Self-help in financial literacy

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• Buy Now Pay Later (BNPY)

  These payment systems (E.g. Afterpay, Zip Pay, LatitudePay, etc.) allow you to you pay by instalments over time
  What to look out for:

  • It's easy to overspend — and to over-commit to $$ you can't afford.
  • Fees and interest charges – they can be substantial! 
  • Set a $$ limit — stick to a spending limit you can afford.
  • Use one service — avoid multiple buy-now-pay-later services as they make it harder to manage your payments

  Tips for managing buy now pay later.

• Alternatives to BNPY

  Don't feel pressured to sign up for BNPY or a limited time interest-free offer.
  There are other ways you can pay such as: 

  • No interest loans (NILs)
    If you're on a low income, these loans can help you pay for essential household items or bond/rent directly to the supplier. The loans have no interest or fees. You only repay what you borrow.
  • Lay-by
    Pay off the item over a number of equal repayments. You won't be able to take the item home right away, but there's no interest on it, either.
  • Request a Centrelink advance payment on your Centrelink benefit.
  • See the ‘Taking a Loan’ section further down for details on taking out a personal loan

• Track your spending - Plan ahead

  There are times when we ask ourselves, "What happened to the money I had?" or "Where did it go?"

  Using an accessible electronic tool can help:

  • Record your income and outgoings using this free online tool.
  • Once done, you can be more confident in budgeting for your payments with this free online planner
  • It's also important to know what transactions have been made through your various bank accounts. 
    Good practice requires you to regularly check your online bank accounts. This way, you will also monitor any unexpected charges, withdrawals, or SCAM activity on your accounts.

• Be SCAM-Aware

  If you have paid funds to a scammer:

  • Act Now! Here is what you must do, immediately.
  • Being scammed is often an emotionally difficult time. Get free personal and emotional support after a SCAM
    o Lifeline — 13 11 14 or the online Crisis Support Chat
    o Beyond Blue — 1300 22 4636 or Beyond Blue website

  For financial support when a scam has affected your ability to pay your rent and bills, seek free and professional help from a Financial Counsellor near you:

  • How can a Financial Counsellor help
  • How to find a free Financial Counsellor near you
  • Call the National Debt Helpline on 1800 007 007 OR use their online Live Chat between 9am to 8pm
  • Talk to UTS Financial Assistance and UTS Counselling Service if this impacts on your studies

• Dealing with overdue debt

  Having problems paying for bills? It’s best to address it!

  Bills and fines
  Most providers have a financial hardship policy and a complaints service. Contact your provider if you are unable to make the repayments.

  • Utility debts: Know your options for assistance. Electricity, gas and water companies have financial hardship clauses to help clients and to continue to provide you with a service. Call them!
  • Telco companies also provide for hardship options. 
  • Banking
  • Ombudsman organisations
  • Centrelink debt: To find out how to repay a debt to Centrelink contact the service for all the options. A standard Centrepay option is a 15% deduction from a current support income.

  Other helping resources:

  • National Debt Helpline (ndh.org.au) Call the National Debt Helpline on 1800 007 007. Monday to Friday, 9:30am to 4:30pm. Or live chat, Monday to Friday, 9:00am to 8:00pm.
  • Call Way Forward on 1300 045 502. Monday to Friday, 9:00am to 7:00pm. If you're in financial hardship, they can arrange a debt repayment plan on your behalf. This is a free service.
  • Aboriginal and Torres Strait Islander people can call Mob Strong Debt Helpline on 1800 808 488. Monday to Friday, 9.30am to 4.30pm

  Free legal advice

  • Who can you turn to
  • Free UTS legal service for students

• Income and what happens when regular income is affected

  We don’t always have a steady income. For many reasons, one’s shifts may be reduced, or permanent work can be lost entirely, affecting financial security.

  • Losing a job. What help is there when you need it most?
  • Returning to work after having a baby. Advice on finding the right balance and considerations for child-care costs and Superannuation accumulation
  • Check for welfare entitlements including Centrelink Jobseeker support.

• Saving

  We often hear the question: How?
  Some people find it easier to put money aside in savings, than others. There are multiple circumstances that influence our ability to save. However, it helps to know or to remind yourself why you are saving!

  • Create a personal saving reason and set yourself a $$$ goal on how much you will save per fortnight or month. Research and find a suitable savings account and get the ball rolling!
  • Saving may also mean you want to look for ways in which you can reduce your spending. Here are some useful tips.
  • See how your efforts are rewarded over different time periods.
  • This compound interest calculator is a great tool to stimulate you to save money!
  • Salary Packaging tool looks at superannuation and other tax-saving tools

• Understanding tax

  Lodging your annual tax return. Is it like visiting the dentist? Always putting it off?

  • We can make it easy for you. UTS Financial Assistance works together with the Tax Office ‘Tax Help’ program. This Service provides free and qualified assistance between August and 31 October each year on Campus. And if you want to lodge your own annual Tax Return, here is a step-by-step guide: Lodging a Tax Return.
  • And this online tool helps you to estimate your tax refund or liability.

• Planning your own business?

  Many students express their interest in setting up their own business.

  • Read about planning for a self ‘Start-Up’ and ‘self-employment’
  • Seek guidance and support at UTS Startups online resources

• Borrowing: credit and debt

  Understand the different types of debt, credit and how much you can afford.

• Taking a personal loan

  Understand the language used when shopping for a personal loan.

  • Secured and unsecured
  • Comparison rate
  • Fees. You want to read the small print and avoid too many add-on fees such as monthly service fee; default or missed payment fee; set-up fee; early exit fee and so on.
  • Variable and fixed interest rates and what difference does it make?

  Research and shop around for a loan provider.

• Using a credit card

  • The shocking reality if you only make minimum payments to your credit card debt. See how long it will take to pay off your card by making minimum repayments and
  • How much time and money you'll save by making higher monthly repayments to your credit card balance.

• How we can help you

  Check the UTS Financial assistance short-term support for UTS students when meeting essential costs is difficult.
  
  NSW bond assistance's Rentstart Bond Loan is an interest-free loan for citizens and permanent residents in NSW.Check out the eligibility criteria and the application form in the link.

• Taking a Loan and credit

  Know the costs and benefits of credit:

  - How long it will take to pay off your card by making minimum repayments
  - How much time and money you'll save by making higher repayments
  

  Tools:

  • Credit card calculator
  • Interest-free calculator
  • Payday loan calculator