< back to Becoming an Adult

There are fees to pay, books to buy.

Studying can put extra pressure on your budget.

Living out of home can be a financial challenge.

Taxes and investments can be confusing.

Here are the basics to help you learn important money management skills.

Saving money

The money you have saved is called ‘savings’. There are many good reasons to save money.

What is 'saving money'?

Saving money means either:

  • Not spending money OR
  • Spending less money OR
  • Money amount left after spending
Reasons to save money

People in Australia may save money for a short term goal, long term goal or for emergencies. Below are reasons that people save money for:

  • Education (books, transport, internet, computer, pens)
  • Buy a house
  • Buy a car
  • Holiday in Australia or overseas
  • Emergency fund
  • New computer, TV or phone
  • Wedding
  • Family
  • In case you can’t find a job

Click here to learn more about how Australians save money.

Links and more information

A budget helps you find out how you are spending your money and how much money you are saving. Budgeting is a money saving tool, it can help you find out how to save more money.

Budget Planner – find out how you are spending money

Youth Central – Budgeting

Youth Central – Planning for the Future


Every time you work and earn money, you will have to pay tax. If you earn a small amount of money, you will pay a small amount of tax. If you earn large amounts of money, then you have to pay more tax.

Here are some links to help you understand more about paying tax:

Money Smart – Starting work

Money Smart – Income Tax

Youth Central – Tax

Housing and Accommodation

Housing and accommodation is an important area of life: it is a place for you to sleep, cook, clean, study and live.

There are many different resources available on renting, sharehousing, buying a property and what to do if you can’t find a place to live (homelessness).

Good Universities Guide – Student Accommodation

Housing – Victorian Government (Crisis Accommodation, Community Housing, etc)

Youth Central – Housing & Accommodation

Youth Central – Student Accommodation


Investment is increasing the amount of money for you to use in the future. Some people in Australia choose to invest to make more money. Investments can include: stocks, property, businesses, banks and more.

Here are websites that can help you understand the basics of investing:

Money Smart – Investing

Money Management

Invest in Victoria

Youth Central – Managing Money

Financial Services

Need help to understand more about money management? You can contact any of these services:

Financial Ombudsman Service (FOS) – produced by Vicdeaf

Do you have a question?

Or do you want to improve this page?

Send us a message!