3 things to do when you start a new job

If you're gearing up to start a new job here's 3 things to consider from a financial perspective.

1. Your budget

Your budget needs to reflect any changes in the amount of money you are earning and your expenses.
If you don’t already have a budget, set time aside to do this. As well as including incoming money and expenses, consider what your short and long term financial goals are. For example, do you want to save for a holiday within the next year? Do you want to save for a deposit on a house?

Your budget should include any changes to expenses, such as travel, uniforms, day care fees, and food. 

2. Your savings habits

As part of your budget review, take time to consider your savings habits. If your change in job means you are now earning more money, could you put a portion of this into savings to help you save more money? And if you’re not going to be earning more, where can you make changes to your spending habits to help save more money. 
To make your money work hard you’ll need to have the best savings accounts in place for your situation. Start by doing a review of the accounts you already have in place. You should have an everyday transaction account, and an account that earns high interest to keep your savings in. 
Consider setting up a regular automatic transfer for each pay cycle of a certain amount into your high interest account. 

3. Your superannuation

Superannuation is a way to save for retirement. While most employers have a preferred super fund you are able to select a different fund by using a Super Choice form. If you have multiple super funds now is a good time to consider consolidating your money into one fund. This will help you avoid paying multiple administration fees and minimise paperwork. Different superannuation funds offer different benefits so it’s important to look into this when deciding which fund is best for you. A financial planner can help guide you through this process.
 
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