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.