How do balance transfers work and are they right for you?
Starting your first graduate job after university is an exciting time. Here's five money tips to consider as you launch into your next chapter.
Salary negotiation can seem a little daunting if you are just starting off in your career. However, it’s important to know you are being offered a fair amount before you accept a job offer. You can do this by researching the average salary for somebody with your kind of experience in your industry. If you are concerned you are not being offered a fair amount you can discuss this with the hiring human resources department.
You employer must contribute 9.5% of your salary into your superannuation fund. When you start a new job you will have the option to use your employer’s preferred superannuation fund, or you can choose your own by using a Super Choice form.
Now you are being paid a regular salary it’s a good time to create a budget. Your budget can help you map out your expenses, and how much money you can and should be saving. Ensure you have the right accounts set up and consider setting up an automatic transfer into a high-interest saving account each pay cycle.
HELP student loans are paid back based at a rate based on your annual salary. For information about how to repay your HELP debt,whether you are required to, and the rate you will pay visit Study Assist.
Of course you will be required to provide your tax file number (TFN) to your employer, but did you know you should also provide it to your superannuation fund, and link it to your savings accounts? Without your TFN banks and superannuation funds must legally withhold tax on any interest earned over a certain threshold.