Starting out

You may be still studying, or recently started working full time. You may want to go travelling, move out of home, or save to buy your own place. You may already have your first mortgage, or are starting your first business. If any of these situations ring a bell now is a great time to get smart with your money.

Your life is probably pretty full on right now. You may have just completed school, college, or an apprenticeship. You are now starting a career. Independence is a priority. There are so many things you want to do: have a high-paying job, buy a car, see the world. You now have your own credit card that opens doors for you to buy the things you’ve long wanted.

Typically, people in their twenties have a lot of plans but do not have enough income to turn these into reality. Saving may not be a priority; enjoying life is.

Having great money management skills will make life more enjoyable.

The challenges you may be facing:

  • Starting a new job
  • Education debt
  • Credit card debt
  • Moving out of the family home for the first time
  • Making significant purchases e.g. car, holidays

For people at this lifestage, you may want to think about the following strategies:

  • Saving - eg. transferring a percentage of your salary to a separate saving account where it can earn interest.
  • Wealth protection - eg. Income protection insurance ensures you continue to earn an income if you are unable to work due to illness or injury.
  • Investments - eg. shares and managed funds. These investments may help you grow your money even more.
  • Debt management - and keeping it under control.

We can assist with:

  • Set saving/budget goals to facilitate basic investments
  • A start-up insurance plan, including income protection and trauma
  • Managing debt
  • Make good choices for superannuation
  • Centrelink entitlements