Self-help in financial literacy

A practical financial ‘self-help’ resource:
Tap into this resource* whenever you want to at your own pace. You may wish to choose certain topics above others, or you can follow the thread of topics created below. Either way, there's heaps of qualified information to help you through the various administrative obligations and decision-making on the financial choices and options you have in your life.

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:

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:

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.

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

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.

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!

Understanding tax

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

Planning your own business?

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

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

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:

* Disclaimer and acknowledgments: UTS Financial Assistance has assimilated information from various resources to provide a better understanding of ‘money.’ Much of this material is provided by the official Australian government agencies, ASIC and Money Smart; the ATO; NSW Services; Services Australia and other specialised resources.

Acknowledgement of Country

UTS acknowledges the Gadigal people of the Eora Nation, the Boorooberongal people of the Dharug Nation, the Bidiagal people and the Gamaygal people, upon whose ancestral lands our university stands. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands.