Saving on a tight budget is not easy, in fact, it can be nigh on impossible for some. But, if you can put a little aside each week, the Saver Plus program will match your savings dollar for dollar up to $500.
Most money experts will tell you that the trick to saving is to begin saving. Sounds simple when you hear it like that. It may not be so easy to save on a low income, but even just a few dollars each week will add up over time.
The Saver Plus program recognises that many people may need help sorting out their finances. The program assists individuals with financial education to help build assets, improve their money-managing skills and develop long-lasting savings habits.
If you have a Centrelink Health Care Card or a Pensioner Concession Card, some form of paid employment (not just super or Age Pension payments) and are a parent or guardian of a student currently attending school (or starting next year) or intending to attend accredited vocational training yourself, then you’re eligible for the Saver Plus program.
Once you’ve applied, you’ll need to make regular deposits into a Saver Plus account, over e period of 10 months. You’ll also need to attend fun, free workshops to help build your financial management skills. Once you’ve done this and reached your desired savings goal, the institution overseeing your Saver Plus program will match your savings amount dollar for dollar. That money can then be put towards education costs, such as books, laptops, training or further education.
Your newfound skills will also help you better manage your future finances. A report released in 2015 proved the value of the Saver Plus program. Its findings include:
- 87 per cent of participants save the same amount or more upon completion of the program
- 84 per cent encourage other family members to save
- 85 per cent gain more control over their finances
- 78 per cent are better able to make ends meet
- 88 per cent become more aware of where they can find help with financial decision making
- 86 per cent are better able to cope with financial problems
- 93 per cent have improved self-esteem
- 71 per cent have higher levels of confidence
- 68 per cent find they have reduced levels of stress.
To enquire about the Saver Plus program, please visit www.bsl.org.au
Find out more about the Saver Plus program at The Brotherhood of St Laurence.
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