Savings program matches schooling costs

A matched savings and financial literacy program is offering up to $1000 to assist Peninsula families to save for education needs.

The Saver Plus program is being delivered in the Peninsula area by The Smith Family and already has more than 200 participants involved.

The program matches participant's savings $1 for $1 up to the amount of $1000 as an incentive to save for educational items including textbooks, uniforms, computers and school excursions.

The program also includes MoneyMinded, a financial education initiative that builds participants' financial skills, knowledge and confidence.

Woy Woy resident Karen Jones, who completed the program late last year, said her main expectations were to save additional money for school excursions for her children and to take control of her own finances.

"I had mixed feelings when I started.

"I was excited and nervous, because I wasn't sure what to expect and wasn't sure how much of my personal life I would have to lay on the line," Ms Jones said.

"But this was handled really well at the MoneyMinded workshops and hearing from past participants gave me a better perspective of how the program had helped someone else and how it could help me."

After just 10 months of saving $100 a month, Ms Jones received her matched funding of $1000 and used the money to purchase stationery, school uniforms, new lunchboxes and school bags for her four children.

Ms Jones said although she had tried savings strategies before, including direct debit to another account, she never felt she was getting anywhere.

"The four sessions with my Saver Plus relationship manager made me think about where my money was leaking out," Ms Jones said.

"I knew what the big spends were, but I wasn't keeping an eye on the other amounts coming out of my account.

"I have definitely changed my spending habits and now I'm conscious of where all my money is going.

"Saver Plus has made me more confident with money and with my ability to control it."

Since starting the program, Ms Jones has got rid of her credit card and a store card and she now feels more in control of her own finances.

She has also set her sights on saving for a new car.

"It wasn't until I started this course that I realised I needed to buy a new car instead of paying for all of the repairs on the old one, like I had been doing," Ms Jones said.

Peninsula Saver Plus worker Mr Geoff Hynd said the benefits Saver Plus had provided to participants were amazing.

"Studies by RMIT University show 70 per cent of Saver Plus participants keep saving at the same or a greater rate long after the program finishes," Mr Hynd said.

"While most participants join the program to receive the matched savings, most leave it citing other benefits as the most important, including more control over their finances, which in turn reduces stress and worry, increases confidence and creates new opportunities."

To be eligible for participation in the Saver Plus program, participants must be over 18 years of age, have children currently enrolled in a school in the local area, or be attending or returning to vocational education themselves, have a health care or pension card, and have earnings from paid employment.

To apply, contact Geoff Hynd at The Smith Family on 4322 2900.

Press release, 21 Jul 2009 Caitlin Juster, Buchan