SMART MONEY MOVES

PAY YOURSELF FIRST

“Save before you spend,” Ms Birch said. Choose a dollar amount or a proportion of your income to put aside as savings each time your get paid.

SPEND LESS THAN YOU EARN

“There is such a thing as wise spending,” Ms Birch said. Set a budget so you don’t spend more than you earn. Following a set budget lets you control where your money is going.

SHOP AROUND

Take time to shop around for the best price and negotiate. “Shop around for the best deal. You do not have to settle for the first price you see,” Ms Birch said. Every dollar you save on a purchase is a dollar you can use for something else.

TIME IS MONEY

Find a bank account that earns higher interest for your savings. Leave your money there and watch compound interest make it grow over time. “You can simply make money by creating a high-interest savings account,” Ms Birch said.

SLEEP ON IT

“Don’t be sold anything, always buy it,” Dr Vaz advised. Stop and think about whether you really want or need an impulse buy. Did you budget for it? Will you regret it? Wait a day before handing over your money. “Don’t fall for marketing spin,” Ms Birch said.

THE ESSI MONEY CHALLENGE

Secondary students can put their financial literacy to the test in the Suncorp ESSI (Earning, Saving, Spending, Investing) Money Challenge. The challenge is a free financial literacy competition that teaches teens about money as they play real-world scenarios and try to grow their savings. Teachers can now register their students for the challenge, which runs from August 17-28. See financialbasics.org.au