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Saving Your Money

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A lot of workplaces are currently being affected by the coronavirus. You might be worried that you’re not getting as many hours at your job, or maybe you have been temporarily stood down.

First of all, don’t panic. The Government has announced their JobKeeper payments, meaning you could earn an extra $1,500 a fortnight. To be eligible for the payment, you need to be at least 16 years of age, and working full-time or part-time, or as a casual employee for more than 12 months.

This is a payment that your employer needs to sign up for, so you could have a chat with your boss to find out if it might be coming your way.

This payment might be more money than you usually make – so you also need a place to save it, especially if you’ve had your hours cut or have been stood down.

Many banks offer special savings accounts for young people that are easy to set up (most of them you can apply for online), and they don’t charge you any fees. Some of them include:

A savings account is a great incentive to keep your money tucked away, as most banks will offer you bonus interest if you make regular deposits and don’t take money out too often. You can’t access the money with a debit card either, removing the temptation of impulse buying.

Most banks also offer budgeting tools and tips with their banking apps, making it even easier to set a savings goal and keep track of it.

You can read more about the JobKeeper payment here: https://treasury.gov.au/coronavirus/jobkeeper

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