![]() ![]() If in doubt, compare prices and what policies cover – otherwise you will overpay.Īdditional information: Banqer has some helpful pick-a-path insurance examples that reinforce what we've said above. In the future, if you need insurance, our insurance guides cover every possible insurance imaginable, so you can compare and be fully informed that what you’re buying is what you need.Can I afford to pay for the worst-case scenario? For example, if your phone costs $300 and a phone insurance policy costs $300 a year, you will want to consider if it’s worth it even to buy the policy. Before you buy, ask yourself, what is the risk? This is the most important thing to consider. Don’t be pushed into buying insurance ever.If your mum or dad owns the house you live in, they will almost certainly have a house insurance policy to cover their investment if something bad happens. Insurance is necessary to protect risks – your parents will likely have one or two insurance policies, and they’ll either pay for them fortnightly, monthly or annually.Ask yourself - do you want to have to rush to find a job, which turns out to be scrubbing floors in a prison 50 hours a week, because you spent $3,000 on clothes and a phone, and didn't save anything from your wages even though you worked for five years straight? Presumably, the answer is NO.You may have to take any job, even if it’s not what you want, and it might not pay as much. Bills need to be paid, and you have to work to eat. If you have no savings and a bit of debt owed to banks, your options are limited.With money saved, you don’t need to rush to find a new job that you might not like – instead, you can choose carefully and wait for the right opportunity.If you have no savings and owe money, life is tough.You have $7,000 in a savings account, $1,000 in your bank account a $500 credit card debt.You have no savings, $50 in your bank account and owe $3,000 on a credit card.Imagine this: you're 25 and, without warning, the company you work for closes down suddenly. Why? Because you can save, and having savings gives you choices and freedom. The most important lesson in life is simple – spend less than you earn and you’ll generally be fine. And best of all, we’ve done our very best to make it as engaging as we can. We cover what we consider to be the core foundations of financial education. ![]() We’ve put this guide together for one reason – to give you the tools and information so you can develop a great relationship with money. Eventually, the long-term debt created to meet short-term needs hits a brick wall, and bad things happen. The alternative, spending more than you earn, is, in no uncertain terms, a recipe for disaster. You can save, buy a property and enjoy things that you value. In a nutshell, we wholeheartedly believe in the following principle:Ĭreating a life within your means is incredibly important. However, 2020 changed how people behave forever – knowing how to manage your money and saving for a rainy day is now essential to functioning as an adult. In a pre-COVID-19 world, no one thought much about getting into debt because everyone else was doing it. Download this guide in PDF format, ready to print and shareĮvery year, tens of thousands of children leave school and go into the world. ![]()
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