Eureka moments - those classic, unforgettabe phases in your life where you experience important milestones for the very first time.
Over the next few weeks nzgirl will bring you a series of articles on how to get through and survive these exciting transitions, from finding your first flat to buying your first car. First off we show you how to get financially savvy when it comes to your very first 'real' job...
Ah, the real world. Not only do you have to face the fact that two month long summer holidays are now firmly in the past, but there’s also the small matter of staying financially afloat when the student loan living costs stop appearing in your bank account. We give you the tools to be financially savvy when that first pay check rolls in (and some tips to make sure it lasts until the next one!)...
Step One: Fees
Your income reflects your experience and when you’re starting out, things can be tight. Look for ways to maximise what you do have. The key is not wasting your precious dollars on unnecessary fees. Westpac has a range of solutions for those new to the workforce, including both school leavers and uni grads, so talk to your bank about which type of account is right for your spending habits (or click here for more info).
Nifty innovations like DebitPlus Visa give you the flexibility of a credit card, without the risk of amassing debt. You should also make sure you set up online banking, as this is a great way to save on fees.
Step Two: Budget
Having money to manage for the first time can be daunting. Keep on top of your cash by working out a budget. Figure out all your outgoings so you know you can cover everything. If you get paid weekly, then divide monthly bills (like those for the power, phone and internet) by four, so you’re setting aside money each week and are not hit with a big lump sum.
Need more help? Click here to find out about a free managing your money workshop.
Step Three: Keep it simple
Once you have your bank account, utilise the different tools that make keeping your money straight a hassle-free process. Set up APs so that all your bills go out the day after pay day, that way you don’t even get a chance to spend the money elsewhere. You might find drawing out a cash allowance each week makes it easier to keep on top of miscellaneous spending – all those Eftpos transactions have a way of sneaking up on you.
Step Four: Think of the future
When you first start earning it’s easy to blow all your money and end up with nothing to show for it. While it’s good to enjoy the fruits of your hard work, make sure you’re also putting aside some savings each pay.
This calculator will help you work out how much you should be saving. A savings account that you don’t touch is essential, there are some different options here. It’s up to you whether you use the funds to provide a safety net, save for your OE or start accumulating a house deposit – the key is to consistently add to it. This is also a good time to think about Kiwisaver, if you’re a bit daunted by the whole scheme, click here for some easy to follow info.
Managing your own finances may take a bit of getting used to, but if you follow these simple steps you’ll soon have it all sussed.
experience important milestones for the very first time. 
Step One: Fees
Step Two: Budget
Step Three: Keep it simple
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