The first things to sort out when you land your first job
A new job means many things. More money. Less time. The sudden need to schedule your life a bit more to fit in work, study and time for yourself.
Most importantly, your first job means the beginning of something. The start of your career, for example, or the first step towards having independent financial control over your life. And to really help set yourself up for the future, there are a few areas you should spend some time considering.
Set some savings goals
Now that you have your own money, you’re probably feeling the temptation to spend it. And while you can buy yourself a few treats to celebrate the beginning of your financial independence, it is important to begin thinking about your savings goals. Even if it’s just that – setting yourself a goal. It can be something small, like buying yourself a computer, or perhaps a cheap second-hand car. Or it can be bigger, like travelling once your studies are finished, or a deposit for your first home.
A budget is key
It’s important to set up a budget that you can stick to. You can make this as simple or as detailed as you like. Determine how much of your pay needs to go towards bills and expenses, and perhaps allocate a portion for savings. Once you can divide your income amongst these obligations, you’ll be well on your way to setting your finances up for the future.
Make your bank accounts work for you
Another important step is to set up your savings accounts. If you don’t already have a separate online account, this might be a good idea. Income from your employer can be paid directly to your everyday account, and from there you can transfer some money into an online account to separate your savings from your spending money.
It could also be useful to open a high interest savings account, so you can keep your savings separated and growing via interest over time.
Choose a super fund that’s right for you
Finally, you should make sure you’re set up with a super account that can help your retirement savings grow in the future. Your employer will set up an account for you if you don’t have one already. So ask your employer which fund they’re using and do some research. Historical returns, fees and insurance can all have an impact on your superannuation balance in the future, so you want to make sure your super fund has a good offering.
Intrust Super is a Platinum-rated Industry fund1. Our Industry fund low fees ensure your retirement savings are minimally impacted by administrative costs. We have a history of providing consistently strong long-term returns2. Our insurance offering was awarded Best Value Insurance in Superannuation by Money magazine for six years in a row3. You can join Intrust Super online and provide your employer with your member number – we’ll take care of the rest!
1Awarded by independent ratings agency, SuperRatings 2019.
2Intrust Super has been awarded a Platinum rating by SuperRatings for the last thirteen consecutive years. More detail regarding our historical returns can be found at https://www.intrustsuper.com.au/unit-prices-returns/. Past performance is not an indication of future performance.
3Awarded by Money magazine 2013-2018.