Credit Union SA bank account set to ease household budget struggles
Article by Roisin Kelly-Goldsmith
Credit Union SA has launched an exclusive bank account designed to combat struggling household budgets and overdue expenses.
Dubbed Easy Budget and available for South Australians only, the new product will level general bills into affordable monthly payments as opposed to paying them as they go.
[UPDATE: From 3 April 2017, Credit Union SA's Easy Budget bank account will no longer be available.]
“In this way it helps avoid bumps in budgeting- taking away the stress of balancing finances each month, and providing the peace of mind that even if several bills arrive at once, Easy Budget has it covered,” said CEO of the credit union, Grant Strawbridge.
“Members just let us know which bills they’d like paid, their payment frequency, the amounts and due dates and we will arrange it all with them. It also provides members with a much clearer picture of their outgoing expenses so they can more confidently set and achieve realistic savings goals.”
The product launch comes at a time when Australian household budgets are being stretched by lifestyle overspending, evidenced by recent Mozo research.
“Close to a third of our lifestyle spend is going into cafes and restaurants on expenses that would have been considered luxuries a couple of decades ago, such as takeaway coffees, restaurant dinners and brunches,” said Mozo Director Kirsty Lamont earlier this month.
If you liked this, try reading: Older Aussies more frugal than Gen Y - except when it comes to gambling
Credit Union SA is known for launching innovative initiatives in the banking landscape. First home buyers were incentivised with $5,000 cashback if they took out one of its home loan products for $200,000 or over in early May.
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