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Managing your income

There’s nothing like the freedom of earning a regular pay packet and if it’s your first job, it’s particularly exciting. But while it can be tempting to splash out, it’s vital to consider how you’ll manage your hard-earned dollars.

It’s easy to get into a pattern of living from pay to pay and not having much to show for your hard work, but with a little planning, a balanced budget and a simple savings plan, you can start building up cash for the long term.

The sooner you start making the most of your income, the closer you’ll get to some of your bigger goals. Here are some ideas to get you started.

  • The first step is to make sure your employer is depositing your salary into a day-to-day transaction account that gives you easy access and control. This will make managing bills and everyday spending a whole lot easier. Look for an account that will give you fast, easy access to your cash when you need it. Our Everyday Account lets you transact on your mobile, online, at an ATM or branch, or with an optional Debit MasterCard.
  • Paying bills on time is important because late payments can affect your credit history, making it harder to get access to credit (like a credit card) or to one day borrow money to buy property. However, staying on top of bills doesn’t have to be hard. Using the CommBank app or NetBank, you can pay bills anywhere, anytime.
  • Even better, think about setting up a direct debit on the days you know there’ll be money in your account, so you never have to worry about missing a bill again.
  • If you’re still studying while you’re working, don’t forget you could qualify for discounts on some of our most popular banking products with Student Options.

  • Your budget is your best friend when it comes to managing your income.  It’s a monthly plan that shows you exactly where your money is coming from, where you are spending it and how much is left in your pocket. Get started with our easy online budget planner or learn how to create your own budget. If you’re not sure what you’re spending your money on, My Spend in NetBank makes it easy to track every dollar.
  • Once you have a budget, you can see the bigger picture and start to plan your savings.

  • Some people are natural savers and some of us tend to struggle without a plan. But by putting some simple systems in place, you’ll be able to better manage your financial behaviour.
  • If you have a goal in mind, like a holiday or your first home, you can use our savings calculator to find out how much you could save, how long it will take and how much you’ll need to put aside each month to get there.
  • A set and forget savings plan makes saving simple and stress-free. Start by opening a high-interest savings account online, or a Savings Specialist can help you choose the right account for your needs. Then set up regular, automatic transfers from your Everyday account to your savings account, every time you get paid.
  • While retirement is a long way off, your super is still your money. So it’s important for your to make sure it’s invested wisely. An easy to understand super account like Essential Super lets you see your super balance in NetBank and you can easily take it with you from job to job. 

  • Used wisely, a credit card or personal overdraft can be a great way to bridge the gap when you’re waiting for the next pay day to arrive. Then, when your salary hits your account, you can pay it off in moments with the CommBank app or NetBank.
  • Building a healthy credit history could also help you down the track when you’re ready to borrow for something bigger, like a car or a home. So using your credit card sensibly now can be a great way to prove your money management skills in advance. 

Then, when you’ve got everything set up, remember to reward yourself for a job well done. Because managing your income is all about living the life you want, now and in the future.

Why we love to spend

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information.

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