Queensland Government
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Economic independence and financial security for women

Economic independence and financial security is an important goal for Queensland women. 

It’s about securing a steady job and income, being in control of household expenses and credit card debt, providing for your own or your children’s education, or planning for a comfortable retirement.  It’s about being able to put food on the table, pay the bills, mortgage or rent, and being self sufficient. For some women it means being able to break free from an unhealthy and controlling relationship.  It’s about being able to cope financially at times of personal crisis or changed circumstances. 

This website contains some simple suggestions as well as links to where you can find further information and assistance.

Table of contents:

Saving

Start saving today

It might be for a child’s education, a deposit on a home or vehicle, a much-needed holiday or a safety net for a rainy day

Make saving a priority and stick to it.

  • Start by setting a realistic savings goal and timeframe.
  • Pay yourself first – choose an affordable amount and treat your savings deposit like a regular bill.
  • Open a dedicated savings account - one that earns interest and is separate from the one you use to pay bills.
  • Look for savings accounts with low fees and a high interest rate (around 5% is good) that doesn’t decrease after a brief ‘honeymoon period’.
  • Accounts with compound interest will earn interest on your deposits, as well as interest on the interest.
  • If you have a partner, make sure you talk about your savings goals together. It’s often a good idea to keep some separate savings of your own.
  • It’s never too early to learn healthy saving habits - start a savings program for your children.
  • Always read the fine print - some accounts charge fees, require a minimum balance, regular deposits or a linked transaction account.
  • Many savings accounts are designed to help you save by limiting your access to your money.
  • Ask for a Product Disclosure Statement or PDS - this will outline the features, benefits, costs and risks associated with the product. Make sure you understand it fully or ask for help.

These sites can offer tips on saving and account comparison information:

Budgeting

Money concerns can cause a lot of stress. Creating and sticking to a budget is one way to get some relief.  

  • If you have a partner, start by talking about your financial situation and agree to develop a budget together.
  • Track your current spending for one month.  You need to know where your money is going and identify where you can make positive changes.
  • A budget spreadsheet is a great way to keep track of your expenses.  Or you can monitor spending by collecting receipts, jotting on a notepad or using a smartphone app – remember to record everything.
  • Don’t get discouraged if you slip up a bit in the beginning.  Learning to operate on a budget can be tricky and is a skill that gets easier with practice.
  • There are free financial counsellors available to help you develop a budget if you need some assistance getting yours set up.
  • Life changes, such as having a baby, losing a job or retiring, can create the need to review and change how you spend your money.

Visit these sites for budget templates, helpful tips and practical tools:

If you experience any major changes in income or expenditure, now or in the future, you can seek free financial counselling to help update your budget:

Credit Cards

Australians currently owe $49.4 billion in credit card debt, with the average Australian owing $3,300 per card.

  • Consider whether you need a credit card at all.  Debit cards can provide the convenience of paying with a card but using your own money.
  • If you do need a credit card, research, compare and choose very carefully.
  • Beware of ‘honeymoon’ rates.  Some cards offer low introductory interest rates or waive fees to entice you in, and then charge more after 3 to 12 months.
  • Cash back and rewards programs can usually end up costing more than they are worth.  
  • Don’t assume that because you’re approved for a credit card, that you can afford it.
  • Aim to pay the balance in full every month or at least more than the minimum payment.  If you can afford to pay the minimum only, you probably should not have a credit card.
  • Avoid cash advances from your credit account as it usually attracts a higher interest rate and no interest-free period.
  • Protect your personal and financial information online by securing your computer, choosing unique passwords, recognising scams and more.  Visit the Australian Government Stay Smart Online website for plenty of practical tips.
  • Tell your credit card providers whenever you’re travelling overseas so that they don’t find your foreign currency purchases suspicious.
  • Always check your statements carefully and contact your credit provider immediately if you find any transactions you didn’t make.
  • Think carefully before agreeing to go guarantor or get secondary or ‘shared’ credit cards with a friend, partner or family member.  You could end up legally responsible for the entire debt if the other person defaults or the relationship breaks down.
  • Do you know what your credit record looks like? You can obtain a free copy of your credit file by contacting Veda Advantage or Dun and Bradstreet.

Learn more about credit cards and visit these informative sites:

Spending


It seems like there is always something to buy… so it’s important to look for ways to cut costs wherever you can.

  • Look for spending ‘leaks’ and think of practical ways to plug them.  Instead of buying a $5 cappuccino every day from the coffee shop consider making your own.
  • Track when your bills are due and aim to pay them on time as late fees can be substantial.
  • Online shopping may be convenient but comes with a certain level of risk so arm yourself against potential pitfalls by visiting the Australian Competition and Consumer Commission (ACCC) website for safe internet shopping advice.
  • Keep all your receipts and return goods that you know you won’t use or don’t fit.  Many stores will take items back even without a receipt. It’s important to know your rights when it comes to returning goods.
  • Be on the look out for savvy saving tips.  There are some excellent websites available, full of creative ideas to help you stretch your shopping budget.
  • Mobile phone contracts can be lengthy and difficult to decipher so don’t sign on the spot.  Take it away with you and get some advice to make sure you’re not missing anything important.
  • Car dealerships usually charge higher interest than bank loans so explore all your options before you buy.
  • Avoid pay day loans; if you can’t make the repayments, the interest can be crippling.
  • Know your rights as a consumer and download BuySmart Qld - the Queensland Government Office of Fair Trading’s free app for iPhone and android mobile devices.  Learn about and track your warranties, lay-bys, receipts, online shopping and much more.

Learn more about savings, helpful budget tips, consumer rights and more, visit:

Employment and earning capacity


You can influence how much money you make.  By up-skilling or showcasing the skills you already have, you could add a bit more to your pay packet.

  • Formal qualifications are the best way to boost your earnings – these can be obtained via training sessions, online courses, certificates, diplomas, or tertiary degrees.
  • Experience is also a key - consider all your past experience when applying for a job including caring roles, volunteer work, etc, and volunteer for projects at work.  The more on-the-job experience you have, the more you might earn.
  • Your CV says it all and is your foot in the door. Research reputable websites (such as Seek, CareerOne and MyCareer) or talk to a trusted friend about polishing your resume.
  • Stay informed: knowledge is power.  The more you know about your field of work, the better.  Keep up with changing technology and industry trends through publications and the news, web research, and networking with colleagues.
  • Consider creative ways you could supplement your principal income through hobbies or talents such as photography, craft or playing an instrument.

These sites provide useful information about education and training opportunities and you can also search for reputable industry websites relevant to you:

Non-traditional employment

Careers in mining, construction, science, engineering, transport and technology have traditionally been considered 'men's work'. But that’s all changing now! These industries offer a range of exciting careers that are not only rewarding, but are also often well-paid.

  • If you think a non-traditional career might be a good fit for you, start thinking about your skills and what you might like to do.
  • There is a wide range of careers available across the state and something to suit most women; from trucking, tiling, and mining to zoology, video game development and engineering.
  • Talk to people in the industry and visit career expos to find out what life in your chosen field is really like.
  • Once you know what kind of job you’re interested in, research the skills and experience required. Most of these careers require prior training or qualifications.
  • If you’re keen on a physical role, boost your fitness regime and consider taking a first aid course.  Safety is highly valued in these industries.

Explore these sites for more information:

Superannuation and retirement

Superannuation is a way of saving for your retirement.  It is money paid into a managed account by your employer (and supplemented by you).

  • Consider how much you need to live the retirement lifestyle you want. It is estimated that a comfortable retirement costs about two-thirds of your current annual salary per year.  Seek information on the right options for your unique situation.    
  • Boost your super balance by making personal, after-tax contributions or salary sacrificing (before-tax payments into your super account). Again, seek advice before signing up.
  • If you take a break from work to care for a child or recover from an injury, your spouse or partner in a bona fide domestic relationship can make tax-offset spouse contributions on your behalf or split their own super contributions with you.
  • If you earn less than $61,920* per year, you may be entitled to a government co-contribution, where the federal government will match your after-tax super contributions.
  • Consider rolling all your superannuation funds into one account. This will save on fees - but check carefully before leaving a fund to ensure that you are not losing any major benefits such as insurance.
  • Track down any lost or unclaimed super that may belong to you using the Australian Taxation Office’s free online search tool, SuperSeeker, or by phoning 13 28 65.
  • In the event that you become incapable of acting independently in the future, consider making an enduring power of attorney to ensure that someone you trust can make health, personal and/or financial decisions on your behalf.   

* Including reportable fringe benefits, and reportable employer superannuation contributions, current for the 2010/2011 financial year.

To find out more and get super-smart, check out these websites:

To find a free financial counsellor:

Concessions

Every dollar counts so it’s important to make sure you are claiming all of your entitlements and taking advantage of the discounts and benefits that can really make a difference.

  • Start by setting a realistic savings goal and timeframe.
  • Check with Centrelink, the Family Assistance Office and the Child Support Agency to make sure you're receiving all the federal government payments you are entitled to.
  • The Queensland Government also offers a wide range of concessions, including transport and registration concessions for Seniors Card holders, the Electricity Rebate Scheme and the Home Energy Emergency Assistance.
  • Don’t be embarrassed to use your concession cards.  You are entitled to save your money.  And the more people who use these cards, the more commonly accepted they become.
  • Make sure you know all the benefits your concession card can provide and use it.

For more information on federal and state concessions and other helpful tips to make every dollar count, visit:

What to do if you get into trouble

Sometimes, we all need a helping hand.  For people experiencing financial difficulty, it’s important to know that help is available and how to find it.

  • Seek information from an accredited financial counsellor or a community legal solicitor.
  • Understand your rights and responsibilities, and devise a budget and plan for moving forward.
  • Talk to your creditors and explain the situation.  Many financial institutions will grant you extra time to make payments.
  • Know your rights at work.  If you think you’re being treated unfairly, there are organisations that can help.
  • Seek help if you find that gambling is a problem for you or your family.
  • Community organisations such as Unitingcare Community (formerly Lifeline), Salvation Army, and St Vincent de Paul can help with emergency assistance, food vouchers, clothing, furniture, utility bills, medical expenses and more.  
  • The No Interest Loan Scheme (NILS) provides interest free loans for people who meet the eligibility criteria through community-based organisations.  Contact the Office for Fair Trading or Communify for more information on outlets in your area.  
  • The Queensland Department of Communities Housing and Homelessness Services offers interest-free bond loans for people who can’t afford to pay a bond to move into private rental accommodation, as well as a range of other home loans for eligible people on low to moderate incomes.
  • Think very carefully before committing to any loan in response to crisis.  It may seem like the best option but remember that it is still a loan that will need to be repaid.

Other useful resources you should know about before you need them:

Organisations that provide free and confidential financial services:

Financial First Aid
Financial Counselling Line
1800 007 007
This line is currently open from 8.30am – 5pm Monday to Friday

Salvation Army Moneycare Financial Counselling
3222 6621

The Office for Women offers a free online and telephone referral service for Queensland women and girls.  Phone Women's Infolink on 1800 177 577, Monday to Friday, 8.00 am - 6.00 pm or visit www.women.qld.gov.au

*LEGAL DISCLAIMER
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