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Topic 9: Taking control - making connections» Saving for you, your partner and the children In difficult economic times most people may need to look closely at their spending. It may be the first time you have had a crisis around money in your family due to a major change in circumstances. If you want to take control especially when things have got out of hand, you need to know useful ways to cut costs, how to get the information you need, and to be able to call on and connect with the resources in your local community. See useful websites and where to get help when you need it for useful up to date information and other ideas.  Saving for you, your partner and the childrenWhat if you wanted to buy one of the children or your partner a special birthday present, to have a special family treat or to buy and run a mobile phone? Another option is to talk about things, plan ahead and work with your children to achieve it. Planning is the key. You could use saving ideas to help you plan. Think about a special birthday present; a special family treat, getting a mobile phone for a year. How much would you need to save all together to cover these items? You could look at the mobile phone account included in the upper primary unit: Calculating the cost in the teachers' section. The mobile phone analysis in this unit helps to clarify the mobile phone account.
Saving places Where can you put the money you want to save for the children? Draw up a list. Some suggestions are:
You can arrange a regular amount that you have budgeted for where our money goes to be paid into the account of your choice. Try to pay it into a higher interest account or an account where you leave it for a set time and it earns higher interest.
If you started saving even $20 per fortnight it will soon add up after a year. Encourage your child to start saving each week for something if they get pocket money. Coins in a jar soon add up too! Connecting with your local community and its resources Money isn't our only resource. Connecting with other people and resources in your local community can save you money and open up new opportunities you may not have thought of. What are some of your local community resources?
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However small the amount it soon adds up. Even if you don't begin with very much and can't afford to add much each fortnight or month, having some savings in a separate account is better than having none. Check that the fees are higher than the amount you have in the account. |
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