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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-09-02 02:50:12" ["slug"]=> string(43) "15670:capitalising-on-the-covid-19-pandemic" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(56) "/resources/podcast/capitalising-on-the-covid-19-pandemic" ["image"]=> string(43) "images/podcasts/Billie_Christofi_WEB_ne.jpg" ["image_alt"]=> string(0) "" } }

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Borrow

Aussies urged to avoid holiday debt

By Maja Garaca Djurdjevic

December 31 2020
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Borrow

Aussies urged to avoid holiday debt

By Maja Garaca Djurdjevic
December 31 2020

Christmas presents, New Year’s drinks, travel plans… December is an expensive time of year, but while the wallet can be on the slim side in January, Aussies are being urged to be careful when turning to loans or buy now, pay later services for help.

Aussies urged to avoid holiday debt

By Maja Garaca Djurdjevic

December 31 2020
Share

While loans or buy now, pay later services (BNPL) can seem like an easier way to cope with the holiday season and back-to-school/work expenses, experts are warning that it could be the start of an ongoing debt trap.

The Financial Rights Legal Centre and Mob Strong Debt Help are urging consumers to be careful when choosing holiday debt.

“We often see cases of people who find themselves in difficulty upon realising they cannot meet their loan obligations on top of their living expenses,” said Financial Rights Legal Centre chief executive Karen Cox.

“Many people also end up in financial hardship because they take out loans to cover existing repayments.

“It’s important to know that help is available, if you end up in these circumstances.”

A recent report by the Australian Securities and Investments Commission found that 21 per cent of Aussies using BNPL have missed a payment in the last 12 months and have, as such, been slapped with late fees.

Moreover, 20 per cent had to cut back on essential expenses, including food, to meet the repayments, while 15 per cent had to take out a loan to cover their existing debt.

Financial Rights Mob Strong coordinator Amanda Cameron said there are important steps people could take to help avoid the pitfalls of debt.

“It’s always best to try to stick to a budget to manage holiday period expenses. If you really need to borrow, try to keep the amounts to a minimum to ensure it’s as easy to pay back as possible,” she said.

“If you do use the option of a loan, always budget to make sure you can afford each instalment and ensure that each instalment won’t be deducted from your bank account before you receive your next pay.”

Tips to reduce risks when using BNPL:

Write up a shopping list and budget for it;
Manage your accounts – keep to one BNPL account you can keep track of;
Avoid taking out loans to keep up with payments;
Line up your payments with your payday;
If you can’t meet a payment, then contact the BNPL provider for financial hardship assistance.

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