Bernadice
Sending a child to school is expensive when you factor in the price of uniforms, books, equipment and camps. Bernadice, 42, has five children, four of them at school, so her family’s education costs are particularly high.
To help meet these costs, Bernadice joined the Brotherhood’s Saver Plus program, which is run in partnership with ANZ. Saver Plus helps low-income families develop a savings habit by providing support and education as they work towards their savings goal, and then matching their savings, dollar for dollar, up to a set amount. Participants then spend their ‘matched savings’ on their own or their children’s education.
Bernadice says that prior to joining the program she would rarely save anything. ‘There wasn’t a lot I would save, maybe only $5 a week, probably even less.
As part of the program, Bernadice attended the Brotherhood’s MoneyMinded financial literacy workshops, where she learned money management and savings skills.
‘It was really good. We were taught about ways to save money around the house, even with regards to cooking, such as having lids on pots [in order to lower energy costs].’
Saver Plus provided Bernadice with the motivation, knowledge and incentive she needed to set aside $70 per month and to reach her savings goal of $1000 in less than 15 months.
‘You have to put that money aside each month, and for us being on a Health Care Card, sometimes it was difficult, but we did it, and it was good. It made you feel like you achieved something.’
Upon proof of reaching her savings goal, Bernadice was rewarded with a $1000 cheque from ANZ. With $2000, she was able to buy a new laptop for her eldest daughter to use for school, as well as textbooks, uniforms and other education-related items for the rest of her family.
Since participating in Saver Plus, Bernadice feels more confident to save independently.
‘It does teach you about saving and how you can get what you want without using a credit card’, she says.
Note: To allow Saver Plus to reach many more people, the program’s rules were amended in 2009 so that the maximum amount matched is $500. Bernadice completed the program before this change.