SLOW-MO GR: Managing Money (19th to 23rd of October)
Money, money, money…
Some people are rolling in it. Others don't even want to think about it.
Earning money is a part of growing up, but it can be pretty overwhelming. A lot of us are also struggling with our finances right now due to living through one of the worst recessions in years.
Whether we have a lot of it, or a little of it, it can be hard to stay on top of our cash. How do we build a budget that can cover all our needs? How can we avoid the temptation to splurge when we're trying to save up? Where can we get financial support and advice?
It's enough to make anyone's head swim!
So join us for an upcoming Slow-Mo GR where we'll be sharing our strategies for managing money! We'll be posting questions from Monday, the 19th of October through to Friday, the 23rd of October. 🙂
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Comments
Great topic! Thanks for the tag.
Like @featuringme I am lucky enough to still be living at home and so I don't have to cover costs like rent, water, electricity, and internet, which allows me to save most of what I get paid. So my first tip would be to stay at home for as long as possible if you can (as long as your circumstances allow it and your home is a safe space). So in that respect, I am not finding it too hard to manage money at the moment!
In terms of budgeting and saving money, there are lots of different resources that are out there and it is important to find something that works for you. There are loads of different budgeting apps and planners, and lots of banks offer their own features. For example, some banks allow you to automatically split your pay each month into specific accounts for food, entertainment, house savings, holiday savings etc. or rounding up purchases and putting the extra $2-3 into your savings. These are things you could also do manually if your bank doesn't offer them.
If I'm allowed, I'd like to suggest a podcast called "She's On The Money." They have a lot of different episodes covering everything from setting a budget, to saving for a big purchase, to superannuation, and investing, so there is something for everyone no matter what stage of money managing you're at.
I think that it doesn't matter if you can save $10 at a time or $100 dollars at a time, because every little bit adds up! I hope that people can get some great tips from this thread
Ooooooh this is a good one! I live in a share house with 3 other people. So, saving and making sure I can cover rent, utilities, and any shared cleaning supplies is really important. I always make sure these are paid first/money left aside in its own account, away from my normal everyday and savings accounts.
I find this helps manages it a bit better by sectioning it and putting a limit of how much money I would like to spend weekly, and how much I would like to go into my savings.
Hey guys, welcome to the second day of the GR! Here's today's question:
What are your top tips for budgeting and saving money?
Wow! what a great topic with so many awesome tips already submitted! I've never considered a budgeting app but that's such a great idea. My only two cents (pun intended) that I have found to work for me is having separate accounts for different expenses. I have one for my complete savings which incurs interest plus an everyday account for things like bills, leisure and buying food etc. I do plan on opening another account for bills to be deducted separately so I can really pin point where I can cut back my costs 
What a helpful thread!
A few people have mentioned having the different accounts for different things, I definitely have found this useful too, and feel like I weirdly have more money now?!
I'm going to check out that podcast @Turtle22 and keen to hear peoples recommendations for budgeting apps 
Hi everyone!
I am going to posting todays next question 🙂
What are some ways we can earn some extra cash?
If you like doing art, then maybe you can start posting your work online and seeing if you can get some people to commission some art from you. This is definitely very popular on Instagram, especially for cartoon and anime artists.
There are also print-on-demand-sites where you upload designs you've made, and then the company sells products with your design on it! A lot of these sites are totally free, and they cover the cost of making the products as well. RedBubble, Teespring, Society6 - these are just a few of the sites I can think of, and there are tons more. These sites are very competitive since there are a lot of people who upload designs, so it's not a guarantee way of making money unfortunately. The good thing about these sites, however, is that you don't need to be extremely talented in art. I've seen designs that just consist of a sentence typed into a photoediting program, and booming in sales!
If you think you would be interested in providing some tutoring services, then maybe you could become a private tutor! TutorFinder is a website where you can advertise your services, and you don't need any qualifications to register. Highschooltutors is another good website where you don't need any qualifications to register. Finally, LearnMate is a tutoring company that you can register with online, provided that your application is approved (again, no tutoring qualifications necessary!). There are probably a few more options available, these are just the ones I can think of rn.
If you've ever felt like starting a YouTube channel, it can be another way to make some extra money. You'll need to reach a certain amount of subscribers before your videos can be monetized, but I think it would be a rly fun way to make some extra cash
A final way I can think of is selling old items. Ebay is very popular for selling preloved items, or you could do a garage sale. This is a loooong post, so shout out to everyone who manages to read the entire thing 
Love these ideas @featuringme! I had never heard of the websites where you can sell designs, that sounds amazing.
I am a big fan of arts and crafts. A few years ago I was really struggling to find enough work to support myself, so I started making jewelry. For a long time it helped me get through and was a great way to make some extra money. I was speaking to someone this week who did something simialr, but had a succulent store and sold succulents out of cool cups and all sorts of quirky items he found in vinnies. If you love art, etsy can also be a great place to sell your work.
Another one I have seen is people with a skill offering classes/events on facebook or other social platforms. Eg: If you are awesome at photography, painting or yoga, then holding classes for those wanting to learn. I've even seen guided hikes and cooking classes near where I live.
Can't wait to hear others thoughts on how to earn extra cash 🙂
Oops, looks like we didn't post yesterday's question! 
Here are yesterday's and today's questions:
Where can we get support if we're struggling with managing our money?
What would you say to someone who is struggling with their finances right now?
After having a gap year when I graduated high school with the intention to work and save I realised how little I knew about saving and earning money! Another year on from this having nearly lived a full year out of home I feel a lot more equipped to give advice on this topic.
Here are some things that really helped me:
1. PRIORITISE- decide where you most like to spend your "spending money". Would you rather eat out? buy a new shirt? or add to a travel fund? Sometimes it's easier to pick one at a time to work towards.
2. When you get you payslip, take out an allocated amount for spending in CASH. Allow yourself to spend this amount, but only this amount, on extras throughout the week/fortnight. Eg- I would take out $150 from my full time earnings each week and that money was spent on time with friends, clothes, morning coffees. The non-essentials. The cash element helps curb the temptation to go over this limit.
3. LEARN. Do some research about money. I am not a finance person but learning about passive income and compounding interest has helped me in being able to maximise the money that I am saving without much extra work at all.
Wow so many great suggestions! I didn't even know that budgeting apps existed I might get a journal and start writing down my weekly spendings so I manage my money better.
Also love the idea of separate bank accounts, also something I'm seriously considering to do!
I think people have already given tons of great tips for budgeting and saving money, not sure if I can think of anything tbh. Just something I personally do, I always try to go for cheaper options if it is possible. I think there is this long-standing myth where more expensive items are considered better quality, but buying cheaper things does not mean you are sacrificing quality. Whenever I shop at Woolies or Coles, I always keep an eye out for deals and usually buy their homebrand products. I also study the unit prices for products to see which option is cheaper 😉
Another tip for uni students - capitalise on your uni discounts! Unis usually have select shops nearby that offer student discounts for a variety of products, so that's another useful way to budget. My uni also offers a few free conselling services, so if you feel the need to reach out but have a limited budget, check if your uni provides some free help
The way that works for me, personally, is having separate bank accounts for different expenses. I have a bills account, savings account, and a splurge account! I have 3 separate cards as well with their purpose written on them on a bright red sticker so I remember what's what I also think it's important to understand that spending a little money to do/buy things that you enjoy is completely okay and even essential! 
I totally do this as well.
I also like to use a budgeting app. They work like wonder because you can log them instantly and it churns out a graph and so visually i know how much money i'm using. i've noticed i've cut down progressively over the months 🙂
@wanderingwasp I love the idea of a budgeting app! I'll have to try it out, what are your favourite ones?
I'm also going to tag some people who may be interested in joining this discussion!
@Jazz12 @clarii3105 @Shazam @Vespertine @Jeiraffe @Spicypumpkin @JasminH @chillspace @buildingforbetterment @wanderingwasp @Mayour @ameliaj @meganjane14 @celestialdreamer @sunnygirl606 @Guitarman97 @jamijam @sapphieandelfie @Abderian @Macaria @Liliann
@featuringme I totally get behind getting the homebrand products instead of the name brand products to save money! It's something I do as well and while you might only be saving a few cents to a dollar here and there, it all adds up! on the topic of grocery shopping, I also find gearing your shopping trip around what's on special is also a great way of saving money. Personally before I do my weekly trip I'll browse through the specials catalogue of the supermarket I'm going to (Coles & Woolies both have their brochures online) to figure out what's on special and then try to fit my meal ideas around that
another thing that can help with saving money - particularly if impulse buying is your kryptonite - is to imagine someone is handing money to you vs giving you the thing you want to buy. Say you're impulsively thinking of buying a pair of jeans for $80. Then imagine someone is offering you $80 in one hand and the pair of jeans in the other - if you'd choose to take the money over the jeans, then you shouldn't buy the jeans. If you'd take the jeans, then you can be more sure you really want it. I hope this makes sense haha!
another thing as well is to buy things secondhand, especially homegoods/furniture etc. saves a lot of money and is way better for the environment!
Do you think it's hard to manage money? Do you struggle with it?
The answer to this really depends on my situation - how much money is coming in but also how I'm feeling. Sometimes if I'm down I'll spend more money/dip into my savings. Usually I don't struggle too much, but I have in the past thats for sure.
What are your top tips for budgeting and saving money?
- Have a goal to work towards
- If you can work out what your weekly income will be for a period of time (a few months is good). Then list every single expense you have - even self care costs, entertainment, eating out etc. Then see how much is left over once you pay for all your costs and you'll see if there's some money there to save.
- Cancel subscriptions/charity payments/expenses that you aren't happy to continue paying - it all adds up!
- Dump any change you have in your wallet into a savings jar as soon as you get home
- Save any amount you can afford - even if it's only $5 a week. It all builds up and helps to build a saving mindset.
- Don't hold on too tight to your savings, enjoy it!! It will help you want to continue saving in the future if you enjoy the benefits of your hard work every so often.
What are some ways we can earn some extra cash?
There are lots of ways!
- Airtasker is my favorite. There are so many ways to make $$ there. From helping people build furniture to making resumes and more.
- Babysitting and dog walking is a good one that people always need. There are sites you can sign up to, or you can kick it old school and put posters up in your local area.
- If you have a random skill like, doing make-up well, writing, coaching/tutoring etc - don't be afraid to put the word out! I started pitching stories/articles to publications and was super surprised when I first got paid to do it
- Upskill! There are always short courses going at TAFE that can help you build your skills real quick and break into new working spaces.
Where can we get support if we're struggling with managing our money?
Struggling with money is so tough and it isn't always easy to ask for help. Know that everyone is entitled to help and that while it can feel yuck asking for help, it is the only way to get by sometimes and that's okay A few tips:
- Always ask your phone/internet companies for extensions/payment plans - try to let them know before the bill is due.
- Electricity and gas bill assistance info here
- Organisations like Anglicare, Salvation Army and St Vincent De Paul all provide financial support to those struggling. These links take your to their help pages.
- AskIzzy is a really helpful website. If you click financial assistance and pop in your postcode it will show all the financial support in your local area.
- Check out the local foodbanks in your area - try getting as much of your groceries done there and spending your money on the extras that you couldn't find.
- If you got to uni check out the support services there and see if there's anything they can do to help you.
What would you say to someone who is struggling with their finances right now?
I would say that you are so strong - living with financial hardship is very tough and it can also be quite a bit of stigma around having this experience. Try not to take on peoples judgement of your situation, have your back and know that it isn't your fault. It does not mean you aren't a hard worker, or that you'll never get through it. From someone who grew up poor and struggled with it a lot in my early years, I promise you things can get better and there are people out there who care
I'd just like to remind everyone that we have a helpful section of articles on the ReachOut website about managing work and money that are totally relevant to this topic. 🙂
Welcome to the GR everyone!
Here's our first question:
Do you think it's hard to manage money? Do you struggle with it?
I'm really lucky that I'm still living with my parents, so I don't have to worry about paying for housing. However, I've got uni fees to cover, so it's still very important to save on my money. Personally, I've become quite stingy recently, but resisting the urge to impulse buy something I really want is still a challenge Of course I occasionally buy things to reward my self, but I need to make sure I don't overdo it. So yes, managing money is definitely a struggle, but I'm very grateful for my current circumstances!
