1.TALK TO YOUR FINANCIAL PLANNER AS TO HOW YOU CAN REDUCE DEBT
The interest rates you pay on borrowed money can quickly absorb any extra income. If you’re looking to reduce your debt, but can’t decide what to pay off first, it is a good idea to talk to a financial planner. A financial planner will be able to help you decide what debt is most pressing. They can also help you navigate tax implications and advise you on what the best approach is to reducing your debt and increasing your wealth.
2. GET TAX READY
Go to the ATO website and review the marginal tax rates and how your income level is taxed. If you have a higher level of income you may incur additional Medicare levies if you don’t have the required levels of private health insurance. It may be worth keeping a little money aside for tax time.
3. HOW TO PLAN FOR EXTRA INCOME WITHIN YOUR FINANCIAL PLAN
If your salary has increased, there are many different ways this can add to your financial plan. Your financial planner may suggest setting up a regular super top-up payment, called “salary sacrifice” where you forego the added income and place it into your super account. You may not even miss the extra income, but your super account will grow much faster.
View Source: https://masteryourmoneynow.com.au/5-financial-decisions-to-make-after-you-change-jobs/
