Debit Cards V Credit Cards
When you’re under 18, you’re lucky! You can’t get into trouble with credit cards as you are under the legal age! But a lot of young people are encouraged to get credit cards when they turn 18! Beware as misuse of a credit card is one of the easiest ways to get into debt.
Let’s first look at the differences between the two. A debit card gives you access to your own money, so you are limited to withdraw or spend only as much as is in your account. When you turn 18...
Your Pay - Woohoo!
The highlight of your working week will undoubtedly be getting paid. In most cases your employer will ask for your bank account details and deposit your pay straight into your account either weekly or fortnightly. But how much will you get?
In Australia, each job pays a certain amount per hour according to an award. An award is a list of laws, including rates of pay, that employers must follow to ensure their workers are treated fairly. Generally, different industries have different awards. For example, employees at Macca's are covered by the Retail Take-away Food award.
Your employer can tell you what award you will be working under and your rate of pay at an interview. Plus, you can find out more about awards, and your rights as an employee by visiting the LawStuff or Wageline websites.
Now that you're flush with funds it's also a good time to think about how you'll spend and save your money (you probably have many plans already)! Good money management is not rocket science at this early stage, but understanding a few basic financial concepts will help you squeeze the most of every cent. Visit our Making your money stick around section to find out more.
Ouch! Feel like someone took a bite out of your pay packet? Get used to it, you've been stung by the taxman.
No bank account to stash your cash? Don't hide it in the teapot, open a Keyway Account.
