"I find that it helps to break down the big picture into smaller achievable tasks and to recognise and celebrate these achievements along the way."
Ok, you might have had a part time job in high school, but let’s face it, you probably spent all you had each week. You just had to have that outfit for Saturday night, petrol to go and see your friends or pay your phone bill.
Now you have your first full time job and you have all this money you never had before – but where did it all go?
Here are some simple things to do to keep track and maybe even save for something important to you.
Yes Virginia – you really can have that car!
- Know what you get paid each week or fortnight – that is your income.
- Check your payslip against what goes into the bank – remember that your payroll department will take out taxation and superannuation payments.
- You may know how to use internet banking and find it easy but if you don’t, learn how. Your bank will teach you!
- Set up 2 more savings accounts so that you have 3 accounts in total – it shouldn’t cost you anything and if it does – change banks.
What do you need 3 savings accounts for?
- General account – this is the one your pay goes into
- Bills account – this is where you put money away to pay for those bills you know are coming
- Savings – this is where the money will come from for that car!
Next time, I will talk about how to work out what to put away in each account, so stay tuned and you will get better about understanding your own money. It is called Financial Literacy and you can do it!