22nd Sep 2016
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Saver Plus will match your savings dollar for dollar up to $500
Coins stacked by hand

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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    COMMENTS

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    Ted Wards
    27th Sep 2016
    10:16am
    What a fantastic idea. I wished something similar was available to low income earners who rarely get any concessions and have to make do with a lot less. Earning a wage does not guarantee saving these days. What little is saved is soon eroded in fees and the daily cost of living.
    Old Geezer
    27th Sep 2016
    10:23am
    Use a credit card for emergencies? An emergency comes around twice a week for the sort of people that need this program.

    I contacted the people behind this program months ago about this but they ignored me.
    PlanB
    27th Sep 2016
    11:00am
    Don't be trapped with this -- it is really a -- progress saver type account that you can get at any bank -- and you have to put at least $10 in every month -- BUT if you draw ANY money out you lose the entire interest for the whole month.
    musicveg
    27th Sep 2016
    7:39pm
    But it says they will match dollar for dollar up to $500, what bank does this?
    PlanB
    28th Sep 2016
    9:39am
    Just know that you always get nothing for something, there are NO free lunches
    Cheezil61
    29th Sep 2016
    9:19pm
    I work fulltime/ earn a reasonable income but find it impossible to save/keep money in the bank (mortgage takes a chunk of my wage & house is not flash at all tho my bills to live here are not high)... it works to save for a while/few months but then something (usually my car!) breaks down big time or an appliance sh1t's itself etc so need to access that money thru the year & then Xmas comes around & only buy for the young kids of the fam but Xmas is a struggle-need credit card to pay for Xmas prezzies (by the way I do not drink alcohol/play pokies/smoke/eat take away or junk food & rarely go out, but do need to visit family a couple times a year away from where I live, which costs $500 each time.... So how do others manage to save & how long do you keep this "saved" money in the bank - til you die? ...


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