Ruling Your Money

Money can be really easy to lose track of, especially if you have no clue how to manage it. And when you learn that men and women are still not equal when it comes to money, managing it can feel like a lot. Personal Finance writer MICHELLE BOWES draws on her own her own professional experience to provide a practical guide that covers all the must-know money basics in her new book Money Queens: Rule Your Money. Full of tips and tools on how to save, budgeting, credit cards, buy now, pay later services, superannuation and investing – this guidebook is the best friend that every teen girl needs as she embarks on her first relationship with money. In the following extract you’ll see practical advice about what to do when you get your first job.
The top five things to do when you land a job

Once you land your first job, five things should be on your to-do list.

1 Open a bank account
Your employer will ask for your bank account details so that they can pay you (yay!). You might already have a bank account, but if you don’t, there are lots of things to consider when opening one. Check out pages 78 to 83 for more information about what these are and how to open one.

2 Apply for a tax file number
Every worker in Australia has a personal tax file number. You probably won’t be paying tax just yet – if you earn less than $18,200 a year (which works out to $350 a week), then you’re not required to pay it. But you’ll still need to give your employer your tax file number so they don’t have to take tax out of your pay. Even if you don’t find a job just yet, you’ll need a tax file number to pay for study beyond high school, so it’s worth getting one now anyway. Applying
for a tax file number is free and pretty easy. You can find out how to do it on the Australian Taxation Office website. Read on for more info about what tax is and how it works.

3 Talk to your parent or guardian
Now that you’re earning some money it’s possible your parents’ or guardians’ expectations might have changed around what they’ll pay for and what you’ll need to pay for yourself. There could be things they expect you to pay for now, such as your own phone bill or public transport costs, or you might be expected to contribute some of your pay to help out with household expenses. And if they previously paid you pocket money, find out if they’ll still be paying it.

4 Set up a budget
Now that you’ve got some money coming in (and, depending on the talk with your folks, possibly some expenses, too) you’ll need to set up a budget so that you can start to rule your money. I explain how to do this, and why it’s really important, on pages 54 to 57.

5 Pay attention to your pay
If you want to make sure you’re being paid fairly and correctly, you can check online at the government’s Fair Work website. And it’s always a good idea to check that the right amount of pay is being deposited into your bank account, rather than relying on your employer to get it right. To do this, keep a record of the hours you work, whether in a diary or an app, especially if your shifts change from week to week. Then check your payslip or bank statement against the hours you worked to make sure you’ve received the right amount of money.

Author: Michelle Bowes

Category: Children's, teenage & educational

Book Format: Paperback / softback

Publisher: Affirm Press

ISBN: 9781922711946

RRP: $24.99

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