With six children to care for, it gets difficult for the Leedham family to put away any extra dollars for a rainy day.
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Thanks to a financial education program called Saver Plus, the Gillieston Heights family has managed to give their finances a boost.
Saver Plus assists people on lower incomes to develop savings by matching their money dollar-for-dollar, up to $500.
It was developed by the ANZ and the Brotherhood of St Laurence and is delivered in partnership with organisations such as The Smith Family.
Sarah Leedham and Mitchell Hayne have thousands put away in the bank thanks to the program, but it was not always this easy to save.
“I used to spend every cent,” Mrs Leedham said.
“Money burnt a hole in my pocket, so starting off saving was the hardest.”
With six children between the ages of three and 12 the family applied to Saver Plus in the hope of putting away enough money to buy a computer.
“Our eldest was going to high school and started wanting to do things on the computer and the internet,” she said.
“We would never have been able to afford the laptop without this help.”
At first the couple started to put away $10 per week, but it was too easy to spend the money so they decided to lock the cash away in a bank account.
“It was really, really easy,” she said.
“I really didn’t think I would be able to save, but it taught me to.
“Now the kids even have money boxes. We are teaching them to save.”
The program has reopened to participants in the Hunter and Mrs Leedham has encouraged people to apply.
“Now that we’re recruiting again, Saver Plus will continue to make a positive difference by building
participants’ money management skills,” Cynthia Culhane from The Smith Family said.
“Participants have saved over $375,000 and have used their matched savings to help pay for educational expenses.”
People interested in applying for Saver Plus can contact 1300 610 355 or saverplus@bsl.org.au.
Eligibility criteria
To be eligible to join Saver Plus participants need to:
- Be at least 18 years old
- Hold a Health Care or Pensioner Concession card
- Have some form of regular income from work
- Be a parent or guardian of a child at school, or attend vocational education.