Money stress, your teenager and your family

[Janine-RO]

It's been a tough few years for a lot of families, and with cost of living expenses continuing to rise, financial pressures are definitely something that can add a lot of stress to family life. 

We recently created a guide with MoneySmart  for our online community for young people, and thought that it would be relevant to a lot of parents and carers here too. 

Talking about your financial situation isn’t always easy, but this is a safe space to open up about what you’re going through. Before we get into this guide we’d like to acknowledge that there might be some members of our community who are in a financial crisis and need more support.

If it’s a struggle to afford groceries, medication, transport or bills there is help available: 

• Disaster Assist provides support to people experiencing money stress due to a disaster such as covid , bushfires or floods. 
• Find where to get some help with food, transport, medication and bills by searching for emergency relief.
• Ask Izzy is a search engine that will show you emergency relief available in your area - click the Money help or Food button and follow the prompts. 
• My Community Directory also shows you local community centres that provide relief. 
• If you're feeling overwhelmed by debt, financial counsellors can be a great resource- you can call the National Debt Helpline — 1800 007 007, or find a financial counsellor in your area here

This guide is brought to you by our friends at MoneySmart, and we hope these tips give you some practical tools to cope with money stress.

My name is Heidi, I work at the Australian Securities and Investments Commission (ASIC) 

Moneysmart is a free and independent site that provides up-to-date and relevant financial information, designed to be a starting point for people when making financial decisions. 

Managing your money can be stressful at times, but not paying attention to your money can make matters worse. If you or someone you know is struggling with finances, here are some steps you can take:

• Get to know your money Moneysmart’s Budget planner can help you see how much money you have coming in, how much you’re spending and where you could cut back.

• Make yourself a money plan Taking control of your money can feel really empowering. Get into the habit of tending to your finances regularly, making sure you have enough to cover bills and unexpected costs. You might be able to set aside some money for savings every week or pay down a regular portion of your debts if you have them. Download our step-by-step guide Managing your money.

• Get help if you need it  Speaking to a financial counsellor is free and confidential and can help you sort through your money challenges The earlier you seek help and get back on track, the better. The National Debt Helpline 1800 007 007 is open from 9.30am to 4.30pm, Monday to Friday or you can find a financial counsellor on Moneysmart.
• Find out if you're eligible for assistance This page from MoneySmart has a great list of resources for you to check, to see if you and your family are eligible for any regular support, one off payments, or government funded programs that offer low-interest loans and savings plans. 

• Talk about money with someone you trust Just like mental health, there can be a lot of stigma and shame around challenges with money. Talking about the challenges you face with the trusted people in your life can be a great support. You can call Beyond Blue on 1300 22 4636 or Lifeline on 13 11 14 for immediate support

• Parents coaching: If your family's under a lot of stress and you feel like you could use some support, our One to One support service for parents and carers could also be helpful- you can find out more about that here

We've also got some great resources on our parents page on helping parents to talk to their teenagers about financial pressure, and coping with financial stress: 

Teaching your teens good money habits

Talking to a teenager about money issues

Dealing with financial stress

We'd love to hear from you- how does financial stress affect your family? Are there any strategies you've found helpful? 

I

[koldobrew]

Thanks for sharing this valuable information, Heidi! Financial stress can indeed be a significant challenge for many families, especially in today's economic climate. It's great to see resources like MoneySmart offering support and guidance.