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Managing your money

Are you a spender or do you prefer to save money? We’ve got tips to help you manage your money better!

Young man diving into a mound of gold coins

Making the most of your money

Whether you have a job for wages, run your own business or receive an allowance, understanding how to manage your money can help you survive and thrive. 

  • You can save for long term goals like buying a car or travelling overseas
  • You can buy things you need and want such as a clothes, driving lessons or a phone
  • You can support yourself financially and be independent

"We are probably one of the worst off generations, but that's the hand we've been dealt, so let's make that work for us. Let's think outside the box because what worked for them won't work for us. I found becoming financially literate really empowering."

–Maggie O'Neill, Head of Marketing, Hearts and Minds

Budgets may be boring but they really help!

A budget helps you make decisions about what you spend your money on so you always have enough for the essential things like phone bills, bus fares or emergencies. Here are some tips for making a budget:

Try using a savings App that makes managing your money fun

Buddy up with a friend and budget together to keep you motivated

Make your budget realistic - you can’t spend more than what you earn

Shop around and compare prices before buying anything – say no if you can’t afford it!

Start with small savings goals you can achieve eg. save for new clothes or a phone case

List expenses and bills that you need to buy or pay for each week – set aside this money first before buying anything else!

Try setting some savings goals

Goal setting helps you to afford things without having to borrow money from banks or rely on friends and family

There are 3 basic types of savings goals:

  • Short term – within a year 
  • Mid term – in two or three years
  • Long term – over three years away

Start by working out how much your goal will cost and when you want it by. Take the total cost of your goal and divide by the number of months or weeks you have to save which equals the amount to put aside.

  • For example, say you want to buy a car for $3,000 in two years' time. Divide $3,000 by 24 months which equals approx $125 per month.

You may need to adjust your timeframes depending on how much money you earn or how expensive your goal is!

Include small rewards along the way to keep you motivated when working toward a long term goal

There’s nothing quite like the feeling of achieving your goal

Some lucky people find saving money pretty easy! But for a lot of us, saving for a big goal takes a really big effort. Here are some money saving tips to help you out:

Put your savings aside when you first get paid
Resist the urge to buy things on impulse that you haven’t planned for
Work out the difference between things you need and want
Spend smart by shopping around for the best deal
Find a bank account with no fees
Try a high interest term deposit account if you’ve saved a large amount

"Phones can be really expensive! To keep your bills low try a pre-paid option." - Fiona, Kids Helpline Counsellor

Don’t stress about money – we’re here to help

Making the most of your money is something you can learn and get better at

Everybody has to start somewhere and sometimes we need help along the way!

No matter what’s bothering you, we’re here to help you figure it out. Try giving us a call, start a WebChat or send us an email.

This content was last reviewed 18/07/2018

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