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BSB 806 015
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& Hints and tips

How to increase your financial knowledge

A young man sat at a desk with papers and laptop, looking confused

Sometimes, it can feel like everyone knows more about finances than you do. This can be especially true if you’re just starting on the financial-independence-journey after leaving home. There are so many big first purchases and financial considerations to contemplate when you head out into the world – from your first car to utilities bills, savings and investment options, even the purchase of your first home.

When you’ve never done these things before, it can be hard to know where to start. Even if you have done these things, there may some areas of your financial life that you feel could benefit if you just knew a bit more – and that’s fine. Thankfully, there are plenty of free financial resources available, and you can tap into them to educate yourself, make more confident decisions and take ownership of your money, your way. Just be wary of the social media ‘finfluencers’ when looking for information.

Where should you look if you’re keen to sharpen your financial knowledge? There is an abundance of free blogs, websites, podcasts and social pages to choose from, so here are a few ideas for places you can start.

Websites and blogs

Whether you’re interested in learning how to manage your money, grow your wealth or future-proof your finances, there are heaps of websites or blog options. Here’s a few to get you started:

Your Financial Wellness – We’ve recently partnered up with this online tool, to help our customers (and the wider WA community) get financially fit. Use the website to access resources and guides that are designed to assist you on your financial journey and reach your goals.

Money Smart – This government website provides independent, impartial advice and information that covers financial fundamentals. There’s something for everyone, no matter your life stage.

Money Magazine – Covering topics such as everyday banking, EFTs, managed funds and shares, Money Magazine’s website is a wealth of knowledge. Not only is there articles, but there are videos covering a range of topics too.  

Podcasts

Listen in the car, on the bus, at the gym or in bed – the beauty of a podcast is that you can listen wherever, and whenever, you want. Plus, you can go back and listen again if a specific episode interests you. Available to stream or download from all good audio services, these are just some of the pods we’ve been listening to:

My Millennial Money – Hosted by a former financial advisor, this podcast started in 2018. There are interviews and conversations with a wide range of finance experts on a variety of subjects, and there’s even an online community you can join and talk to other listeners.

She’s On The Money – Aimed at women, this podcast has been downloaded more than 30 million times. Listeners can submit questions to be answered or covered in future episodes.

The Australian Finance Podcast – Released every Monday and Friday, this podcast provides actionable hints and tips that you can put into practice immediately. Sign up to the mailing list to get even more free content from the team.

Banks and superfunds

If you’ve ever had a job, you will be a member of at least one superannuation fund. Most super funds offer their members free financial advice and tips via their websites and apps. They also offer great tools to help with daily budgeting, such as financial and insurance calculators, that can help you understand the power of your money.

A couple of great examples of this are:

Another great resource is your bank’s blog or article section of their website, like our very own blog. Our articles provide information covering a variety of finance-related topics, from budgeting tips to home loan information and even articles about our digital banking solutions and scam safety.

Family and friends

Lastly, why not try tapping into the financial life experience of your family and friends? After all, money and finance are something that every adult has to deal with.

If you’re not comfortable talking specifics and numbers, here are some useful topics to get a conversation started:

  • Budgeting and saving tips.
  • The journey to buying their first property.
  • Recommendations for personal finance books, blogs or podcasts.
  • The biggest financial mistake/s they’ve made, or wish they’d done differently.

 

Banking and Credit products issued by Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice is general and does not take into account your objectives, financial situation or needs.

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