Financial assistance for school costs

The Smith Family's Saver Plus program is offering local families financial education and a subsidised savings plan to help manage educational costs.

The program assists families to pay for school books, uniforms, computers, stationery and excursion costs by matching their savings dollar by dollar up to the amount of $500.

Local mum Ms Karen Cormie is one Peninsula resident taking advantage of Saver Plus after she found herself in financial stress when moving to Woy Woy three-and-a-half years ago.

She came across Saver Plus at the perfect time, as her superannuation had run out and she had "hit skids".

Ms Cormie, who works four days per week, said she had expectations of the program to help her save additional money for school excursions and to take control of her own finances.

"A friend who was in the Saver Plus program told me all about it and, as it has turned out, I have actually completed the program before she has," Ms Cormie said.

"I had mixed feelings when I started.

"I was excited and nervous, because I wasn't sure what to expect and wasn't sure how much of my personal life I would have to lay on the line.

"But this was handled really well at the MoneyMinded workshops and hearing from past participants gave me a better perspective of how the program had helped someone else and how it could help me."

When Ms Cormie commenced Saver Plus she decided to allocate money to each of her four children - aged four, eight, 11 and 15 years, for stationary, school uniforms, new lunchboxes and school bags.

After just 10 months, saving $100 a month, Ms Cormie has recently received her matched funding of $1000.

She said although she had tried savings strategies before, including direct debit to another account, she never felt she was getting anywhere.

"The four sessions with Geoff (Ms Cormie's Saver Plus project worker) made me think about where my money was leaking out," Ms Cormie said.

"I knew what the big spends were, but I wasn't keeping an eye on the other amounts coming out of my account.

"I have definitely changed my spending habits and now I'm conscious of where all my money is going.

"Saver Plus has made me more confident with money and with my ability to control it."

Since starting the program, Ms Cormie has got rid of her credit card and a store card and she now feels more in control of her own finances.

She has now set her sights on saving for a new car.

"It wasn't until I started this course that I realised I needed to buy a new car instead of paying for all of the repairs on the old one, like I had been doing," Ms Cormie said.

Saver Plus project worker Ms Nang Martin said getting kids back to school at the start of each year didn't have to be so financially tough.

She said many families found it difficult to afford back-to-school costs particularly after an expensive holiday period.

"Saver Plus prepares families by encouraging them to save small amounts of money throughout the year using simple techniques such as budgets, spending diaries and prompting people to consider 'needs' versus 'wants'," Ms Martin said.

"By the end of the year participants often feel they are more in control of their spending and are motivated to save on a regular basis."

The program was developed by Brotherhood of St Laurence and ANZ Bank.

Families interested in applying to join Saver Plus can visit www.thesmithfamily.com.au or phone 6283 7606.

Press release, 28 Jan 2010 Caitlin Juster, Saver Plus