Managing money: a valuable industry visit

Managing money: a valuable industry visit

Managing money: a valuable industry visit

At NOVA Transition, we learn about life skills as well as workplace issues. The Rouse Hill group made an industry visit to Suncorp Bank Parramatta, for a session on managing money throughout life.

First of all, though, we worked out how to get to Parramatta Westfield and what bus we needed to catch. Then the Suncorp Bank did a presentation to teach us about managing our money.

We learned about setting goals and how to tell the difference between needs and wants. For example, you need a drivers licence for your job; you might want a nice car, but you don’t need it for your job.

Budgeting is important to make sure we spend our money on the right things. Some ideas to help us save money were:

  • not eating out too often
  • having coffee at home
  • catching public transport instead of driving.

We might reward ourselves when we reach a savings milestone.

To record what we spent, we were given a diary. Keeping a spending diary helps us to keep track of where our money goes. This is important for financial planning. A pie chart of our yearly spending would show us what we spend our money on. Knowing this helps us to plan for the future. We might be able to find ways to spend less on some things.

We found out about different kinds of bank accounts for saving money; and different kinds of loans – like mortgage loans, personal loans and business loans. We also talked about the pros and cons of getting a loan compared with paying outright when we buy.

Suncorp’s website had lots of information about the company. It is one of the top 20 ASX-listed companies. Suncorp partners with many community-based organisations, for example Youngcare, a not-for-profit organisation that looks after youths with high care needs, such as an acquired brain injury from a car crash.

Rouse Hill NOVA Transition

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