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Follow these 6 simple steps and become smarter with your money!
1. Know the difference between a need and want.
> Needs are items that you must have such as food and clothing.
> Wants are items that you can live without such as gaming consoles and iPods.
2. Open a savings account.
If you don’t already have a savings account, it is a good idea to open one. Ask your parents to help you open a Hume Clancy Koala account. There are no fees and Hume will give you interest for saving.
3. What is interest?
Each month Hume adds money to your account just for saving your money with us. This is called interest. In addition, if you save $10 or more into your Hume Clancy Koala Account each month and don’t make any withdrawals, Hume will add bonus interest to your account.
4. Start saving today.
> Write down a list of what you are saving for.
> See how long it will take to save by checking out Hume’s savings calculator.
> Put aside a regular amount of money into your savings account.
> Check to see if your school has Hume school banking. If so, jump on board and start saving each week at
school!
5. Earn extra money.
Ask your parents if you can do odd jobs around the home to earn pocket money.
Odd job list:
Wash the car
Clean your room
Make your bed
Help with the cleaning
Help with the cooking
Help with the laundry
Pull weeds in the garden
Feed the pets
Set the table for dinner
Put the dishes away
6. Keep track of your savings.
With all this saving, it’s a good idea to keep a track of your money. Here’s how:
> Keep a budget and write down how much you earn and everything you spend your money on
> Regularly check how much you have in your account and watch it grow!
Did you know?
> In 2000 a plasma TV cost around $5,500 today, today the same size plasma TV costs only $900.
> Australian money is called decimal currency.
> Think twice & only buy the stuff you really need.
> Shop around and compare prices on the items you want to buy. You may find the item you want to buy is
heaps cheaper at another store.
> If you really need a mobile phone, a pre-paid option is best. You pay in advance so you don’t get any
bills or locked into a contract you can’t afford.
> Avoid borrowing money to buy things you don’t need.
> If you save $5 a week for 12 months could buy an iPod touch 8GB.
> In 1974 a can of cola only 16c, today it costs around $2.50.
> You can buy small things now or save for even better things later.
> If you put $10 in a money box each week, in 10 years time you could have over $5,200. If you put that
same $10 in a savings account, you could have over $7,000.
Clancy Account Savings Tips School Banking & Financial Literacy www.humebuild.com.au
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