ME Bank

Beat the top five financial stresses of 2019

Feeling the pinch of financial stress? Industry super fund-owned bank ME identifies some of the top financial concerns facing Australian households – and what you can do to beat them in 2019.

Slow wage growth

If your pay packet hasn’t changed much in recent years, you’re not alone. The Australian Bureau of Statistics says wages climbed just 2.2% over the past year1, yet there may be a solution. 

The dangers of ‘buy now, pay later’

A raft of ‘buy now, pay later’ options like Afterpay and zipPay are giving the consumers the opportunity take purchases home immediately and pay them off over time. 

It may sound convenient but there are downsides that shoppers need to be aware of, which ME - your industry super fund-owned bank – outlines below. 

Late fees can be costly

There’s no cost to sign up, and no interest charges, but neither Afterpay nor zipPay are entirely fee-free. 

Spend wisely this festive season

The festive season beckons, with end-of-year parties and gift giving characterising the last month of the year. While it may be tempting to blow off some steam by letting loose in the shops, however, ME says it could pay in the long run to formulate a loose spending plan. 

Customers should devise a concrete plan of attack before hitting the shops. It’s fun to kick up your heels at this time of the year, but it’s also important not to party yourself into poverty and start the New Year on a financial back foot. 

What does comprehensive credit reporting mean for you?

Australia is transitioning to a new system of comprehensive credit reporting – our friends at ME, your industry super fund-owned bank, break down what it means for you.

Many of life’s important moments can depend on gaining access to credit when you need it, such as buying a home or a new car, getting married or taking an overseas holiday.

The pros and cons of downsizing

A change may be as good as a holiday, but if you’re thinking about downsizing your home it’s important to weigh up the pros and cons to be sure you’re making the right move.

Downsizing for seniors can offer plenty of pluses. Research by the Australian Housing and Urban Research Institute (AHURI) found among Australians who had moved since turning 50, one in two had downsized, motivated by the prospect of enjoying a low maintenance lifestyle yet still able to enjoy access to shops, cafes and medical facilities.

Tracking your spending can change your life

New research from our friends at ME confirms that tracking spending has a powerful influence on your ability to save and set money goals.

ME put four participants to the test by asking them to track their spending for an entire month using ASIC’s TrackMySpend app.

Overall, all participants agreed the exercise empowered their money management in three major ways:

How first home buyers can boost borrowing power

When it comes to maximising borrowing power ahead of buying your first home, a deposit is important, but it isn’t everything. A range of factors work together to shape your borrowing power. Read on for some tips from our friends at ME.

“How much can I borrow?” was Google’s most popular home loan question in the past 12 months. 

ME’s analysis shows Australians made the enquiry more than 25,000 times, highlighting the dilemma housing affordability is causing many buyers. 

5 reasons your savings are going backward

If the halfway mark of 2017 sees your savings looking a little lean, you could be caught in one of five money traps.  Our friends at ME have identified the hurdles reported by Aussie savers and have some handy tips on how to overcome them.

At the start of a new financial year, it’s the ideal time to check your savings progress. 

If you’re on target with your goals, give yourself a pat on the back. If it turns out you’re falling behind, read on to see if you’ve fallen into one of the five key traps that keep pushing the goalposts further out.

Secrets to getting out of credit card debt

If you don’t pay your credit card off each month, follow these simple steps to take control of debt.  

Are you a ‘revolver’ or a ‘transactor’? Credit card holders can be largely divided into two camps – revolvers, who don’t pay off their card in full each month, and transactors, who always pay off their card in full to avoid any ongoing debt. 

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