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Saving money
Eli and Abraham are cousins - they work for the same company in the city.
Eli catches a bus to work and Abraham catches a train to work.
Eli and Abraham both want to buy a car for themselves. Eli has a family so she wants
to buy a big car but Abraham wants a small car.
One day around lunchtime they see their friend Hassan who already has a car- they ask him
how he bought the car
Hassan told them that he saved some money each week until he had enough to buy the car
Eli and Abraham think that this is a good idea. They decide to save some money from
their pay each week until they had enough for their cars as they cost a lot of money.
If they save $100 from their pay each week, they will have $5,000 after almost one year.
Enough money to buy a car.
They go to the bank and each start their own savings account. Each week they save another
$100 each and put it in their accounts.
After almost one year they have enough money to buy a car. They are happy to have their
own car.
Eli decides to stop saving now she has her car and decides to spend her money on other
things
Abraham decides to keep saving in case he needs to buy something else.
3 months later Eli and Abraham get a phone call from their Uncle - he asks them both
to fly home quickly as their Aunty is not well.
Abraham says yes he will come. Because he has been saving his money he has got enough
to buy the ticket
Eli starts crying as she doesn’t have the money to buy the ticket - she wished that
she had kept saving some money
The next day Eli drives Abraham to the airport and waves him goodbye
She is sad she is not able to visit her aunty.
Eli decides that she must always save some money in case she has an unexpected expense
so she goes to the bank and starts her saving account again.
Eli is happy to have saved some money for the unexpected expense.
Remember Saving money is putting some money away to
use in the future. Saving money helps you pay for things that
cost a lot of money. Having money saved helps you when you have
sudden or unexpected expenses.
For help to learn how to save money, call a Centrelink Financial Information Service
Officer on 13 23 00