Double your money in 10 months.
That’s the promise of Kristiana Darling and she is hoping to be inundated with people who want to turn $500 into $1000.
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Kristiana is driving the Saver Plus program in the Mid Coast area and is looking for people with low household income who can save $12.50 a week for 10 months and want to learn money management skills.
She is passionate about the program, would love to see 1000 people from the region take part and contends “it will add more than money to your life.”
“I don’t know of anywhere that is going to guarantee to double your money in 10 months, that’s also going to give you free financial education and support you along that journey,” Kristiana said.
Saver Plus is the first matched savings program in Australia and around 270 people in the Mid Coast area have taken part in recent years. That’s a comparatively low participation rate, says Kristiana, when you look to statistics from the other 60 areas across Australia. She is keen for that to change and knows the program will make a positive impact on the future financial position of low income families in the Manning Valley, Great Lakes and Gloucester areas.
“Small amounts of money put aside into savings on a consistent basis may not seem like much, but say $12.50 a week, saved every week for 10 months is $500. That’s enough for rego, that’s enough to cover the school camp that the child missed out on last year, that’s enough to be able to cover medical expenses if something pops up and therefore the family is not relying on pay day lenders or Centrelink advance payments,” Kristiana said.
Saver Plus is for parents who have regular income and hold a Centrelink Health Care Card or Pensioner Concession Card – it is also open to people aged over 18 years who are attending or returning to vocational education and hold a Centrelink Health Care Card or Pensioner Concession Card. Money saved and matched dollar-for-dollar is to be used for educational expenses.
Kristiana says 86 per cent of participants since 2004 have been women.
All the research that has been done on micro-finance and assisting people in communities shows that it’s the women that tend to take control of the finances and that when women take control of the finances all the children’s expenses and needs are met.
- Kristiana Darling
The Mid Coast area is one Saver Plus site that is delivering the financial education component of the program online. Kristiana says there are eight Money Minded activities that take 15 minutes each to complete.
“If your parents didn’t show you how to manage a budget and how you can tweak your spending so that you can put it into savings, you’re not going to have those skills.
“Saver Plus is about empowering people to recognise how they can make their budget work for them, so they can meet all of their expenses and teach those skills to their children.”
To find out more call or SMS your postcode to 1300 610 355 or visit www.bsl.org.au/Saver-Plus
