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Have you heard of the Saver Plus program? It provides $500 funding for educational expenses to people who need it.
Saver Plus is a program designed for people who are keen to get into the practicalities of managing their money and would like to change their long-term spending habits. The program is funded by the Department of Social Services and ANZ and is delivered in the community by The Smith Family, Brotherhood of St Laurence and Berry Street.
What is Saver plus?
Saver Plus is a unique matched savings program that helps eligible individuals and families save money and develop long term healthy financial habits.
The program is designed to assist those who are on lower incomes, providing them with the tools, resources, and support they need to build their financial resilience and create a secure financial future.
The free 10-month program provides participants with a personalised savings plan to assist with their education costs and includes group financial literacy activities.
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It covers savings tips, budgeting skills, goal setting, understanding the difference between needs vs wants, banking, superannuation, debt and credit cards.
How does Saver Plus work?
The Saver Plus program is structured to make saving easy and rewarding. Here is how it works:
- Savings: Participants save $50 per month regularly over a 10-month period.
- Matched savings: For every dollar saved, ANZ matches it with an additional dollar, up to a maximum of $500.
- Financial education: Saver Plus participants also receive financial education and support through workshops and one-on-one coaching sessions. These sessions cover topics such as budgeting, debt management, setting financial goals, and building a sustainable savings plan.
- Rewards: Upon successful completion of the 10-month savings period and attending financial education sessions, participants receive their matched savings, which can be used towards their specific savings goals, such as education expenses for them or their children.
Step 1: Goal
If eligible for the program, set a savings goal with your Coordinator for your education related item(s). View some eligible savings goals.
Step 2: Saving
Open an ANZ Progress Saver account and start to regularly save over 10 months
Step 3: Education
Complete our fun MoneyMinded financial education workshops
Step 4: Matching
Reach savings goals and have your savings matched up to $500 by ANZ for education items for you or your children’s education expenses
How much of a commitment is it?
The program runs for 10 months; you are fully supported by a Savings Coach over the duration of the program.
What are the benefits of Saver Plus?
Saver Plus offers a wide range of benefits to those who sign up, including:
Matched Savings: ANZ matches every dollar saved, providing participants with an extra incentive to save and build a safety net.
Financial Education: Saver Plus participants receive valuable financial education and support, helping them to develop essential money management skills, make informed financial decisions, and improve their financial literacy.
Goal Setting: Saver Plus encourages participants to set specific financial goals and provides them with the tools and support to achieve those.
Empowerment: Saver Plus empowers participants to take control of their financial future, build their financial resilience, and break the cycle of financial stress. By providing participants with the resources and support they need, Saver Plus helps them build confidence in their financial abilities.
Who is eligible?
Saver Plus is available to individuals and families who meet the following eligibility criteria:
- Have a Health Care Card or Pensioner Concession Card AND an eligible Centrelink payment*
- Have a child in school (can be starting school next year) OR be studying yourself
- Have regular income from work (either yourself or your partner) *
- Be 18+ years old
Why choose Saver Plus?
Saver Plus is a proven program that has helped thousands of individuals and families across Australia save and achieve their financial goals. The program has received widespread recognition for its effectiveness and has been endorsed by the Australian Government as an effective financial inclusion strategy.
Note: This page offers a brief overview of options but many other services are available so we encourage you to research services in your area, for your particular circumstance. We aim to regularly update this page to give you up-to-date guidance, but things can change quickly so do verify with each provider what’s available to you. Reach out to us on assist@wayforward.org.au for feedback or if you have questions.
How can Way Forward help?
At Way Forward, we cannot provide financial advice, but we can help manage and reduce your debt.
We’re a completely free service and there are no hidden fees or costs. Our dedicated team of professionals are funded by some of Australia’s leading financial institutions, allowing us to help you find your way forward, faster.
How Way Forward can help in simple steps:
Step 1: Reach out to our team
Step 2: We evaluate your circumstance and verify your financial situation
Step 3: We take over negotiations with your creditors and act on your behalf
Step 4: We put together a manageable plan and combine your repayments to one reoccurring payment across your creditors
