Dollarsmart is a money guide for teens with information about setting goals and budgeting with examples. They talk about the 3 Rs of money:
1. Be realistic - unless you inherit a fortune, you are likely to have a limited amount of money 2. Be responsible - don't waste your money 3. Show restraint - you can't buy everything you want (or you'll end up in a lot of debt). You can find the document at www.beachsidefinancial.com.au.
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If your bank balance is constantly at $0 and you're constantly asking your parents for money and scabbing off your friends, perhaps it's time to do a budget. It's very helpful to write down what you spend you money on each week and see if there are any areas you could cut out or reduce. There are several good apps that are free. Here are some recommendations:
1. Wally - helps you understand where your money goes, you can set financial goals. 2. Daily Budget - allows you to set a daily budget and create wishes for large purchases. 3. Quick Money Recorder - simple to use, helps keep track of your what you spend your money on. 4. Toshl Finance - this award winning app helps you manage your money. If you are aged 16-24 and are either looking for work or are undertaking an approved activity or course you may be eligible for Youth Allowance. Find out more here. Credit Card debt is no laughing matter. Find out more information at www.moneysmart.gov.au including on how to get help if you are in debt.
If you're not sure if you have to lodge a tax return you can check out the Australian Taxation Office Do I Need to Lodge a Tax Return tool (note: you may need a parent to help you understand some of the questions). According to the MoneySmart website you only need to lodge a tax return if you have earned over $18,200 (tax free threshold) from July 1, 2015 to June 30, 2016 (financial year). Alternatively, if you have earned less that $18,200 but have still been taxed you can lodge a tax return and get a tax refund. Your employer should give you a payment summary to show how much income you have earned in the financial year and how much tax you have paid. The Australian Taxation Office also has information on lodging your first tax return.
If you are planning to get a job you need to have a Tax File Number. Many high schools guide students through this process at school. But if you don't have one yet you can download the application form at the ATO website. You can then make an appointment at Australia Post or Centrelink for an interview. You must take in your proof of ID. Check out the ATO website for more information.
It can be really confusing trying to find a mobile plan that right for you. Check out the www.moneysmart.gov.au website for more information. The www.finder.com.au website allows you to enter the amount of texts, calls and data you need and compares mobile phone plans from 36 providers.
Buying your first car is quite a big investment and can be a big risk. Check out this article from the Commonwealth Bank website on buying your first car.
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