Money Matters

Australian youth are relatively savvy consumers, but sometimes lack the financial skills to back up this consumer awareness. Young people quickly enter a stage in their life when they have to earn, save and manage debt, and financial skills will be essential.

These days, with the prevalence of mobiles and credit cards, kids are requiring more financial literacy skills at a young age. It’s really important to be proactive in managing their money sensibly – especially in light of rising consumer debt.

There are a couple of helpful hints that may help you (which include):

Goal Setting: You need to have a specific goal that can be measured and timed to inspire you to start the financial journey. For instance, instead of saying “I want to be rich”, say ”I will save $1000 over the next year by depositing $20 a week into a special savings account by reducing the amount I spend on junk food”.

Budgeting Skills: Practical techniques to calculate cash flow (income versus expenses for the same period) are demonstrated.

Accessing help: Participants are told how to find appropriate referral sources for help with their financial situation such as financial counselors.

More information on saving can be found by doing a Google search, or alternatively, check out the Smith Family website www.thesmithfamily.com.au or contact their Queensland Head Office on 3257 1311