Financial wellbeing workshop to help people ‘weather the storm’

Regardless of if you have hundreds of thousands of dollars coming in or you’re below the poverty line, people can be stressed about money.

Some of the questions surrounding money include how to get it, how to save it, and how best to spend what you have. 

Financial Wellbeing is a term used to describe a financial status whereby you can financially cope if your current income, employability, or circumstances change.

IMPACT Community Services’ Community Navigators case manager George Nathan is a financial counsellor, and he describes financial wellbeing as being able to “weather the storm”.

There is sometimes a sense of taboo and even shame surrounding discussions of money, but George said the reality is very few people are ‘good’ with their money so attending a workshop to gain financial information and education shouldn’t come with any stigma.

He said people could appear to live a luxurious life but actually be up to their neck in debt.

With professional experience in debt collection and as a financial counsellor, George said he brings business acumen, financial counselling skills for low- and high-income earners to the judgement free monthly Financial Wellbeing Workshops at IMPACT.

He said we need to learn from each other.

For George, breaking down finances is a matter of ‘needs’ and ‘wants’.

You need to pay for your food, petrol, phone and shelter. Your wants can include activities like dining out. When you can identify potential money leaks, which could be buying multiple coffees per week or videogames you can’t afford, you can start to prioritise your spending.

George said one of the ways people can be caught out with their spending is the easy access to Buy Now Pay Later services. He said the easy access to short term loans means that people are experiencing financial hardship as they overcommit themselves and then they struggle to make repayments.

With growing demands for immediacy, the days of layby are few and far between.

The monthly workshops will focus on topics like debt, budgeting, and financial advocacy (your financial rights and responsibilities).  

IMPACT’s monthly Financial Wellbeing Workshops are once again being held at IMPACT’s headquarters at 108 Bargara Rd.

The workshops are held on the third Thursday of the month, the upcoming on is March 17, 2022 from 10am-11am.

IMPACT also has one-on-one sessions available, via appoint.

For more information or to book your spot at a monthly workshop or one-on-one session, email communitynavigators@impact.org.au or phone 4153 4233.