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8 Things to Think about when Starting a New Job - December 2018
Just recently we've been watching Hannah go through the process of finding a new job. Watching her search for suitable employers, update her CV, apply online or even in person in some cases, suffer the nerves of interviews and even reject a couple when they turned out to be (totally) unsuitable.
Getting a job offer is always an exciting time. Whether you’re getting your first job, a promotion or changing careers, there’s a lot to be happy about. But it’s always wise to consider the financial aspect of any decision and starting a new job is no exception.
Before You Accept the Job
Negotiate your pay. It never hurts to ask for a little more money. Keep in mind that any increase in salary you can get now will only compound your future raises. Respectfully asking for more money doesn’t cause any harm.
Negotiating is the highest paying activity you’re likely to ever to take part in. Consider that just a minute or two could result in thousands of dollars in additional income for many years. When was the last time you made that much money for a couple of minutes of work?
Ask about the benefits. Typically, you’ll be told the general aspects of the company benefits. Don’t be afraid to ask for details. A job with a slightly lower salary might be much better when you have all the details.
After You Start Your New Job
Deal with your previous superannuation fund. Sometimes it will be staying with the same fund (and yes, you can, you are under no obligation to accept the fund your new employer uses) or rolling your existing fund into a new account with the fund your employer uses. Ask your new human resources department about your options and then make the smart choice.
Keep your lifestyle in check. Just because you get a raise doesn’t mean you have to buy a more expensive house or car. If you can maintain your spending level for even one year, you can save a lot of money. If you do increase your lifestyle, then be sure to bank at least part of your raise.
Getting a raise is a great opportunity to save a lot of money or aggressively pay down your debt.
Start paying yourself first. Set up your bank account with automatic savings of part of your increased income so you start saving money immediately. It will be easier to start saving now than later because you won’t miss money that you’ve never seen. The 10-10-80 rule applies to the wage increasse too - save 10%, give 10% and add the remaining 80% to your everyday living accounts.
Ensure you’re withholding enough for taxes. It’s not financially smart to get a huge refund every year. On the other hand, it can be pretty challenging, both financially and psychologically, to find out you have to pay more at tax time. Check to make sure you are paying the correct tax rate, so you can be confident your withholding is enough to cover your tax bill and perhaps even a small refund each year.
Make benefit choices wisely. Set up your life, health, and disability insurance and other benefits intelligently for your own unique needs. For example, the most expensive medical plan might not be the option you want if you’re young and in perfect health and your life insurance needs will vary depending on your family situation.
Have your pay deposited into an interest-earning account. Interest rates are so low right now that it might not matter a whole lot, but it makes sense to deposit your pay into an account that pays interest. You can always transfer what you need into your bill and everyday account later.
Being financially healthy is the result of making smart decisions consistently. A job opportunity is a time for celebration; just ensure you’re making positive financial moves to take your best advantage of this occasion.
Getting a job offer is always an exciting time. Whether you’re getting your first job, a promotion or changing careers, there’s a lot to be happy about. But it’s always wise to consider the financial aspect of any decision and starting a new job is no exception.
Before You Accept the Job
Negotiate your pay. It never hurts to ask for a little more money. Keep in mind that any increase in salary you can get now will only compound your future raises. Respectfully asking for more money doesn’t cause any harm.
Negotiating is the highest paying activity you’re likely to ever to take part in. Consider that just a minute or two could result in thousands of dollars in additional income for many years. When was the last time you made that much money for a couple of minutes of work?
Ask about the benefits. Typically, you’ll be told the general aspects of the company benefits. Don’t be afraid to ask for details. A job with a slightly lower salary might be much better when you have all the details.
After You Start Your New Job
Deal with your previous superannuation fund. Sometimes it will be staying with the same fund (and yes, you can, you are under no obligation to accept the fund your new employer uses) or rolling your existing fund into a new account with the fund your employer uses. Ask your new human resources department about your options and then make the smart choice.
Keep your lifestyle in check. Just because you get a raise doesn’t mean you have to buy a more expensive house or car. If you can maintain your spending level for even one year, you can save a lot of money. If you do increase your lifestyle, then be sure to bank at least part of your raise.
Getting a raise is a great opportunity to save a lot of money or aggressively pay down your debt.
Start paying yourself first. Set up your bank account with automatic savings of part of your increased income so you start saving money immediately. It will be easier to start saving now than later because you won’t miss money that you’ve never seen. The 10-10-80 rule applies to the wage increasse too - save 10%, give 10% and add the remaining 80% to your everyday living accounts.
Ensure you’re withholding enough for taxes. It’s not financially smart to get a huge refund every year. On the other hand, it can be pretty challenging, both financially and psychologically, to find out you have to pay more at tax time. Check to make sure you are paying the correct tax rate, so you can be confident your withholding is enough to cover your tax bill and perhaps even a small refund each year.
Make benefit choices wisely. Set up your life, health, and disability insurance and other benefits intelligently for your own unique needs. For example, the most expensive medical plan might not be the option you want if you’re young and in perfect health and your life insurance needs will vary depending on your family situation.
Have your pay deposited into an interest-earning account. Interest rates are so low right now that it might not matter a whole lot, but it makes sense to deposit your pay into an account that pays interest. You can always transfer what you need into your bill and everyday account later.
Being financially healthy is the result of making smart decisions consistently. A job opportunity is a time for celebration; just ensure you’re making positive financial moves to take your best advantage of this occasion.