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Out On Your Own: Money

Resources to support you as you complete the Out On Your Own course

Source: Towfiqu barbhuiya (2021)

When you start earning your own money it's important that you understand how to manage it. Click through the tabs to below to find resources all about managing your money, form choosing a bank to budgeting and more.

Entering the world of banking can be confusing: what bank do you choose, what account do you need, and how do you avoid paying banking fees? Get all this information and more in the resources below.

Banking (Money Smart, n.d.)

Choosing the right accounts and regularly checking them can help you look after, and grow, your money. It's worth taking the time to compare different providers and accounts to find the best one for you. You can save on fees, and help your money grow with higher interest rates. This website takes you through everything you need to know about banking and setting up your own accounts.

How to open a personal banking account (Finder, 2021, December 3)

It only takes about 10 minutes to securely open a bank account online. All you need to provide is some basic information about yourself as well as an approved form of ID and your tax file number (TFN). Here's how to find the right bank account for you and open it online in 5 simple steps outlined in this article.

7 things every teen needs to know when opening a bank account (Life Hack, n.d.)

Starting your first bank account can be a daunting task, but it doesn’t have to be. A good amount of planning and research can make the job a lot easier. The tips listed in this article are here to prepare you on the first step of your journey.

Learning to budget is one of the most important skills you will learn as you move into adulthood. Having a budget means you know where your money is going, how much money you have, and will help you avoid financial stress. Learn all about budgeting with these resources.

Budget planner (Money Smart, n.d.)

This super simple budget template from Money Smart helps you:

  • work out where your money is going
  • create your own custom items
  • change the currency

How to kick your impulse spending habits (The Hip Pocket, n.d.)

A short article that gives you a few key tips on how to stop impulse spending.

Savings goal calculator (Money Smart, n.d.)

This calculator helps you work out how long it will take to reach your savings goals and the steps to take to put your plan into action.

Credit cards and loans can be incredibly useful tools if used correctly, but can have serious consequences if misused. Learn how to avoid getting into trouble with credit with these resources below.

Credit cards (Money Smart, n.d.)

Credit cards are part of everyday life. They let you carry less cash, pay for things with a tap or a swipe, and shop online. But this convenience can come at a cost. The trick is to use your credit card wisely, and pay it back on time. Find out how to choose a credit card that works for you, and get tips on paying it off faster. Understand credit card balance transfers, and how to cancel a credit card when you no longer need it.

Student credit cards: a guide (Canstar, 2020, May 20)

Are you thinking about taking out a student credit card? Here are some tips to get you started and some things to keep in mind before jumping in.

Credit cards (Youth Central, n.d.)

This website from Youth Central breaks down the pros and cons of credit cards, and how to use them responsibly to get the most out of them and avoid getting into debt.

Car loans (Money Smart, n.d.)

A car loan is a personal loan for a new or used car. You have to repay the loan and interest over a fixed term, usually between one and seven years. Shopping around for the best car loan can save you thousands in interest and fees. This article walks you through the ins and outs of car loans and gives you advice on how to get the best deal.

Payday loans (Money Smart, n.d.)

A payday loan, also called a small amount loan, lets you borrow up to $2,000. You have between 16 days and one year to pay it back. While it might look like a quick fix, a payday loan has a lot of fees. This website walks you through the dangers of payday loans and provides better options for when you need money urgently.

What exactly is tax and who pays it? What does it do and how much do you have to pay? Get the answers to these questions and more with these resources.

What is tax? (Youth Central, n.d.)

If you have a paid job you may have to pay tax. Tax is money paid to the government so it can provide services like health, education and social security. Sometimes your employer automatically takes tax payments out of your wages. Sometimes they don't. Whether or not they do, though, everyone with a paid job is expected to pay some tax. This article walks you through the basics of taxes and how they work.

How to do a tax return (Youth Central, n.d.)

At the end of the financial year you're expected to fill in a tax return to work out how much tax you should have paid that year. If it turns out you've paid more tax than you needed to, you could get sent a refund. You might end up with extra spending money, or money to pay those outstanding bills! This article walks you through whether or not you need to do a tex return and how to do one if you do.

Income tax (Money Smart, n.d.)

This article from Money Smart breaks down what income tax is, how it's calculated, and gives a rough guide on how much you'll likely have to pay.

Superannuation is an incredibly important part of your financial health, but is something that not many Australians fully understand. Learn all about it and why it's important with these resources.

How super works (Money Smart, n.d.)

This great website from Money Smart goes through everything you ever needed to know about superannuation, from what it is, how it works, why you need it, the different types available and how to make the right decision for your own super.

Superannuation calculator (Money Smart, n.d.)

This calculator from Money Smart helps you work out:

  • how much super you'll have when you retire
  • how fees affect your final super balance

Understand how super works (Youth Central, n.d.)

This website from Youth Central gives you all the basic information you need to understand super, and how to make sure you're not being ripped off by your employer.

Super Guru

Super Guru is an independent website that gives advice on choosing the right super for you, understanding your rights, various super calculators, and advice on how to manage your super to maximise your benefits.

You might think that only elderly people fall for scams, but in reality scams affect people of all ages. Learn how to avoid these scams and protect yourself with the following resources.

Superannuation scams (Money Smart, n.d.)

If someone offers to withdraw your super or move it to a self-managed super fund (SMSF) so you can access the money, it's probably a scam. Learn how to spot a superannuation scam, and where to report it with this article from Money Smart.

Banking and credit scams (Money Smart, n.d.)

If someone you don't know asks for your personal details or offers you a loan, it could be a scam. Scammers can use your personal information to steal your money and run up debts in your name. This article walks you through how to spot a scam, how to report them, and how to protect yourself against them.

Identity theft (Money Smart, n.d.)

If your personal information falls into the wrong hands, it can be used to steal your identity. This article tells you what to do if you think your identity has been stolen, and how to try and prevent yourself falling victim to identity theft.

Online scams (Youth Law Australia, n.d.)

Everyone is likely to be scammed at some point in their life. In 2016, Australians lost over $83,000,000 to scammers. Over 155,000 people reported being scammed by (amongst other methods) phone, email, internet, text message, mail and social networks. Some of the most popular scams are in the form of “unexpected money”, “dating and romance”, “phishing” and “remote access” scams. You will find more information and examples in this article, as well as advice on what to do if you have been scammed.

You Need a Budget

A weekly dose of just the right medicine to help you get out of debt, save more money, and beat the paycheck-to-paycheck cycle.

She's On the Money

This podcast, hosted by millennial money expert, Victoria Devine, is relatable, fun and easy to understand. Their goal is to take the fear out of finance and help you become a master of your money, inspiring you to make great money decisions for the rest of your life. 

The Pineapple Project

Although the show has expanded beyond just money, the first season is a must-listen. Hilarious host Claire Hooper navigates the treacherous waters of managing your money, from getting out of debt and buying your first property and even money and relationships. The Pineapple Project is produced by the ABC, so if you're a fan of high-quality reporting and storytelling, give this one a go.



The Pocketbook budgeting app syncs up to your bank account so you have a complete overview of your money.

WiseList | Compares grocery prices | Order delivery online


WiseList is a money saving app with a difference. Aimed at helping Aussies save money at the checkout, WiseList lets users create grocery lists then compare item prices from both Coles and Woolworths side-by-side - after all, one secret to saving money is planning (especially when it comes to shopping). Among the other app features, lists can be made collaboratively between family members, alerts can be set up for specific items to alert you when they go on special and Flybuys and Woolworths Rewards cards can be added to the app to use at checkout. WiseList even has a separate bill management feature which lets users take photos of their bills, automatically pulls out the most important information and then sends out an alert when it’s due.

Australian Taxation Office

The ATO app is a simple and easy way you can access and manage your tax and super on the go. The ATO app is free to download and use. As an individual or sole trader, you can quickly access your personal tax and super information in one place. There are also several helpful tools you can use.