MoneySmart Financial Literacy For Educators The beginning of the new financial year can be good time to take stock of your financial situation and reassess your money goals. As part ASIC’s MoneySmart Teaching and Learning program, we are focused on building the financial capabilities of teachers. Improving the financial health of teachers promotes personal wellbeing that will have a positive impact in the classroom. Take a look at the stories of three teachers at different life stages and the steps they took to achieve their financial goals.
Mark
Donna
Meenah
On HECS – “When I completed my university course, I had roughly $20,000 HECS debt. The most important thing with HECS is understand your responsibilities around repaying it and keep up to date with your balance and any changes to the system.”
Dealing with credit card debt – “I use to have three credit cards and would use one credit card to pay off bits of the others and barely make minimum payments. About two years ago I realised this had to stop. The main thing I’ve done to get myself under control is a budget and then sticking to that budget.”
Financial retirement – “For the last 10 years I’ve been making additional contributions to my superannuation. I was very surprised to see the growth that occurred in that time.”
Buying your first car - “When I was 18 I got my first car and decided against getting a loan. I spent $2000 for it and I think that saved me a lot of money in the long run.”
Know your money limits – “Set a spending limit, so every week my limit is $100. That’s it, after I pay all my bills and pay all the debt, $100 a week is what I have. If I want to go to the movies, if I want to eat out, that’s all I’ve got and once that’s gone, I don’t spend any more.”
Mark is a graduate teacher facing some financial firsts.
Tips for graduate teachers “Think ahead and set goals. Are you just getting a job to live, or are you getting a job for setting yourself up for the future?”
Donna is an established teacher managing credit card debt
Keep your debts under control – “Live within your means, never spend anything you don’t have and always keep a fund for a rainy day.”
Meenah is an experienced teacher considering retirement
The emotional side of retirement – “I’ve been taking steps over the last 6 months or so to prepare myself more emotionally really rather than financially. That’s been a longer process.” Retire ready – “It is never too late to start putting away money for your retirement - obviously the earlier the better. Whether you do this can decide whether you’re going to retire comfortably at 55, 60, or if you’re going to have to consider working until you’re 75.”
For more information, search for ‘Financial Health for Teachers’ online or contact us at moneysmartteaching@asic.gov.au
MoneySmart tools and calculators Search for ‘MoneySmart’ and any of these key words online to use these resources. Financial health for teachers – a personal learning program developed in partnership with Scott Pape, the ‘Barefoot Investor’. MoneySmart Cars - work out the real cost of buying and running a car with our new app
FREE TQI ACCREDITED PD Learn more about being MoneySmart Online or as a face-to-face workshop, it’s easy to learn more about incorporating consumer and financial literacy into your classroom and fulfill your teacher registrations and renewal and PD requirements at the same time.
Credit card calculator - find out how much you can save by paying off your credit card faster
Find the online module here: www.moneysmart.gov. au/teaching/professional-development/workshopsand-online-learning
Retirement planner - work out how you can boost your retirement income by taking action now
To arrange a face-to-face workshop or for more information contact: moneysmartteaching@asic.gov.au
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ACT Educator Magazine / AEU ACT Branch