Money tips

Do the maths

Your first “real” job may not pay as much as you first thought, especially after taking into consideration tax, super and that daily caffeine fix. Take time before you start your new job to make sure you understand exactly how much you will be paid and how often. It’s also a good idea to confirm this after you receive your first pay and make any alterations to your previous calculations. 

Make a budget

Once you know exactly what you’ll earn, having a budget will help you manage your everyday spending and plan for the future. Get started by mapping out how much you spend each month on things like:

  • Entertainment
  • Health and lifestyle
  • Travel to work or study
  • Groceries
  • Household bills (don’t forget TV subscriptions)
  • Any debt repayments

Then work out where you can make changes to ensure you’re adding to your savings. A good rule of thumb for budgeting your salary is the 50-30-20 rule which helps you plan to pay bills (50%), add to savings (20%), and have money to spend on fun (30%). 

Get into a savings habit

Once you’ve got your budget in place you can start saving for the next big thing. Set yourself a weekly or monthly savings goal that’s achievable and make sure you don’t dip into it when you feel like indulging. It’s also a good idea to split your savings into different buckets, one for saving for the future and one for emergency savings in case the unexpected happens, like a broken washing machine or burst water pipe.

See how much you could save with our savings calculator

Manage your super

Even though it may seem like retirement is a way off, putting some work into your super now may save you time and earn you money over the next few decades.

When you start a new job, you don’t have to agree to join the super fund that your employer chooses. Simply complete a Super Choice form and hand it to your new employer.

In your teen years you may have worked a couple of different jobs and had super paid into different accounts. Consider bringing them all together into one so you may avoid paying multiple sets of fees.

You might also want to consider putting in a little extra now – even the smallest amount of extra contributions going into your super can be worthwhile in the future.

One way you could do this is by ‘sacrificing’ some of your before-tax salary and have your employer to pay it into your super for you. This might also assist with tax management as you are generally subject to only 15% tax on these contributions, instead of your marginal tax rate. 

Find out more

Chef at work

Which product is right for you?

Everyday Account Smart Access 

Bank

Get paid into this account from your employer and manage your day-to-day finances.

  • Access to the CommBank app, Australia’s #1 banking app2
  • Pay for things online and in-store with your Debit Mastercard
  • Add your Debit Mastercard to your phone or your wearable

Savings account

Save

Putting money away into a savings account helps stop the temptation to spend it. But you can still get quick access to your savings with the CommBank app if you need it. Plus, you can make the most of:

  • No monthly account fees
  • Competitive interest rates
  • Bonus interest

Credit card

CONVENIENCE

Whether it's for everyday convenience, to be rewarded for your spend, or to get extra flexibility, our credit cards have a range of features and benefits for your needs, like:

  • Fee waivers, including no international transaction fees
  • Be rewarded with points for daily spending3
  • Pay on the go with your phone or your wearable
  • Handy extras like international travel insurance included upon activation in NetBank4
  • Up to 55 days interest-free
  • Break down a large purchase or balance into fixed monthly instalments over a set term with SurePay5
  • Keep track of your spend with Spend Tracker or set a Spending Cap6

Travel Money Card

Travel

A pre-paid Travel Money Card for your overseas trip so you’re ready to spend when you arrive.

  • Extra card security
  • Pay for things online, in-store or over the phone
  • Opt-in to receive alerts when your balance is low

Things you should know

The Forrester Banking WaveTM: Australian Mobile Apps, Q2 2019.  Commonwealth Bank of Australia received the highest Industry WaveTM overall score among Mobile Apps in Australia in Forrester's proprietary Industry WaveTM evaluation. Forrester Research does not endorse any company included in any Industry WaveTM report.

2 Note that some types of transactions made via CommBank branches, telephone, online or mobile banking such as transfers to other accounts, bill payments, assisted cash withdrawals and transactions flagged as recurring (for example, direct debits) or that are not sent to us for authorisation won't be declined. For full terms and conditions of the spending cap, visit NetBank or the CommBank app. Other conditions apply.

3 The earning and redemption of CommBank Awards points are subject to the CommBank Awards Program Terms & Conditions. Points are earned on eligible transactions (excludes for example BPAY transactions, cash advances, balance transfers and payments to the Australian Taxation Office unless made using a Business Awards card) and are subject to points capping. Awards and the number of points required for Awards are subject to change at any time without notice.

4 Travel insurance included on your credit card provides cover for you, your spouse and your accompanied children for return trips from Australia, up to a set period. You will need to activate your travel insurance for each trip in order to have a comprehensive level of cover. To activate your cover, register on NetBank, the CommBank app or call Cover-More on 1300 467 951 before you travel. If you don't activate, you'll receive Base medical which includes personal liability cover and unlimited overseas emergency medical assistance and hospital expenses only. Restrictions, exclusions (including for pre-existing medical conditions and persons aged 80 years or over), limits, sub-limits and excesses apply. Before making a decision, refer to the Credit Card Insurances Product Disclosure Statement and Information Booklet for full conditions. Insurance issued and administered by Cover-More Insurance Services Pty Ltd (AFSL 241713, ABN 95 003 114 145) on behalf of the insurer Zurich Australian Insurance Limited (AFSL 232507, ABN 13 000 296 640) for Commonwealth Bank of Australia. If you purchase an Upgrade Policy, we receive a commission which is a percentage of your premium - ask us for more details before we provide you with any services on this product (including for pre-existing medical conditions and persons aged 80 years or over), limits and excesses may apply to all insurances. More information and the relevant Credit Card Insurances Product Disclosure Statement and Information Booklet can be found here.

5 You won't be able to apply for an instalment plan if you don't meet our criteria (e.g. if you have exceeded your limit or if you are in default).  Instalment plans are not available on non-Awards Business Cards, corporate cards or balance transfers or Great Rate transactions.  

6 Note that some types of transactions made via CommBank branches, telephone, online or mobile banking such as transfers to other accounts, bill payments, assisted cash withdrawals and transactions flagged as recurring (for example, direct debits) or that are not sent to us for authorisation won't be declined. For full terms and conditions of the spending cap, visit NetBank or the CommBank app. Other conditions apply.

The terms of the Credit Card Conditions of Use relating to instalment plans (section 5) will apply.

While you have an instalment plan, we apply your credit card payments first to your current monthly instalments. This will apply even when you have other card balances with a higher interest rate, such as cash advances and purchases not on a plan.

Any interest-free period on purchases will no longer apply once the purchase is put on a plan.

You can cancel your instalment plan at any time. When a cancellation is processed, the outstanding instalment balance will be transferred to your purchases balance (or cash advance balance for cancelled cash advance plans) and accrue interest from the transfer date at the standard purchase or cash interest rate applicable on your account.

If you miss a monthly payment your plan won’t be cancelled and you can continue to make any remaining monthly payments due up to the end of your chosen term. However, if you miss an instalment payment, the unpaid amount will be transferred to your purchases balance (or cash advances balance if the instalment plan was a cash advance plan). It will then accrue interest at the purchases (or cash advance) rate.

Applications for credit cards are subject to credit approval. Full terms and conditions will be included in our Letter of Offer. Bank fees and charges apply. Please read our CommBank Credit Card Conditions of Use.

Full terms and conditions of the CommBank app are available on the app. The CommBank app is free to download however your mobile network provider charges you for accessing data on your phone. Find out about the minimum operating system requirements on the CommBank app page. NetBank access with NetCode SMS is required.

The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide. Full terms and conditions for the transaction and savings accounts mentioned and Electronic Banking are available here or from any branch of the Commonwealth Bank.

Commonwealth Bank of Australia ABN 48 123 123 124 and Australian credit licence 234945.