Budgeting Online Course May Help Aussies Take Control of Their Finances

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Many people face difficulties when it comes to managing their finances. Moreover, the majority relies on the age-old budgeting equation and hopes there is leftover that they can put towards savings. However, an online course may help young and old Australians manage their budgets and make it work for them.

Research shows that more than 70 per cent of young people learn or get advice on money management from their parents. Furthermore, among the 70 per cent, only 28 per cent can confidently say they gained adequate knowledge from their parents.

Paridhi Jain, a contributing journalist at SMH, founded SkilledSmart. SkilledSmart is a financial education platform that targets adults to become financially confident. The platform also provides practical money management strategies, including saving and investing.

Jain noted that “people who struggle to save money may see saving money as a bit of a chore. They might feel like it’s stressful, burdensome, boring, and restrictive. They may think they must stick to a budget, which can feel suffocating.” She added that this mindset creates conflict as many people often see saving money and enjoying life on opposite ends of the pole.

That is why the Mastering Money course of SkilledSmart was created. Jain added, “we talk about improving financial literacy in schools, and that might be a great thing to do, but it’s only a partial solution. Financial literacy begins at home, so if we want to raise financially successful children, we need to educate parents financially. I see this regularly among our students, many of whom are parents.”

The course helps enrollees learn how to make money work for them, teaching them practical applications of saving and breaking down the stigma that investing is complex and complicated. SkilledSmart starts by helping its students understand their relationship with money, breaking the notion that saving more means giving up on things they enjoy.

Another practical lesson the course offers is that it helps people understand how much money is going where. Usually, people need a better idea of the expenses they are incurring. Lastly, it allows people to create better systems to help them progress.

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