve your financial situation and start reaching your goals.

It’s important to remember that not everyone’s journey will be the same, as many of us have varying incomes and financial responsibilities. So, work at a pace that is your own, refrain from comparing your savings to others, and focus on setting realistic goals for your specific financial circumstances.


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