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 you’ll need to get a bank account before you can be paid, and you’ll need to give those details to your employer.
Even if you’re under 18, many banks will allow you to open your own transaction account and you could benefit from reduced fees. It’s 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 you’ve 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 don’t 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 don’t have the money, then pay it back later.
Credit cards are often VERY expensive (in terms of fees and interest charged) and if you’re not careful you can get into big trouble using credit cards. Debit cards are much safer, just as easy to use, and you’ll be better off in the long run.
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 you’re safe at work and paid appropriately for your time and effort.
They’re set out by Fair Work Australia, and it’s easy for you to find out if the wage you’re being paid is correct at their website.
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.
Fair Work Ombudsman
An ombudsman is an independent organisation that’s set up to help people understand their rights and responsibilities in the workplace.
Their services are free, and available to all workers and employers in Australia.