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Welcome to Fundo’s biggest ever giveaway!
By entering, you have the chance to win one of 3 amazing prizes for two, and experience the thrill of winning! Are you looking for Afterpay Holiday, Afterpay Playstation, Afterpay Movie tickets? Try entering our free giveaway for a holiday instead – it’s free!

Read on for all the exciting details of how to enter our free giveaway that has received over 3,500 entries already!

Prepare yourself for an unparalleled adventure as we delve into the captivating world of our free giveaway on Facebook. Participating is as simple as leaving a comment on our Facebook post linked below. By taking part, you have the chance to win one of three phenomenal prizes that we have carefully selected for you.

Check out all the details below, and the terms and conditions here.

GOOD LUCK!

Free Giveaway 1st Prize: Exotic Bali Getaway for Two:

Immerse yourself in a five-night retreat at Hotel Vila Lumbung, a stunning Balinese-style boutique resort located in the heart of Seminyak. Experience the tranquility of this beautiful oasis, featuring spacious traditional Lumbung style rooms, a rejuvenating day spa, and a dual-level pool. Hotel Vila Lumbung offers the perfect escape for couples and families. Discover more about this incredible prize, including return flights, by visiting our promotional post. (Please note: This giveaway is not affiliated with Jetstar or Hotel Vila Lumbung.)
Hotel Vila Lumbung & Return Flights with Jetstar

Free Giveaway 2nd Prize: Sony PlayStation 5 Package with Extra Controller:

Enhance your gaming experience with the Sony PlayStation 5 package, complete with an extra controller. Immerse yourself in the latest features, breathtaking graphics, and a vast library of games. Whether you’re exploring new adventures or enjoying your all-time favorites, the PlayStation 5 delivers an unparalleled gaming experience. Learn more about this exciting prize, including the additional controller, by clicking here. (Please note: This giveaway is not affiliated with Sony or JB Hi-Fi.)
Playstation 5 package with EXTRA controller

Free Giveaway 3rd Prize: Indulge in Event Cinema Gold Class with $200 Gift Cards:

Experience the ultimate movie night in style with $200 worth of gift cards for Event Cinema’s Gold Class. Sit back, relax, and enjoy the latest blockbusters in the lap of luxury. Treat yourself and a friend to gourmet food, comfortable seating, and an unforgettable cinematic experience. Read more about Event Cinemas Gold Class and get ready for an indulgent movie night. (Please note: This giveaway is not affiliated with Event Cinemas.)

Event Cinemas – Gold Class

Don’t miss out on this incredible opportunity to win amazing prizes in our ultimate free giveaway. To enter, simply comment on our Facebook post and invite your friends to join in on the excitement. Join us now and be a part of the ultimate free giveaway in Australia, where dreams come true, and excitement knows no bounds.

The winner is drawn live on Facebook at 4PM Sydney time, 1st September, 2023. Make sure you have liked and followed the page so you’ll be notified when we are live to announce the winner!

Be cautious of scammers online pretending to be Fundo Loans! We will never ask you for your credit card details to enter the giveaway or accept the prize.

FAQ

How can I get a holiday with a free giveaway?

You can get a free holiday by entering a giveaway, like Fundo’s giveaway! A giveaway is a great way to save money on a holiday. Be sure to check that is included in the giveaway – such as for Fundo’s giveaway, we are offering a flights and hotel package, but you’ll be responsible for the cost of your visa and insurance and any other ecorners you may incur.

How can I enter the free giveaway?

To enter the giveaway, visit us on Facebook and LIKE and FOLLOW the Fundo Loans Facebook page. Find our Giveaway post, pinned right up the top! You can click this link to head straight there – and comment “win” – don’t forget to like and follow when you’re done, and mention your friends on the post so they can have a chance to win too!

How do I apply for a Fundo Loan?

No, of course not! With a Fundo Loan, the soonest you’ll make a payment will be your next pay day. Your repayments are set up to come out automatically on your paydays so you don’t need to do a thing, and you’ll always know when to expect your repayments to come due. As a Fundo VIP you’re always welcome to manage your repayments from your dashboard.

Do I have to pay in 4?

No, of course not. A Fundo Loan is flexible! We understand that no two financial situations are the same, so a one size fits all product doesn’t really work for all. If you need a little more flexibility with your finances, try us today. If you’re approved for a Fundo loan, you can spend the money where you need to, such as on an amazing deal for a new fridge on Marketplace or resale concert tickets.

Q: How can I contact Fundo if I have questions about their loan options?

A: You might find the answer to your question here at our FAQ page, all Fundo loans offer the same great features and benefits! You can chat with our team on our website, on Facebook messenger, by email at hello@https://fundo.com.au or by calling us on 1800 161 391

Disclaimer: The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product. It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

The post Free Giveaway: 3,500 entries already! ENTER NOW appeared first on Fundo Loans.

Are you currently deciding whether or not to pay off your debts early? To help guide your decision, we have come up with this list of advantages of repaying your debts early, whether it’s from a long-term loan like a mortgage, or a short term same day loan. Let’s take a look!

1. Saving money

Paying your debts early is the fastest way to stop accruing interest. If your debts have begun to incur interest, then this problem must be addressed as quickly as possible. The higher the rate and the longer the terms, the more your debt can increase, making it difficult to dent your loan principal. For mortgages, while your debt might be getting bigger, your house is not. 

Paying off interest does not succeed at actually paying the loan; it only buys you time. While some loans have repayment terms in the decades, it is not unheard of for such loans to extend years beyond that. Paying your debts early can prevent this from happening.

It should also go without saying that short-term loans like same day cash loans and credit cards should also be paid as soon as practically possible. In the long run, this saves you money!

2. Improving your financial status

Having repaid a debt actually improves your financial status in the long run, giving you greater access to other financial opportunities. An immediate concrete result is the fact that you would no longer have to make your regular payments, opening up a portion of your income for other uses. 

Banks, credit unions, and other lenders will also be more likely to take you in as a borrower for different loans. Having repaid your loans is proof that if money is lent, it will be repaid; essentially, you become more financially reliable to them. 

A few concrete ways this can manifest is the lowering of your Debt-to-Income Ratio (DTI)  and the improvement of your credit score.  The smaller your DTI and the better your credit, the more likely you are to be approved for loans with favourable terms. 

3. Peace of mind

Debt, for whatever reason, can be a stressful thing to deal with. It could be because you’ve had unforeseen circumstances come up, leading you to supplement your income with a same-day loan because of that emergency. It could be that you’ve made some missteps with credit cards in the past. It could also be that you have loans in the background that still have a few years left on them. It does not matter. Repaying these early can free you from a hefty obligation tying you down. 

Final thoughts

There are few things that can make things easier for you like repaying your loans off early, especially if you manage to come into a bit of money. You would be freeing yourself from the long-term obligations you made in the past. It will definitely lighten your load and allow you to loosen the purse strings a little, giving you a balance of comfort and control.

If you’re looking for an easy-to-pay same-day loan, send us at Fundo a message. We offer teeny tiny loans of up to $2,000 with flexible payment plans. 

The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product.  It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

The post 3 Important Advantages of Repaying Your Debts Early appeared first on Fundo Loans.

One of the things that you can do to avoid making a dent on your credit score, or applying for a short term loan unprepared is to prepare an emergency fund. 

What is an Emergency Fund?

As the name suggests, an emergency fund is an amount of money that you set aside to help you cover unexpected expenses. Unexpected expenses include emergency medical expenses, major house repairs, car repairs, and unemployment.

Credit Score Tips and Emergency Fund FAQs

Here are the answers to frequently asked questions about emergency funds and some tips on keeping your credit score afloat during emergencies:

How does an emergency fund help you maintain a good credit score?

An emergency fund serves as your financial buffer in case you find yourself in the position where you do not have the means to go on. If you have debts or existing loans, an emergency fund can save you from borrowing more. Borrowing more than you can manage can lead to missed payments or loan defaults, which means a lower credit score. Loans are only bad if you cannot manage your funds.

How much should you set aside for your emergency fund?

Three months worth of expenses is an ideal start for your emergency fund, but some would recommend six months worth of expenses for starters. But, no one is going to stop you from saving more. In fact, the more you add to your emergency fund, the better.

Where should you keep your emergency fund?

You can keep your emergency fund in an easy access high-interest savings account so that you can easily access your money when an emergency comes. But keep in mind that you should not keep your emergency funds in the account that you actively use for your expenses.

Step by Step Guide to Building an Emergency Fund

Here are the steps to effectively building an emergency fund:

Step 1: Set a goal

Set a target amount and date, then determine how much you want to save every month. 

Step 2: Automatically move money into your emergency fund savings account.

Determining your target monthly savings for your emergency fund is important because it will help you make plans like automatically transferring money to your savings account. For example, if your employer offers direct deposit, you can try and ask them if they can break up your monthly savings into separate accounts. 

Step 3: Don’t take your tax refund for granted.

You get a chance to file for a tax refund once a month. Your tax refund can give your emergency fund a boost. Consider depositing your tax refund directly into your emergency account. 

Step 4: Assess your progress.

You need to make sure that you are saving and your current methods are working. Make the necessary adjustments if you are not satisfied with your progress.

Conclusion

Emergencies are unpredictable, help yourself by building an emergency fund. You can take care of your living expenses and maintain a good credit score if you manage your finances and keep some funds for the rainy days.

The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product.  It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

The post Credit Score Care: Save Your Score and Build an Emergency Fund appeared first on Fundo Loans.

What Your Children Need to Know About Good Credit and Finance

Earning money has always required hard work and determination and even more so now that a pandemic is taking a toll in the economy. Most people need to update their budget to match the current circumstances. The adults in the family will understand why they need to be strict with the budget, but kids will find it harder to accept why they can’t go out and buy their favourite snacks or the toys they like. 

You can use this time to teach your children a thing or two about good credit and effective financial management. This new knowledge will help them as they grow older and starting them young is not a bad idea at all. 

Here are some of the things that your children need to know about maintaining good credit and handling financials effectively:

How Earning Money Works

Although your kids can’t legally work at their age, they must understand how earning money works. For some kids, explaining that you need your job to work and earn is enough– but you can help them understand it better by rewarding them for completing chores. Even younger teens may not have complete grasps of how hard it is to earn, so letting them EARN their allowance will give them a better comprehension of it all.

How to Spend Responsibly

Once your children understand the concept of earning, they should also learn how to spend responsibly. This part is where you help them hone their decision-making skills and explain how spending their earnings responsibly is especially important during this lockdown. Help them understand the difference between their needs and their wants. For example, food is a need while toys are something that they just want.

How to Save Money to Maintain Good Credit

If your children understand how money is earned and how to spend them responsibly, it will be relatively easier to teach them how to save money. Since they are responsible for earning and spending their allowance, it will make sense for them to save some as well. But of course, you need to explain it in a way that they will understand. For example, you can tell them that if they buy a toy now, it will be just this one small toy, but if they save up– they can buy a set or an even bigger toy.

What Good Credit Is

As you know, maintaining good credit is easier than repairing a bad one. A good rule of thumb for this is teaching your kids that if they can’t pay something with cash then they can’t afford it. It is too early for you to teach them about personal loans or what to do in case they end up depending on bad credit loans. But, they are never too young to learn how to be financially responsible. 

How to Budget

Teaching your kids how to budget is teaching them how to plan their spendings ahead. Budgeting allows your kids to put everything they’ve learned about earning, spending and saving to good use. It is a great opportunity for you to teach them about monthly income and expenses. 

Again, you need to speak in their language and use their tools for them to absorb information better. Since they are probably stuck with their gadgets at home during the lockdown, you might as well teach them budgeting with the help of some budgeting apps.

Conclusion

The coronavirus pandemic may have made handling financials harder considering its effect on the economy, but it is an opportunity for some to learn better ways to handle money– especially the kids. As parents, help your kids come out of the pandemic as financially educated and responsible individuals who understand the value of good credit and effective financial management.

The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product.  It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

The post A Parent’s Guide to Teaching Kids About Good Credit and Finance During the Pandemic appeared first on Fundo Loans.

You can’t be a savings guru overnight, it takes time for anybody to get rid of bad spending habits and pick up new healthy ones. You can start your journey to better financial management by reducing your weekly spending. So, how do you do this?

Healthy Spending Habits to Help You Save Money 

Saving money is difficult if you have already developed some unhealthy spending habits. You can end up with bad credit, loans you cannot pay for or no savings at all. You’ll give up before you even succeed if you plan for the whole month and mess up in earlier weeks. Failing here and there will discourage you from continuing your monthly budget. 

Planning your budget for a week is more manageable, it is less likely that you’ll make a mistake, and you will feel a sense of achievement every end of the week which will encourage you to keep on saving money.

Here are some things you can try to save on your weekly spendings:

Work on your weekly budget.

The best way to save money is to be mindful of your expenses. Create a budget for your weekly shopping and stick to it. Having a budget gives you a tangible list of the things you need and it holds you accountable for buying non-essentials.

Create meal plans for the week.

Include planning your meals to your weekly tasks– this gives you an idea of what needs to be on your grocery list. Your meal plan will help you find specials and sales in advance. You are not only saving money, but you are also saving time by planning your meals for the week. You will spend less time grocery shopping since you know where to go. The faster you can get out of the grocery store the fewer chances you get to be tempted to buy things you don’t need.

Buy the product, not the name.

A brand name does not always guarantee better quality. Make sure to give lesser-known brands a chance. There are some hidden gems here and there that offer the same function and quality as a branded product.

Save on Produce by Buying In-Season Items

You can be healthy and still stick to your budget. Fresh fruits and vegetables can be pricey at times, but you can still enjoy a fresh bowl of salad or some fruits after a meal without going over your budget. All you need to do is to find out what produce is in-season and adjust your meal plan accordingly.

Conclusion

Start creating a game plan for your weekly expenses. A budget plan and a grocery list will save you from bad credit, loans or no-check loans over your financial capacity, and bad spending habits. Overspending on groceries is easy when you think you have enough money in your account. However, you should keep in mind that you can never be too ready for emergencies. Take control of your financials, start with your weekly spendings.

The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product.  It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

The post Saving Hacks: Ways to Avoid Bad Credit on a Weekly Basis appeared first on Fundo Loans.

Being a student in Australia is already pricey as it is, can you imagine being an international student? Australia is actually known as the most expensive country in the world for overseas students. Regardless of your citizenship, everyone can agree that student loans are quite hard to manage. You cannot do much about your income, but there are other things that you can do to ensure that you manage your finances effectively.

What to Do to Effectively Manage a Student Loan in Australia

Here are the things that you can do to ensure that you do not mess up your financial plans due to your loans:

1. Save money by obtaining your books through budget-friendly methods.

It is no secret that textbooks are expensive, no matter which country you are in. And university textbooks in Australia are notably costly. If you are taking any maths, science or economics subjects, you are looking at spending $300 to $800 for each semester on your textbooks alone.

Your textbook expenses can depend on your course, as well. For example, a nursing student can spend up to $2000 each semester, and law students can spend up to $165 on a single textbook. If you are a student, you can already see how much of a dent your textbooks can be on your finances. So with the extravagant expense of your books, how can you manage your student loans in Australia?

Look for second-hand books.

One of your options is buying second-hand textbooks instead of new ones. However, doing so only works if there is no new edition in existence yet. If you do opt to buy a second-hand book when a new version has already been published, you may face difficulties like finding the right pages or learning outdated information. Make sure you check that detail first. Even when trying to save, you should not sacrifice the quality of the information that you receive or your experience during the class due to an old version of a book.

Shop around for stores that offer cheaper books.

Some shops don’t price their products like other shops. Some bookstores offer books at lower prices. So make sure that you shop around before buying a textbook. Compare prices online or physically check them in their respective stores. Do not depend on your campus bookstore alone.

Rent your textbooks.

Buying is not your only option for obtaining a specific book. You can opt to look for textbook rental services. You can also find services online where you are offered the option to split the cost of textbooks with other students over time. But since you do not own the book, you need to make sure that you keep it in the best possible condition.

2. Save more on your meals.

You should still invest in a full, healthy, well-balanced diet even when you are trying to work on a budget. You do not have to sacrifice your health when saving money for your student loan in Australia. The thing that matters here is your decisions about your diet. Every little saving here and there counts.

Here are some things that you can do to save money without skipping a meal:

Cook your meals at home.

This is probably the best way to go. If you have been eating out ever since you moved out from your parents’ house, then chances are you have been spending too much on your food. Look for recipes for meals that you can cook for a low price. This will help you ensure that you are eating freshly cooked meals while saving money. If you don’t know how to cook, this is the best chance for you to learn. Imagine saving money and learning a life skill at the same time!

Save money on your meals by picking how and where you buy your ingredients.

You can save money when buying your ingredients by simply being aware of what or where you buy. You can save money by signing up for supermarket rewards programs, planning meals around ingredients in season or on sale, making a list of the ingredients you need (and sticking to the list), limiting impulse buys, avoiding recipes with expensive ingredients, looking for shops that sell cheaper produce and meat, etc.

Make a food budget.

Making a budget is always a great way to save money. It also allows you to feel accountable about how much you are spending. You don’t have to get your budget right the first time around, but at least try to stick to the list that you make. 

3. Maximise the use of your student discounts.

Did you know that you have perks as a student like student discounts? No? Then it is time to enjoy this perk! However, keep in mind that there are some limitations. For example, students that are studying full-time at universities in another state sometimes have to pay full adult price fares for their public transport. Here are some places where you can get student discounts:

Student discounts for clothes

• The Iconic – They offer great clothes from different brands. Their pricing is already affordable as it is, but they still offer discounts for students.
• ASOS – This shop has a variety of clothes available from different brands (similar to The Iconic). 
• Missguided – This shop is specifically for women. They offer up to 50% of student discounts with really affordable shipping and delivery options.

Student discounts for travel

• Student Flights – If you like to travel, Student Flights can help you find affordable travel for students. They are known for being able to find low airfares and booking students on the cheapest and best holiday tours all around the world.
• Expedia, Webjet and Skyscanner – These websites do not really offer student discounts, but they offer cheap flights even on short notice.
• Intrepid and Contiki – This site offers affordably-priced tours. They also provide a lot of sales throughout the year.

Student discounts for technology

• Apple – They do not offer their discounts on their website, but you can find reliable third-party retailers who do.
• Microsoft – They have 10% off deals every once in a while.
• JB Hi-Fi – This shop already has affordable items, but they do have student deals that you can also enjoy.
• Spotify – This can help you get through a night of crash studying.

Looking for student discounts online

Okay, let’s face it, it is hard to organise and access all the student discounts available out there. However, some websites do this for all the students out there.

• Student Edge – This website is great for discounts on products and services like Woolworths, UberEats, Spotify and Fitness First.
• UniDays – This website can help you get discounts for great clothing. 
• Groupon – This website may not be specifically targeted at students, but it is a great way to save some money for fun weekend activities. Apart from their travel packages, they also have offers for massages, eating out, entertainment and events, goods like linen and beauty products. 

Bottomline

Being a student with any kind of loan in Australia can be overwhelming at first, but all you need to do is make some adjustments in your lifestyle. When people say “saving money”, some people immediately think that they have to make big sacrifices, starve themselves or deprive themselves of any worldly joys. But this does not have to be the case at all.

You will indeed have to cut on some expenses in your life, but not to the point that you will be devoid of happiness. Living on a student budget will be hard, but it does not have to drain you of your health, youth and soul. It will not be necessarily all fun and games, but at least you can still enjoy the things that matter.

The simple act of making informed decisions on how and where you buy things or controlling any impulse purchasing can already make a big difference in your finances! Imagine how much you can save by planning your meals, shopping around for the best deals on technology and getting smarter when it comes to sourcing your textbooks. You can still be financially sound throughout your stay in university without being joyless by planning ahead.

The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product.  It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

The post Ultimate Guide: Managing a Student Loan in Australia appeared first on Fundo Loans.

Different Ways of Seeing Money

There are four distinct ways people look at money:

• Status Symbol – Some people see money as a status symbol. This means that they use money as a tool to impress or influence others. This can also say that they, themselves, are controlled or impressed by cash. They are also people who are not afraid of debts. You can see them using their credit cards like it’s no big deal and probably applying for personal loans in Australia to buy a new trendy gadget or a trip overseas.
• Security – Some people see money as a source of security. Individuals who see money as security are natural savers. They feel comfortable while saving money, even if they are not really saving for anything specific.
• Independence – Some people see money as a means for liberation. Most of the time, people who believe that money means freedom, live in the present without really having any plans for the future.
• Gift – Some people see money as a means to give. They love spending money on others to show their love, affection and appreciation.

To be quite honest, most of these views seem to be problematic except for seeing money as a security. As you can see, the other views on cash may not be convenient unless you have a tree that grows money overnight or a goose that lays golden eggs. 

Shopping Behaviours Concerning Different Views

The different views on money are just the tip of the iceberg. These views affect an individual’s behaviour when shopping. Here are different kinds of shoppers based on different views on money:

• Fanatical Shoppers – This type of shopper goes shopping frequently. They are the ones with the tendency to accidentally purchase more than what they originally planned. They are prone to impulse buying. For instance, you may have entered a bookstore to buy one single pen, but ended up going out with five pens, two sketchpads, three notebooks, and four fiction books.
• Frugal Shoppers – This type of shopper will do anything in their power to be able to save money. They would take a lot of time comparing prices in-store, or online, to ensure they get the best deal. 
• Escapist Shoppers – This type of shopper believes in retail therapy. This means that they shop to escape from the stress of their job or personal life through shopping and spoiling themselves.
• Reluctant Shoppers – This type of shopper is uneasy about spending money. They would put off buying an item until the last minute. For instance, they will not buy a new bag until their current bag is absolutely worn out. They would not buy an item until they are sure that they really need it in their life. 
• Self-esteem Shoppers – This type of shopper uses their money to boost their self-confidence. They feel more confident about themselves whenever they buy expensive items for themselves, even if it means depending on their credit cards or personal loans in Australia. For instance, they might prefer a cappuccino from a coffee shop versus the cheaper homebrew cup of coffee.

You can see how a person views money by the way they spend their cash. Apart from types of shoppers, there is a separate money personality that you can identify yourself with, which can help you know how to deal with your spending habits.

Five Main Money Personalities

The behaviours discussed above can help you identify what your money personality is and how you can improve your spending habits. The major money personalities are big spenders, savers, shoppers, debtors, and investors.

1. Big Spenders

Big spenders are a type of person who loves splurging on beautiful cars, new gadgets, and branded clothing. They are the kind that does not bargain. They are typically fashionable, and they always want to be on top of the trends. They have a strong desire to own the latest and greatest mobile phone, the biggest 4K television, and a beautiful home. They feel comfortable spending money and are not afraid of debts. They are also not fearful of significant risks when investing.

Based on that, you can tell that this money personality may be tied to being a fanatical, escapist or self-esteem shopper. A person may be these three all at once. They can see their money as a status symbol and/or a means of freedom. 

2. Savers

The savers are the opposite of big spenders. They are cautious with their expenses. They make sure that they don’t incur additional fees by turning off their lights when they are leaving a room, shop only when they need to, and they try to avoid credit cards as much as possible. They may be seen as cheapskates, but you have to respect them for having little to no debts. 

They are not too concerned about having the latest gadgets or clothes. They get more satisfaction from seeing how much their savings have grown. Savers are conservative investors—they don’t like the idea of significant risks. You can associate this money personality with frugal and reluctant shoppers. You can tell that they view their money as a source of security by the way they try to save as much as they can.

3. Shoppers

The shoppers get a rush of happiness from spending money. They cannot resist their urge to shop even if it means buying things that they don’t need. However, unlike big spenders, the shoppers are actually concerned about the debt that they are creating. Sales make them happy even if they are on items that they did not initially think they’d be buying. 

Shoppers can be associated with escapist and fanatical shoppers. They see their money as a form of independence, and it helps them keep their mind off the stress of their daily lives. 

4. Debtors

Debtors don’t necessarily try to make a statement like big spenders. They don’t buy things to make them happy like shoppers. It’s just that they are simply not mindful about where their money is going and what they are spending it on. They spend more than they can afford, which puts them deeply in debt. Debtors are like lightweight shoppers who happen to have more debts than they can handle. Some debtors may even end up with bad credit and no longer eligible for a standard personal loan in Australia, which can be quite a predicament if they happen to need more funds.

5. Investors

Investors are financially aware and informed. They like making their money work for them. So, regardless of their financial situation, they try to find passive investments that can help them cover their bills. They understand that if they want to be in a stable financial condition, they must carefully make decisions about their investments. But they are not as hesitant to take on some risks, unlike a saver. You can associate them with a frugal shopper who sees their money as a security.

How to Improve Your Spending Habits Based on Your Money Personality

Once you know what your money personality type is, then you can put some thought into how you should approach money. It would be easier for you to make a plan depending on your views and behaviours with your finances. Here is how you can improve your spending habits based on your money personality:

1. Big spenders should shop less and save more.

This is easier said than done. If you really love to shop and spend, then you are going to keep on doing it until you no longer can. So it is better to budget better now than to regret it later. You should seek long-term benefits and not settle with just short-term satisfaction. Before buying any expensive item, you should ask yourself what that item will mean to you in a year. If you don’t think that it is something that can improve your life for the long run, then don’t buy it.

Channel your spending energy to saving instead. This will allow you to think of long-term opportunities. 

2. Savers should loosen up a bit.

There is nothing wrong with wanting to save, but there is such a thing as too much. What is the point of saving money if you are missing out on the great things that life has to offer for a few coins? Try to balance saving and treating yourself every once in a while.

3. Shoppers should not buy things that they don’t need.

Shoppers should stop buying things just because they are on sale. If you do not need a set of pillows, then do not buy them just because it’s 50% off. Instead of focusing on the fact that there is a sale, think of saving the money you have instead. Try learning about a savings plan. 

4. Debtors should start planning their finances and investing.

Debtors need to get their finances in order. They need to start caring about where they are putting their money. If you are a debtor and you are having a hard time doing it on your own, you can try and find someone who can help you be on top of your finances. 

5. Investors should continue to learn before they invest.

Generally, investors are financially educated, and they are aware of their financial capabilities, habits and potential. However, it is still advisable for them to keep on learning as the world of finance and investment is an ever-changing realm.  Also, loans are not inherently bad, they can even improve your credit history if you manage them well. Also, loan providers like Fundo offer a rewards system for their loyal clients which turns your loans into investments as well.

 The Bottom Line 

Changing your money personality may be something that you cannot do, but at the end of the day, you can control your habits and be more financially prepared for the future. It will not be easy, but you should still try for the sake of financial stability.

The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product.  It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

The post Different Types of Spenders in Australia appeared first on Fundo Loans.

Definition of Financial Emergency

Before you go around planning how to prepare for a financial emergency, you need to know what it is first. If you are struggling with your current income or if you already have an existing debt like mortgage repayments, financial emergencies can come in the form of a short period of unemployment or a considerable unexpected expense. It is basically anything that will leave your bank account holding on for dear life for an extended period of time, such as:

• Unexpected unemployment
• Medical expenses
• Unexpected long term costs (increased mortgage repayments, etc.)
• Other emergencies, like damages to your home, vehicle or livelihood

These events will have less impact if you are financially prepared. You can avoid incurring massive debt, at most, you will only need a small personal loan in Australia.  

How to Prepare for a Financial Emergency

You know what they say, prevention is better than cure, but then there is really no telling when the next financial emergency is going to hit you. You can’t really prevent something that you don’t see coming, so the next best thing is to be prepared. Here is how you can make an emergency fund a part of your family budget:

1. Have a separate account from your personal savings bank accounts.

It is hard to monitor both your emergency savings fund and your own savings when they are in the same account. You simply just would not know where to draw the line. Plus, an emergency fund is not merely a saving, it is a safety net. It will protect you in the event of a financial emergency. So they absolutely need to be separate. 

2. Set a goal for your emergency fund.

The rule of thumb when saving up for an emergency fund is that it should at least be around three months worth of pay. This is indeed a lot of money just to be sitting around, but it makes sense if you factor in that the average duration of unemployment for Australian jobseekers is around two years. So, you need to make sure that you have enough funds to cover your living expenses at least long enough to take advantage of social safety nets or unemployment insurance. You can always check out what offers there are for personal loans in Australia, but of course, having your own cash is still the best-case scenario.

But of course, if you can save up more than three months worth of pay, then you will be more secured. You can take it slow and steady by allocating a small amount of each week’s salary. This way, you will be able to save up without feeling any significant changes in your monthly budget.

Are There Other Ways to Plan for Financial Emergencies?

As mentioned previously, the more your emergency fund contains, the more secure you will be during times of emergency. So you must keep your emergency funds topped up. If you can, then you should increase your emergency fund up to six months worth of living expenses or more. 

There is also a matter of inflation that you may want to consider when saving up. You can prepare for the inevitable effects of inflation by splitting your emergency fund into two elements. You can put one portion in a high-interest saver, and the other part in a readily available higher interest managed fund.

What If It’s Too Late?

What if you don’t have the time to prepare? What if you are facing a financial emergency right now? Unexpected financial crises can easily make someone feel helpless. After all, how can you deal with something that hit you by surprise? Having a sudden and unwelcome change in your financial situation is incredibly stressful. However, stressing out will not pay the bills, and it will definitely not put food on the table. 

Here are some steps that you can take to deal with an unexpected financial emergency:

1. Evaluate your situation.

It may be too much to take in, so sit down and take a moment to let it all sink in. A lot of negative thoughts will enter your mind when the news hits, but panicking will not help you solve anything. So, calmly evaluate your situation. 

Try to determine the root cause of this financial emergency. Is it because of unemployment? Do you have more expenses than you can afford? Taking medicine for the symptoms and not the actual disease only guarantees that it will happen again. Figure out what the main reason for the crisis is so that you can attack it at the roots.

2. Know how to prioritise expenses.

You have to admit that not all your expenses are a necessity. Some bills are more important than others. For example, your bill for electricity is much more important than your Netflix subscription bill. Keep in mind that the most important bills are the ones related to your food and shelter.

Think of it this way, it is definitely inconvenient for your internet services to be cut due to late payments, but there are many coffee shops that you can go to for free wifi. However, if you get thrown out of your place for late mortgage or rent repayments, you would have a hard time looking for a new place to stay in.

As for food, your productivity will swerve while you are on an empty stomach. And if you consistently skip meals, you may be heading for another financial due to medical bills. 

After you’ve established which bills should be on the top of your priority list, then you can work on cutting back on your budget. Maybe you can live without your premium movie channels or streaming services until you can get back on your feet. And you don’t really need to eat out every day—saving even just $20 can go a long way.

3. Negotiate with your lenders.

If you have existing debts, then you may want to call your lender as soon as you can. Letting them know that you are in a tight spot financially will work in your best interest. You would be surprised how willing a lender can be in helping you make your payments. At the end of the day, they would rather get paid some amount than get paid nothing at all. Depending on your lender, they may give you a lower interest rate or extend your terms so that you can make your payments on time.

Speaking with your lender as soon as possible is important because they won’t be as willing to work with you when you contact them after missing several payments. Make sure that you get in touch with your lender before you get behind on your payments.

4. Find ways to earn extra money.

Having an emergency fund would help in this situation. However, this isn’t always a realistic expectation. So you need to look for alternatives.

There are a lot of finance companies and lenders in the business, so you will have no problem applying for a personal loan in Australia. You can also use your credit card in the meantime. However, you need to be careful when using your credit card for your expenses as it may make your problems worse if you don’t keep your expenses in check.

There are different kinds of personal loans in Australia. Choosing the right loan to apply for can give you quick access to cash. It can be an excellent short term solution to your problem. However, you need to put some thought on how much you need to borrow and if you can afford the monthly repayments. Borrowing too much money can lead to a downward spiral that is nearly impossible to recover from. So if you are going to borrow money, borrow wisely.

You can try borrowing some money from friends and family. However, this is not highly recommended as debts don’t mix well with relationships. If someone does trust you enough to lend you money, make sure that you pay them as soon as you can. You don’t want to lose a friend on top of having a financial crisis. 

One more option is checking your investments or retirement accounts. However, keep in mind that withdrawing money from your retirement account is not highly recommended. Doing so can put your retirement security at risk. 

5. Check and take advantage of any available assistance.

The government has social programs that can help people get through unemployment and other sudden financial emergencies. Your taxes fund these programs, so make sure that you take advantage of them when a financial issue strikes. 

Bottomline

Preparing for the bad days can help you avoid being in a very stressful position in the future. You should familiarise yourself with your income, expenses and investments so that you can make any necessary adjustments to ensure that you can avoid financial issues. Of course, when the emergency is already happening, you have no choice but to deal with it. Just keep calm and evaluate what your next action should be; do you need to cut some expenses or look for a personal loan in Australia? Make careful financial decisions until you are back in a stable place.

The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product.  It is only intended to provide education about the financial industry.  The views reflected in the commentary are subject to change at any time without notice.

The post How to Prepare and Deal With Financial Emergencies: Personal Loans and Other Options appeared first on Fundo Loans.