Money management
Getting a tax file number
When you start paid work, whether it’s casual, part-time or full-time, you will need to provide your employer with a tax file number (TFN). You can apply for a TFN though the Australian Tax Office or if you are still at school through the secondary schools TFN program.
Centrelink also requires you to have a TFN number when you are receiving payments from them. Centrelink Customer Service Centres can also assist you with your TFN application.
Mobile phones
There are a lot of different mobile phone deals out there. Before you sign a contract or commit to a phone you might not be able to afford, make sure you understand your rights and responsibilities. The Australian Competition and Consumer Commission has some great information on mobile phones, including:
- understanding caps and plans
- internet and your mobile phone
- ringtones and competitions
- travelling overseas with a phone
- mobile phone security
- what to do when you have a complaint or problem.
Be sure to check them out before you make your final decision.
Understanding superannuation
Superannuation is a way to save for your retirement. Even though it may seem a long way off it’s important you start saving for it. When you start paid work, whether it’s part-time, casual or full-time you will need to choose a superannuation fund, which is a bit like choosing a bank—it’s important to pick the one that’s best for you.
Superannuation calculator
Helps you check:
- how much super you’ll have when you retire
- how fees affect your final payout.
Time: 5 mins
Savings calculator
Helps you check:
- what it will take to reach your savings goals
- how long it will take you
- the steps you need to take to put your plan into action.
Time: 5 mins
Find more money saving tools at MoneySmart.
Get your money under control
Are you spending more than you earn? Trying to calculate the cost of owning a car? Moving out of home and not sure if you can afford it? Get out there can answer your questions and create a budget to help you control your debt and get ahead.
How to save and spend money wisely
MoneySmart offers a range of money management tips for people under 25. Learn how to save money and spend wisely so you can do the things you want. Find out how to create a budget, save to buy expensive items and control your debt. You can also learn how things like moving out of home, studying after high school and having a university debt can affect your finances.
Financial counselling
If you’re experiencing money problems the Salvation Army’s Moneycare can work with you to improve your financial situation. The confidential service gives you free access to trained financial counsellors who can help you manage your money.
