You've got your whole life ahead of you, and you want to make it a good one. All it takes is a little planning right now to give you a great head start.
AMP has answers to some of the biggest issues young people face when it comes to their finances - as well as answers to questions that are often forgotten in the early years, like super and insurance.
Budgeting works
Budgeting is an easy, sure-fire way to help you save for your big goals in life - whether it's a deposit for a house, a round-the-world trip or your first car.
Not sure where to start? Our budget planner is very easy to use, and is a great tool for showing you where you could save some money. Whether it's cutting out your mid-morning coffee or making your lunch instead of buying it, you'll see that a few small sacrifices can go a long way.
The best place for your savings
Early on, it's hard to think too far ahead, isn't it? A savings account is a secure, simple way to kick-start your savings without the hassle of having your money locked away for the long-term.
If you've got a five or ten year plan for your finances, you might want to speak to afinancial planner about investing in a managed fund or term deposit. Being young, you'll reap the benefits of compounding return interest, which has a snowballing effect on your savings.
Use credit cards wisely
It's tempting to get a credit card when you start your first job; and then it's tempting to go out and buy all the things you've always wanted with it.
Start using credit responsibly now, however, and you'll set yourself up with excellent habits for the rest of your life. Simple strategies like paying the card off at the end of the month and being sensible with your usage, will make your card a valuable part of your finances.
Looking ahead
Now that you've joined the workforce, you should be earning super. As well as your employer contributions, you can also think about strategies like salary sacrificing and the government co-contribution - your super savings will also benefit from compounding returns.
You should also think about income protection insurance. Even though you're young and fit, you never know what's around the corner.
While you're at it, shop around for the best rates for home and contents, car and travel insurance - depending on what you're going to spend your hard-earned savings on.