“Let’s talk… study, work & life”
November topic: financial wellbeing
Why is “financial wellbeing” such an important topic?
The focus of our Money Matters programs is about taking control of your finances especially as we get closer to Christmas and the holiday period.
Our programs are all about helping people to access resources and supports…..
• Need help with a budget – Money smart website
• Need help with managing your debt – National Debt Helpline
• Need help managing your finances – access a financial counsellor
In what ways will these Money Matters courses help families?
We can all identify that when we go to the supermarket it is getting more expensive, our utility bills are increasing and the cost of day to day living is having an impact on our health and wellbeing. Our Money Matters programs are aiming to give people access to information, resources and supports that might help them to take control or make a bit of a difference to their financial situation.
Some of the topics we can cover include budgets, wills, superannuation, debt, money and children, money conversations, dealing with Centrelink, managing your bills and even just getting your finances organised.
Getting information from a reliable and credible source is really important.
What resources do we use?
We use the Money Smart website which is a fantastic free Government resource for anyone interested in finding out more about how to manage their finances. Everything is covered from budgets, wills, debt, superannuation, mindful spending, setting a financial goal, managing your mortgage plus heaps more. It is a really easy and safe website to navigate.
We also use local resources and contacts like the local Financial Counsellor through Anglicare – what a fantastic free resource available in East Gippsland and Wellington.
Tip: Allocate an hour to check out the MoneySmart website, navigate/search through the topics that you are interested in. Make some notes.
You will also find out how to connect with a financial counsellor in your community.
https://www.gippslandlearnlocal.community/
Where do people start when trying to make a budget?
There are lots of free online examples of budgets and we have found that the best one to use is the MoneySmart example – you can download it, save as an Excel spreadsheet, fill in the details and it does the calculations for you. It can give you a weekly, monthly or annual overview. If you don’t have access to a computer think about going to the local library or Neighbourhood House and asking them to find it and print it out for you.
The main thing with a budget is that it is yours so you need to be honest and thorough about what you include in it. It might take a while to track the things you spend – just write them down and keep an eye on what is coming in & out for a few months. A budget is also a great place to identify spending leaks.
Tip: Print a copy of a budget and laminated it to put on their fridge, then use a whiteboard marker to fill it in so it can be updated weekly.
Tip: A budget is a great place to start conversations with everyone in your family about how we can save money together. Everyone is involved in trying to make savings or save for a specific goal – Christmas, holiday, school camp, paying a bill, new tyres.
Spending leaks – what are they?
Money that leaks out of your budget without your knowledge or planning. Sometimes they are only small amounts of money like bank fees/charges, online subscriptions, and sometimes they can be things we don’t think about that add up over time. Buying lunch or a coffee every day instead of taking lunch from home, buying magazines, kids school lunches are just a couple of examples.
All those spending leaks add up over a 12 month period – if you are aware of them perhaps they can be managed.
What about Debt – how can people get help
Debt is created when a person owes money to another person or organisation.
A debt can be a loan, a fine or money borrowed from a friend, bank, credit union or finance company; even an unpaid electricity bill is a debt.
There are many reasons why people get into debt – paying for unforeseen emergencies, unemployment, spending habits, making large purchases with insufficient up-front funds, etc.
Not all debt is bad. Many people make planned, informed decisions to go into debt to purchase items in advance; to buy now and pay later or over time. It can be a good way of paying for an asset, however it does come at a cost and you must take care when deciding to go into debt. For example, a car or a home loan.
The most important thing to note is that debt can be expensive and at times risky – so do your research and make sure you can pay of debt before you enter into any agreements. Get help to manage debt – a financial counsellor can help.
The MoneySmart website has a great section on debt with tips on how to consolidate and pay it off. Another great resource is the National Debt Helpline which can give you lots of information about managing debt and where to go to get help.
Can people in Wellington/East Gippsland get access to a financial counsellor?
The financial counselling service is free and available to anyone that needs a bit of extra support managing their finances or getting out of a bit of a crisis/challenge. If you go the MoneySmart website and search for financial counsellor you just need to add in your postcode and the website will find the financial counselling service closest to you.
If you don’t have access to a computer or Wi-Fi can I suggest that you go to the local library or Neighbourhood House and they will help you to access a computer and search for the MoneySmart website.
Summary
Access the MoneySmart website!
Think about trying a budget and have some financial goals.
If you need help to get your finances organised – you can access a free financial counsellor in the local community.
Check out the Money Matters programs in East Gippsland and Wellington through your Learn Local provider – Heyfield, Paynesville, Buchan and Orbost. We are offering programs in Maffra, Sale, Paynesville and Omeo over the next few months.
All our course content is flexible enough to be adjusted to suit the needs of all learners and at the same time our focus is always on ensuring an enjoyable and comfortable learning experience.
Check out the the audio, register for our one of our Learn Local programs in Wellington and East Gippsland with the links below:
You can listen to the podcast of this episode here:
