Fin Ed Coaching has been a dream of mine for the last two years. I am passionate about financial education for children, parents and teachers.

 

Objective of Fin Ed Coaching

The main aim of the Fin Ed is to increase student understanding of money matters that are relevant to them at various stages in their lives in an effort to reduce DEBT and make money work for them.

 

The sooner we start teaching our children to save the better.

- Household debt in Australia has risen over the past three decades from less than 50 per cent of household disposable income to about 150 per cent

- 75 per cent of household debt was held by the upper 40 per cent of income-earners.

 

 

Brief Outline of Course contents

 

Preschool:

- What does money look like?

- Different forms of money

- What is money?

- What money isn’t, learning to distinguish between different forms of money and identifying whether an object is in fact money or something money is used to buy.

- Where does money come from?

- Earning money – ways to earn, chores

- What is work?

- What is money used for?

- Activities that cost money and ones that don’t cost money

- Learn the difference between wants and needs – (the fox needs the fur coat, the lady wants the fur coat)

- Where is money kept?

 

 

 

Primary School:

- Earning money – chores you can do at home or for those around you

- Importance of saving

- How to save and the different places in which you can keep your money to save it.

- Savings and interest – expanding your money!!!

- Understanding of budgeting – how to create a budget for yourself

- Buying on impulse versus going out specifically to buy something – asking yourself do I really need this?

- Awareness of rights and duties in everyday transactions

     - Government rules and regulations

     - Read terms and conditions on parents receipts, for an example clothing

- Understand that when spending you should first consider your income

- Different jobs earn different income, therefore each household will have different budgets for themselves

- House hold income

   FIXED AND VARIABLE EXPENSES

     - Electricity – turn lights off when not in use

     - Food

     - Clothing

     - Mortgage/Rent

     - Petrol for vehicles

     - Bills – phones

     -Savings!!! Surprises, emergencies etc

- Introduce buying on credit and borrowing

- Borrowing – what does it mean?

     - money you have to pay back over an agreed amount of time

     - usually have to pay interest – the longer you take to pay it back the more interest they will charge you

- Saving up and using your own money will be more rewarding that borrowing the money from someone else

- Recognising worth – quality, brands etc

- Sporting fees, uniforms, equipment

- Fundraising – another way to spend your money

 

 

 

High School:

- Financial goals

     - The following may all come into these goals

     - Keep a record of spending and earnings

     - Living within your means

     - Employment, Travel or further studies

- Choosing an account or institution

- Buying online – know and reduce your risks

- Online banking

- Mobile phone

     - Choosing the right payment method and amount – pre paid Vs plan

     - Choosing the server you want

     - How to pay your bill – direct debit or manual

     - Entering a contract if choosing plan – terms and conditions

 

- Paying tax – why? Government contribution

     - Health insurance

- Obtaining a tax file number

- Understanding a payment summary form and completing a tax return

- Superannuation – why we pay it? How much you pay? Choosing the right fund to suit you – making sure you only have one super fund, if not compiling all into the one

- Obtaining an ABN

- Debit cards

- Credit cards

     - Choosing a limit

     - Regular payments

     - Interest

     - Awards points

 

- Applying for centre link

     - Who is entitled to it?

 

- Buying your first car

     - Used cars – risks involved – links to web

     - Insurance – link to web

     - Rego – green slip, pink slip, safety check

     - drivers licence

     - driving lessons

     - changing registration into your name

     - rta check on car

     - nrma vehicle inspection on car

     - ways to pay for it – personal finance etc

          - The right car

          - Can I afford to run and maintain it?

          - Is comprehensive insurance for this model affordable?

          - Will this model hold its value?

          - Is it going to be reliable?

          - Will it seat enough people and carry a big enough load?

          - Does it have sufficient power?

          - Will it do all the jobs required?

          - Am I going to enjoy owning it?

          - Is it safe and environmentally responsible?

          - Lastly and most importantly, am I letting my heart rule my head?

- Rights and responsibilities

     - ACCC

- Moved out of home

     - Rent / Bond

     - Learning your rights as a tenant and also understanding the rights of the landlord

     - Are utilities included in rent?

     - Have things in writing , Co sign lease etc

     - Insurance for your own property, furniture etc

- Investments e.g. shares

- Recognising Scams

 

 

 

 

University:

- Living on campus or relocating to be closer to university is a common occurrence in the first year as a student

     - First month expenses may include:

          - Student fees

          - First month’s rent

          - Text books

          - Furniture

          - Insurance

          - General products for house, linen, cleaning products etc

          - Connection fees for electricity, telephone etc

     - Ongoing expenses

          - Extra tutoring

          - Bills, phone, electricity

          - Groceries

          - Clothes

          - Social events

- Managing HECS

     - What it will mean later when applying for a loan

     - How and when you will have to repay your HECS fees

- AUSTUDY

     - When is Austudy available?

- Travelling

     - Travel insurance

     - Register with smart traveller

     - Travellers cheques

     - Foreign exchange rates

 

Women in Need:

- Why?

     - Statistics show women have less superannuation for retirement compared to men

     - Most men are in charge of accounts and paying bills etc.

     - On average women earn less than men

     - Family households headed by a lone mother are more than six times more abundant than family households headed by a lone father.

- Target:

     - Women who have lost their partner

     - Divorced women

- Content:

     - Paying bills

     - Creating budgets

     - Setting up new accounts

     - Transferring accounts, loans, items into our name

     - Changing your will

     - Child support

 

Overseas migrants relocating to Australia

- Choosing and opening a bank account

- Applying for a tax file number

- Applying for an ABN

- Australian Money Matters and Legislation