Change in job situation
Changing jobs can be exciting, daunting and a lot of paperwork. It’s a busy time but there are some financial decisions you should make time for. Some of them you can make for yourself but it’s also a good time to sit down with a financial adviser or planner.
Your budget
A new job is a great time to get a new budget in place. You should take some time to decide what your financial goals are and which ones are most important to you. It could be paying off debt, saving for a deposit for a home or planning a holiday. Setting aside some of your money for saving or investing can help you achieve those goals.
Your bank
You need to decide where your salary will be paid. For example you may want to have your pay deposited into your existing account or directly into a mortgage offset account. You may be unhappy with fees and charges and changing jobs is a good opportunity to review your bank.
Your super
Starting a new job is a great time to review your super. If it’s your first job, taking the time to understand how your super works could be one of the most important things you do. If you’ve had a few jobs, you may have more than one super account and you should think about consolidating your accounts into one. This might save you money on fees and will definitely cut down your paperwork.
Your insurance
Insurance is considered part of any sound financial plan. Your insurance needs will change as you move through different stages in life. Starting a new job can be a good time to review your insurance needs and those of your family. You might want to think about what would happen to your family if you were unable to earn an income.
Your super fund may have options for insurance which can be a tax and cost effective way of protecting yourself from the financial consequences of serious injury, illness or death.
For most BT Funds there is no charge for accepting rollovers; however some funds may charge fees for accepting rollovers. Therefore you should check the relevant fund PDS to see whether any rollover fees will apply. You should also check with your other fund/s to determine whether there are any exit fees for moving your benefits, or other loss of benefits (e.g. insurance cover).
