First Year Apprentice/Trainee
Module 05: Managing Finances
Getting on top of your finances and staying on top of them can be tricky, especially when the budget gets tight or an unexpected emergency cost pops up.
Taking a proactive approach to your finances allows you prepare, plan and stress less with your money.
We’re not joking about this “read a payslip” thing. Yes, checking your bank balance is a surefire way of knowing whether you got paid or not. And we all live in hope that our employers will always do right by us, even if we don’t check up on them. But this is real life. Mistakes can happen. And as an apprentice your pay is always changing.
Knowing what to check on your payslip can help you avoid problems like getting paid less, missing overtime payments, Australian Apprenticeship Support Loan tax deductions, apprentice pay milestones or even incorrect leave deductions.
Check out this resource on what should be included on you payslip and how to read them: Pay slips – Fair Work Ombudsman
Before you can stay making money moves or change your money habits it a good idea to get across where your money is already going – Here’s how to attack that:
- Track your spending and expenses.
Get a clear view of where your money is going day to day.
- Look at your spending habits.
It may surprise you how much small things can add up. You could also discover hidden costs. For example, account fees and subscriptions you don’t use anymore, or mistaken transactions.
You often find that, just by being more aware of your spending, you can start to spend less.
Separate your needs from wants, find a quick win by cutting a cost (one of those hidden costs!) or start with a small savings habit, for example attempting to prep and pack your own lunch instead of hitting up the lunch deli across the road from site.
Having a budget keeps your spending in check, an easy way to keep yourself accountable and helps you make the most of your money.
Budgeting can help you set long-term financial goals, keep you from overspending, help shut down risky spending habits, and more, but most importantly ensuring your allocating enough money to your everyday and necessary expenses so you don’t accidently overdraw your account.
Check out this free budgeting tool here: How to do a budget – Moneysmart.gov.au
Struggling financially and need advice on financial support available to apprentices?
Don’t forget our team are always here to support you. Just contact us on 1300 363 831 or email us at [email protected].
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