Whether you’re pretty good with money or you manage it on a wing and a prayer, there is always room to learn more.
Luckily, we have a host of free, online resources at our fingertips. It is just a matter of knowing where to look and what to trust.
To help with your learning process, we’ve listed seven online resources to teach you about managing your money
MONEYSMART
For anyone who has ever felt stressed or overwhelmed by money issues (about 1 in 3 Australians), Moneysmart has you covered.
Moneysmart is a government website powered by the Australian Securities and Investments Commission (ASIC). It provides tools, resources and free financial counselling to help people of all ages and backgrounds control their finances and make informed decisions about money.
Their website covers a wide range of topics: banking and budgeting, loans, credit and debt, investing and planning, super and retirement, and insurance.
Whatever your situation, whether you’re saving up down payment for a house, looking to reduce debt or preparing for retirement, Moneysmart can help.
INVESTOPEDIA
Investopedia is a like a Wikipedia for business and personal finance.
It was founded in 1999 with the goal of simplifying financial information and empowering readers to build a financially secure life. The website provides financial news, original studies, research, data analysis and fact-checked educational content to over 44 million monthly readers.
Their Financial Literacy page has everything you need to get started if you are learning about money management and investing for the first time. The easy-to-understand guide starts with personal finance basics (bank accounts, credit cards, budgeting) and ends with saving and investing, including how to choose safe investments in the stock market.
BAREFOOT INVESTOR
If you’re a single parent who loves reading personal finance books, you’ve probably heard of the Barefoot Investor by Scott Pape.
The self-described “country bloke from the bush” has worked with schools, big companies, sports teams, the government and individuals (including struggling single parents) and is now a not-for-profit financial counsellor helping people take control of their money.
Scott’s website is filled with projects he’s currently working on, like the Money Movement Manifesto that introduces financial literacy to students and teachers as early as primary school. It’s a great resource if you want your kids to build great money habits and learn the importance of working, saving, and giving.
SERVICES AUSTRALIA
Services Australia is a brilliant resource for single parents.
It’s the government portal for services like MyGov, Centrelink and other social support services. Besides information on Centrelink payments, debts and overpayments, you can find Medicare and Child Support information, like how to find out if you are eligible for coverage, how to claim, and get help with child support arrangements.
If you’re looking to improve your financial literacy, the website also has tools and resources to help manage your finances during your lifetime. Because let’s face it, our financial situation will change in the course of our life, and we need tools to navigate these changes.
Services Australia provides practical guidance on money management, debt management, budgeting, and savings and investment.
FDIC (MONEY SMART FOR ADULTS)
Educating yourself about personal finance can be boring and tedious, but the FDIC website manages to make it almost fun.
The Federal Deposit Insurance Corporation (FDIC) is an independent government agency that insures deposits and serves as a watchdog for financial institutions in the U.S., among other things.
Their website is also an excellent resource if you want to learn more about money management but hate complex, jargon-filled personal finance guides. Their Money Smart for Adults is presented like a game that even a child can follow and understand. Learn about the basics (budgeting, borrowing, credit reports) and more advanced topics like making housing decisions and disaster preparation and recovery.
REACHOUT
ReachOut is the one of the top mental health services providers for young people and their parents in Australia.
If you are a young single parent stressed about money and don’t have time to scour the web for information, head to their Money Stuff page for practical tips and guidance.
They’ve gathered the best articles and tools on the web to help you with money stuff, from budgeting to renting to taxes. The articles are short (takes a few minutes to read) and easy to understand.
And, if you need more help or you’re worried about something and need someone to talk to, you can always book a free chat with a ReachOut mental health worker through their website.
AUSTRALIAN FINANCIAL SECURITY AUTHORITY
If you’re in dire straits and struggling to pay your debts, you can find a wealth of helpful information and practical advice on the Australian Financial Security Authority (AFSA) Insolvency page.
The AFSA enforces bankruptcy and personal property securities laws through their services, ranging from personal insolvency to personal property securities services.
They can help you deal with issues like bankruptcy, debt agreements and more through online services, referrals and step-by-step debt management guides. Learn how to manage your debt, understand your rights and options and find urgent help if needed. If you are currently bankrupt for example, you can update your details and request permission to travel.
