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Money and budgeting

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Learning about money and budgeting is an integral part of education for all young people. As young people receive income from employment, Centrelink or other sources the need to manage money effectively becomes more important.

The MoneySmart website contains a range of tools to assist with:

  • managing your money
  • borrowing and credit
  • insurance
  • superannuation and retirement
  • investing
  • scams
  • life events and you
  • teaching
  • tools and resources.

To manage their income, the young person will need a bank account. Websites such as InfoChoice provide information about all financial institutions to help make an informed decision. It is important to highlight that applying for a new account will require certain types of identification.

Using a budget planner can be a useful way to keep a track of what they are spending their money on and also provides a way to see if they are spending more than they can afford.

There is also a facility through the Centrelink called Centrepay which is a free service that allows customers to pay bills as regular deductions from their Centrelink payments. This service makes managing money and making budgets easier allowing the user to know that their bills are under control.

There is also a service available (for a fee) through the Public Trustee of Queensland which helps people with disability to manage their finances. Services include preparing budgets, paying bills and tracking income and/or investments.

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Last updated 27 November 2018