Having your own money brings a new kind of independence. You might already have a part-time job, be saving for your first car, paying for your own phone or making more decisions about how you spend and save.
Learning how money works now can help you build good financial habits that stay with you as you move into further study, a trade, full-time work or whatever comes next.
Your payslip tells you more than just how much money lands in your bank account. Your gross pay is what you earn before deductions, while your net pay is the amount you receive after deductions such as tax.
Tax collected from your pay helps fund services such as schools, hospitals, roads and emergency services. Your employer may also be required to make superannuation contributions to your super account, and although retirement might seem a very long way away, starting early gives your super more time to grow.
Get into the habit of checking your payslip so you understand what you’ve earned, what has been deducted and what super has been paid.
Managing your money doesn’t need to involve a complicated spreadsheet. Start by knowing what’s coming in and what you regularly spend on things like transport, your phone, subscriptions, food and entertainment.
A simple budget can help you decide what you want to spend and what you want to save. It isn’t about stopping yourself from enjoying your money – it’s about deciding where your money goes rather than wondering where it went.
You don’t need to earn a lot to start saving. Try putting some money aside each time you’re paid rather than waiting to see what’s left.
Having a goal can make saving easier too. It might be your first car, a holiday, something you really want or simply having money available for unexpected expenses.
Small amounts saved regularly can add up, and starting the habit early is what matters.
Buy Now, Pay Later services and credit cards can make purchases feel more affordable because you don’t have to pay the full amount upfront. But you’re still using future income to pay for something you buy today.
Several small repayments can quickly add up, so always consider how they’ll fit alongside your other expenses.
How you manage credit can also affect your credit history. You don’t need a credit card just to build a credit history – what matters is using any credit you do have responsibly and making repayments on time.
Your first car can mean more freedom, but remember that the purchase price is only part of the cost.
You’ll also need to allow for registration, insurance, fuel, servicing, tyres and repairs. If you borrow money to buy the car, repayments need to fit comfortably within your budget too.
Before deciding how much to spend, think about the total cost of owning the car, not just the price on the windscreen.
If university is part of your plan, you may be able to use a HECS-HELP loan to cover your student contribution rather than paying those fees upfront.
You generally begin making compulsory repayments through the tax system once your income reaches the applicable threshold. A HECS debt usually won’t stop you from getting a loan later, but the repayments can affect how much you may be able to borrow.
Remember to also plan for other study costs such as textbooks, equipment and transport.
An apprenticeship or trade can give you the opportunity to earn while you learn. If you eventually work for yourself, you’ll also become responsible for more of your own financial management.
That can include keeping business records, setting money aside for tax and understanding your superannuation obligations.
Good budgeting and saving habits now can make managing those responsibilities much easier later.
You don’t need a huge income or a complicated financial plan to manage your money well.
Knowing what you earn, understanding where your money goes, saving regularly and thinking carefully before taking on debt can all make a difference over time.
You won’t always make the perfect financial decision. What matters is asking questions, understanding what you’re agreeing to and thinking about how the choices you make today could affect you in the future.
There’s plenty to learn as you start earning, saving and making more of your own financial decisions. We’ve answered some common questions about tax, super, credit scores, Buy Now Pay Later, HECS, car loans and more.
