Save money
Keeping a little bit of money aside is a great way to reach a savings goal such as a holiday, a car or even a house! There are so many ways to start saving money, follow the information below to learn how to start saving now.
Outcome
To know how to save money
Let's start with why it is important:
- by saving money, you can ensure you do not run out of money
- having a savings account means you can reach long term goals such as buying a car, a house, a holiday
Information
Savings are the money you have left over after you have payed for all of your living needs like rent, food, clothing, electricity, gas, transport. It is common for people to have a seperate savings account from their bank. You can use savings to buy things that you do not need but want such as an expensive pair of shoes, a smart phone or a car.
For video transcript please click here.
What to do next
Specials stalking
Set an alarm on your phone for around 7pm, this is when most supermarkets mark down their bread/pastries/cakes. Head to the bakery section and bag yourself a deal.
Write down everything you buy
For two weeks, write down everything you buy on a piece of a paper or on your phone. Add up all of your costs and subtract that from your income for that two weeks. The amount left over is how much you have saved! You can compare this over a few months.
10 day rule
You see something you like, you need, you must have. Write it down and put it somewhere you can see it. If in 10 days you still want it then consider buying it.
Safety net
Try to have around $300 in a bank account for emergency money for circumstances like a hotel for the night because your rental floods, an Uber in a crisis and if you need to pay unexpected medical bills or fines.
Saving on your phone and data bill
Click on this link and learn how to save data on your smartphone.
More Information & Services
CALL CENTRELINK FINANCIAL INFORMATION SERVICES 132 300 (free financial advice from Centrelink)
CALL CENTRELINK INCOME MANAGEMENT 1800 132 594 (counselling service for ATSI peoples available 24/7)
CALL INDIGENOUS CONSUMER ASSISTANCE NETWORK (ICAN) 1300 369 878 (available 3pm - midnight everyday for LGBTI peer support)
Australian Government's Moneysmart free financial counselling service available to all Australians
Salvation Army's free financial counselling service
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