careernav.

By Careernav

Over the years, I've tried to teach my kids the basics about being good human beings, knowing right from wrong and always do the right thing. Financially I told them, it’s all about living within their means, safeguarding their financial information and understanding that just because people have a lot of things doesn't mean they're rich. There is ‘financial rich’ and ‘human asset rich’. Not having had the former, I have taught the latter.

Some lessons have stuck. They know if something sounds too good to be true, it's probably a scam. But there are so many things students should know that they may never learn at home or school. So here are 11 essential tips on money management for senior secondary and tertiary students starting with the best piece of career advice of all.

1.    Get a part time job

No matter how humble or modest it is, a part time job plays a vital role in your life. The type of job is irrelevant and the pay can be ordinary but because you’re not wedded to it for life, it is simply a means to an end. 

A part time job:

• Gives you financial independence
• Signals to your parents you’re financially responsible and growing up  
• Gives you the flexibility to save, indulge or spend
• Boosts your self esteem and gives you a more balanced perspective on life
• Teaches you first hand experience of relationship management skills with your supervisor, fellow workers and customers
• Most of all a part time job starts your money management program:
  • You earn income, pay tax and start contributing to superannuation.
  • You can apply for a modest loan 
  • Helps you establish a credit rating 
  • You submit a tax return 
  • You learn about living within your means

So, finding a regular source of income, even a couple of shifts a week, will help lift your financial situation from dire straits to somewhat bearable. It can also improve your chances of getting Government assistance, since you have to be actively job-seeking or working to be eligible for particular allowances.

There is a good blog on the Top 5 jobs titled ‘Career Advice - Top 5 jobs whilst at university’ on the Careernav website. Click here to check it out.

2.    Government Allowances

There are a number of assistance schemes provided by the State and Federal Governments to help you financially while undertaking study or training, or if you are unemployed.
The various types of assistance schemes offered by Centrelink are:

Youth Allowance – You must be a full-time student, and aged between 16-24 years.

• Austudy – You must be a full-time student, and aged over 25.
• ABSTUDY – You must be an Indigenous person, and studying either full-time or part-time at secondary or tertiary level. 
• Assistance for Isolated Children Scheme –You and your family must live too far away from an appropriate government school for you to attend.
• Low Income Health Care Card 

Go to www.centrelink.gov.au , then click on ‘Individuals’, then ‘Studying or Training’ and see if you qualify for any of the Government Allowances. Information on the low income health care card can be found by clicking on the ‘a-z index’ then click on ‘H’ then ‘Health Care Cards - Low Income’.

Financial assistance is available to help you pay for your tertiary education. When applying for your course, also apply for a Higher Education Loan Programme (HELP), which is available to all students enrolled in Commonwealth supported places. For students who are enrolled in non-Commonwealth supported places, FEE-HELP is available, which also enables you to defer payment.  If you attend University you will begin to accumulate a HELP debt on every subject you take. If you fail the subject and have to redo it, you incur a HELP debt again.