Managing your money is an important life skill that can help you feel more in control, avoid unnecessary debt, and work towards your personal financial goals. Whether you’re studying, starting work, supporting a family, or planning for retirement, it’s never the wrong time to improve your financial habits.
Learning how to budget, manage spending, handle debt, and save money can make a real difference—helping you feel more secure today and better prepared for tomorrow.
Getting to grips with your finances takes time, patience, and support. But you don’t have to do it alone. With the right guidance and tools, anyone can build confidence in their money decisions.
Financial counsellors (FCs) and financial capability workers (FCWs) are here to help. They may suggest or provide access to resources like the ones below, to support you on your journey to financial wellbeing.
Budgeting: The First Step to Financial Wellbeing
Budgeting is the foundation of good money management. It’s the first step towards understanding your finances and gaining control over how you spend and save. Creating a budget means keeping track of your income and expenses, so you can see exactly where your money is going.
A well-planned budget helps you prioritise essential needs, stay on top of debt, cut back on unnecessary spending, and find opportunities to save for the future. When you have a clear picture of your finances, you can make more informed decisions, feel more in control, and reduce financial stress.
A word of caution: Be aware of unregulated businesses offering “budgeting services.” Some of these companies charge high fees or offer poor advice, and many people who seek financial counselling report being worse off after using them. If you’re unsure, speak to a qualified financial counsellor before signing up for any service.
Building an Emergency Fund
An emergency fund is a vital financial safety net that can help protect you from life’s unexpected expenses—such as medical bills, urgent car repairs, or sudden job loss. Having savings set aside for emergencies means you’re less likely to rely on credit cards, payday loans, or borrowing money, which can add to financial pressure.
By creating a dedicated savings buffer, you can reduce stress, avoid unnecessary debt, and feel more confident when the unexpected happens. Financial experts often suggest aiming to save between three to six months’ worth of essential living costs in an account that’s easy to access when needed.
Prioritising your emergency fund is a powerful step towards greater financial security and peace of mind. It can give you the breathing room to focus on long-term goals, even when life throws a curveball.
Understanding Superannuation
Superannuation, or ‘super’, is a long-term savings system designed to help you financially prepare for retirement. For most people, employers are required to contribute a percentage of your earnings into a super fund, which is then invested over time to grow your retirement savings.
Even though retirement may seem far away, understanding how your super works can make a big difference to your future. Keeping track of your accounts, consolidating multiple funds (if you have more than one), and choosing the right investment option can all help maximise your retirement savings.
Making extra contributions—when you’re able—can also boost your super and may offer tax benefits. If you’re on a low income or out of work, you might be eligible for government contributions or other support to grow your super.
If you’re unsure where to start, a Financial Counsellor or Capability Worker can help you understand your options and take steps to protect and grow your super.