Thoughts on managing the money side of a new job

Landing a new job can sometimes mean a change in salary or income, like a pay rise, and while it’s tempting to spend the extra money on things you could potentially do without, you could put that extra money to good use—so here are some things to consider when a new job means more money coming through.

Your mortgage

If you have a mortgage, you could increase repayments—which can save you interest and help you pay your home off sooner.

Salary sacrifice

A pay rise provides an opportunity to potentially contribute more in your super.  Ask your new employer if they allow staff to make contributions via salary sacrifice. This allows you to pay some of your pre-tax income into your super account before tax has been deducted. You could boost your savings and benefit from compounding investment returns (bearing in mind returns can be positive or negative).

You could also save on tax because salary sacrificed contributions are generally taxed at 15%, which is lower than most people’s marginal tax rate.

Watch our video on salary sacrifice for more information.

Set up a budget and get your cash flow under control

Our online budgeting tool can help you work out your income and expenses, giving you a clearer picture of your financial situation.


Your super

You probably know that when you change jobs, you can take your super fund with you. Multiple super accounts can make it harder to keep track of your total super, and also means paying multiple sets of fees.

Remember to weigh up all your options before combining your super and check whether your other funds charges any withdrawal fees or if there’s an impact on any other entitlements (like insurance).

It’s now a lot easier to get your super together. Especially if you let us do it for you.

Using SuperMatch (an Australian Tax Office tool) we can find and consolidate your lost, unclaimed and active (where a contribution has been received in the past two years) super accounts, including any accounts you don’t have details for. By giving us your consent, we can locate all of your super entitlements, do the paperwork for you, and transfer everything to your UniSuper account.

Income protection insurance

Starting a new job is also a good time to consider protecting your income, or checking that any income protection insurance you have is still adequate.

If you were unable to work because you were sick or injured, income protection insurance could potentially cover your rent or mortgage, bills and medical expenses.

Get advice

A new job can be a logical time to touch base with a financial adviser to find out more about what you can do to make the most of your new salary package. UniSuper members have exclusive access to UniSuper Advice, our in-house team of financial advisers who can help you manage your super and broader finances.

Our advisers have a unique, in-depth knowledge of both the Fund and the sector your work in, and they operate on a fee-for-service basis. This means you’ll get a fixed-fee quote for your advice.