From tight budgets to financial wellbeing

When Gaia moved from regional Victoria to study film and television, she knew balancing university and the cost of living away from home would be a challenge.

On top of that, her chosen career path wouldn’t always be financially stable, making it even more important for her to build strong money management skills.

Working part time while studying, Gaia tried to budget, admitting she wasn’t as committed as she could have been. She realised she needed a better plan.

Her mum put her on to the financial literacy course, Saver Plus.

With the clear aspiration of buying a desktop computer to improve her study set up, Gaia joined the growing number of university students and families with education-related savings goals.

Travers McLeod, Executive Director for the Brotherhood of St Laurence notes the financial pressure studying can have.

“Education costs weigh heavily on the minds of students and families at this time of year, with textbooks, laptops, tools and uniforms to be purchased. Saver Plus is a great way to ease some of that financial stress while building critical lifelong savings habits, budgeting skills and financial confidence.”

For Gaia, participating in the program has been a game changer.

In addition to successfully saving up for and purchasing a new computer, she has learnt to become more intentional about her spending. Noticing the everyday “money leaks” that small expenses add up to over time.

“Buying lunch at uni, instead of making my own, getting sushi or takeaway. I started making different choices and prioritising where I put my money. Not going without, but making different choices to support myself long term.

Thinking about how small amounts of money on things like coffee or lunches can accumulate. It’s about making sure that I've got an idea about how things are priced at different places and comparing prices between different shops to get the best deals.”

A simple budgeting trick made a big difference: keeping a separate savings account she didn’t touch.

Looking back, she describes the experience as really positive, not just for the financial skills she built, but also for the motivation and support that she received.

“When I first heard about it, I thought it was going to be something that would be much harder to get involved with because it's so generous. But it was really, easy. It’s given me lifelong skills that I will continue to carry forward and think about every time I get paid. I’m excited by the prospect of taking control of my financial situation.”

Cameron Home is GM Australian Branch Network, ANZ