An approved money management course is a course identified by the Department of Families, Housing, Community Services and Indigenous Affairs [FaHCSIA] as containing topics including budgeting, money planning, savings and spending, goal setting, an introduction to banking, credit and credit cards, debt, the cost of credit, money loans and consumer rights and responsibilities.
All courses will undergo an assessment process within FaHCSIA to determine if they meet the course characteristics and delivery requirements.
Approved money management courses help participants to develop an understanding of how to manage their money, plan for the future, and find out what financial services are available to them.
Completion of an approved money management course is one of the eligibility requirements for the Matched Savings Payment.
Approved money management courses are offered primarily by FaHCSIA funded money management services, but are also offered by Commonwealth Financial Counselling services, Emergency Relief services and some non-FaHCSIA funded organisations.
Approved money management courses are delivered in small groups or one-on-one through face-to-face sessions. Pre-course material is provided to participants when they register for a course to enable them to understand the course they will be participating in and start preparing a basic budget.
Approved money management courses must include pre-reading materials and a minimum of six hours of face-to-face education.
Approved money management courses are available to participants free of charge.
There are 10 subject areas covered during an approved money management course:
- Money Planning [money decisions and prioritising]
- Savings and Spending [spending leaks, shopping tips, needs versus wants]
- Goal setting
- Introduction to banking [opening accounts, account types, different ways to pay, fees]
- Credit and credit cards
- What is debt?
- The cost of credit
- Money Loans
- Consumer rights and responsibilities
These subject areas are based on the Financial Literacy Competency Standards from the Financial Services Training Package [FNS04]. People participating in compulsory income management have priority access to approved money management courses delivered by FaHCSIA funded money management and Commonwealth Financial Counselling services.
The information contained in this publication is intended only as a guide. The information is accurate as at August 2010. If you use this publication after, please check with FaHCSIA that it is correct.