Whether you’ve landed your first ever job or you’re moving onto your next one, it’s worth setting time aside to create a budget based on your new salary to ensure you’re living within your means.
Here are 6 tips for getting your finances in order prior to your first pay day:
- Check your pay day: According to ING DIRECT research, Wednesday is the most popular day to get paid, but every employer’s pay schedule is different. Knowing when you get paid is key to arranging your finances, so make a note of it early on so you can manage your money effectively.
- Time your direct debits: Many suppliers are flexible regarding your direct debit dates so you may be able to time your direct debits to come out just after pay day – meaning you don’t have to worry about paying your bills later on in the month.
- Analyse your spending habits: Start by looking through your transaction history for the last 6 months to build a clear picture of all your outgoings, including essentials and discretionary spending.
- Shop around: This is also a good time to identify any areas where you may be able to make savings by calling around to see if you can get better deals on your utilities, mobile phone and similar services.
- Put some money aside: While you’re setting up direct debits, consider paying a percentage of your salary into your savings account every time you get paid to help you build up a savings buffer in case of an emergency.
- Invest in your future: It may seem strange to be thinking about retirement when you have your career ahead of you, but if you get to grips with your super early on it could make a huge difference down the track. Here are some top tips to help you understand your super when you start a new job.
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