Research at the RBA shows that Australians now use credit or debit cards to pay for more things than cash. This is a significant milestone, but the trend is only going to continue as both America and Sweden are now at 80% card payments. What does this mean for how we manage our lives, and beyond no longer carrying cash around, how can we use it to our advantage?
Transactions create a digital record of where we are spending our money. A scan through your internet banking can give you a good summary of what is going on, however tools like Humaniti can take it that one step further. Humaniti helps demonstrate where your money is going across all your accounts and allows you to see patterns that can help you manage your finances……. How much are you paying in subscriptions each month? What is the total of your utility payments in the last year? Are you overspending on non-essential items?
Humaniti can help
At Humaniti we have now categorised more than $200 million dollars of transactions for our Humanitirians, giving them more opportunities to see how much, where and how often they are spending.
How much are you really spending on subscriptions?
Making regular micropayments to access the latest entertainment and information is now the norm in the digital world – but do you know what your subscriptions are actually costing you each month?
Four out of five Australian households subscribe to at least one subscription service such as Foxtel, Netflix, Apple Music or Spotify. According to a study conducted in 2021, Australians now have a total of 42 million entertainment subscriptions, with that number likely to exceed 60 million by 2025.*
TV-on-demand, movies, music, online games, dating apps, even public transport timetables are all offered as subscription services – but those small contributions can quickly add up.
If you want to keep a handle on your finances, it’s essential to know what you’ve signed up for and how much you’re paying – but there’s no need to download a stack of bank statements to trawl through. Humaniti’s subscriptions monitoring feature is an easy way to track your spend on all those payments, including the ones you’ve forgotten about. Remember the free trial you signed up for that switched to monthly deductions? No, most of us don’t – which is why an audit of regular payments is a great way to potentially save money.
The Humaniti app automatically analyses your transactions to give you a snapshot view of recurring payments. All subscription services are listed by vendor and amount in the Stats tab, making it simple to review your monthly commitments and decide whether you need them all or if it’s time to cut back. Any money saved can be put towards a longer term goal or redirected into super to help build a brighter financial future.
As always, if you have any feedback or suggestions on how we can improve any of our features to help you better understand your finances, please let us know.
* Source: Telsyte Australian Subscription Entertainment Study 2021
Like the people at UNICEF, we believe that clean water is a right, not a privilege. That’s why we have made a commitment to contribute to reducing the 2.2 billion people around the world who do not have access to safe drinking water.
For every one-question “Quick Poll” that is answered by one of our members (or “Humanitirians”) we will purify 4 litres of water through UNICEF.
We are proud to announce that we have already purified over 675,000 litres of water and this number will grow dramatically as we launch a range of new Quick Polls for our Humanitirians to answer.
How does your super balance compare to other Australians like you?
Building a healthy superannuation balance is an important step in securing a well-funded retirement — but how does your super balance compare to other people at your stage in life? As a Humaniti member there is a simple way to find out.
When you securely link your superannuation fund in the Humaniti app we’ll do the work behind the scenes to present a view of how your super balance compares to others by gender and of a similar age across Australia.
Humaniti’s superannuation comparison feature will help you understand at a glance if your super balance is tracking at a similar pace to your peers, and if you’re saving enough today to retire with the lifestyle you’d like to enjoy in the future. With your super connected alongside other assets and investments, you’ll also have a clearer picture of your overall net worth.
Once you know how your super balance compares, you may decide to make small changes today to help your retirement nest egg grow. By making regular contributions to your super in addition to employer contributions, you will see the benefits accrue over time.
Did you know that as a Humaniti member you can also choose to deposit the money you earn by completing Humaniti surveys directly into your super account? There may even be tax advantages when you top up this way.
Let us know if you find the super balance compare feature useful or if there are other comparison features you’d like to see. We want to help you better understand your finances so you can set yourself up for a brighter financial future.