Knowing how much money you have coming in, and what you're spending it on, is a great place to start. It can help you make decisions about spending, saving and planning ahead.
If you earn money from a part-time job, receive a Centrelink payment, or get money from other sources, try keeping a record of what you receive and what you spend.
Think about things like:
You might be surprised where your money goes. Tracking your spending for a few weeks can help you spot patterns and identify areas where you could save.
Saving doesn't have to mean putting away large amounts of money. Even a small amount each week can add up over time and help you prepare for future expenses, such as:
Saving is often easier when you have a goal in mind. Whether you're working towards something big or small, having something to aim for can help you stay motivated and track your progress.
As you get older, you'll hear more about things like credit cards, loans and "buy now, pay later" services.
Borrowing money can sometimes be useful, but it's important to understand the costs involved. If you don't pay money back on time, extra fees or interest may apply, making things more expensive in the long run.
Before borrowing money, ask yourself:
Taking a moment to think through these questions can help you make choices that support your goals and avoid unnecessary financial stress.
Investing is when you put your money into something, such as shares or property, with the goal of growing its value over time.
You don't need to start investing straight away, but it’s a good idea to start learning about how it works.
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