Take control of your income
Learn how to handle the money you earn so you can make the most of it and achieve your goals, whether you want a shiny new car, big trip away, or you’re planning for the future
where to start
Get your finances in order
First things first, you really need a bank account. The days of stashing all your cash under your mattress are long gone, so youโll need to get a bank account before you can be paid, and youโll need to give those details to your employer.
Even if youโre under 18, many banks will allow you to open your own transaction account and you could benefit from reduced fees. Itโs easy to link a savings account, so you can start building your future right from your first payslip, and you can ask for a linked debit card as well.
Online banking makes it easy to see your accounts online, transfer money as you need and keep track of everything.
Student bank accounts
How to access your money
Once youโve got your hard-earned dollars sitting in your bank how do you get it out again? One of the easiest ways is with a debit card.
A debit card is a card that you can use to withdraw money (through an ATM), or to pay for things (EFTPOS or online).
Your debit card gives you access to your own money, so you donโt pay any interest and you can never go into debt using it. A credit card on the other hand is a kind of easily-accessible personal loan, which means you can spend even when you donโt have the money, then pay it back later.
Credit cards are often VERY expensive (in terms of fees and interest charged) and if youโre not careful you can get into big trouble using credit cards. Debit cards are much safer, just as easy to use, and youโll be better off in the long run.
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Build a budget
Budgets are not boring. They are powerful tools you can use to achieve your dreams.
Very few rich people managed to wing their way into millions โ just about all of them have budgets (and they stick to them).
A budget is simply a method of keeping track of your income and expenses, and choosing to spend your money in line with the rules set out in your budget.
For example, if you want a new car and itโs going to cost $4,000, you know that you need to save that much money. If you donโt budget, thereโs a good chance youโll spend when you really needed to save, in order to reach your goal, which means you wonโt be able to afford your car.
If you plan a budget you can set yourself rules, like only going to the movies once a fortnight, and then put the money you would normally have spent on extra movie sessions in your savings account.
What happens if you don't have a budget?
โThink of all the singers and movie stars whoโve blown millions on fast cars and expensive yachts, just to end up broke and alone. But smart actors, likeย George Clooney, use their movie earnings to invest wisely and stick to a smart budget. He recently sold his tequila brandย for close to a billion dollarsย (now wouldnโt that be nice?)
earn
About your pay
There are rules which dictate how much you should earn, and what your employment conditions look like. Your employer has to follow these rules, and they help make sure youโre safe at work and paid appropriately for your time and effort.
Tip 1
Pay Rates
Theyโre set out by Fair Work Australia, and itโs easy for you to find out if the wage youโre being paid is correct at their website.
Tip 2
Pay and Conditions Tool
The Fair Work Ombudsman also has a Pay and Conditions Tool which can easily help your calculate your pay, leave, and shifts.
Tip 3
Fair Work Ombudsman
An ombudsman is an independent organisation thatโs set up to help people understand their rights and responsibilities in the workplace.
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Their services are free, and available to all workers and employers in Australia.