Case study: making the most of a new salary

Discover how Ant used his new job to kickstart his financial future.

Ant, 34, is about to start an exciting new job, with a considerable bump in salary. Here’s how Ant decided to use a job change as an opportunity to review his finances and establish himself.

Jumping into exciting new territory 

Ant’s career is taking off, and he’s just landed a new job as an electrical engineer. The position comes with a significant increase in salary, which is likely to grow further as his experience increases. The change in income was the motivation Ant needed to review his finances and get established.

Setting priorities 

Ant’s first port of call was to review his expenses and create a budget. While he didn’t have any major credit card debts, he decided to quickly pay off what was left of his motorbike loan. The hardest part? Deciding what to do next. “I talked to a family friend and they recommended I visit a licensed financial adviser to get a solid understanding of my options,” says Ant.

Deciding what to do — when you don’t know what to do

Ant isn’t quite sure what the future will hold, but he does know he doesn’t want to fritter away the increase in his salary. Ant’s licensed financial adviser recommended he start investing slowly, with a view to shifting his focus as things changed in the future. To make the most of Ant’s additional income, the adviser recommended he consider: 

  • Salary sacrificing an additional superannuation contribution each month. As Ant is already used to living on less, he won’t feel the impact, but the long-term benefits make financial sense.
  • Putting a percentage of every pay into a “future fund” savings account. While marriage, kids and mortgages are not on the cards for Ant right now, they might be one day — so it’s worth starting your saving early.
  • Investing in Australian and International shares, Property or Managed funds to build his wealth over the longer term. Given his risk appetite, Ant decided to invest a portion of his income into the Australian Unity’s Pro-D High Growth Fund, which offered him a cost-effective portfolio with potential strong capital growth. 
A young man sitting at a desk with headphones and working


Creating a flexible plan for the future

For Ant, seeking out financial advice meant he didn’t need to have all the answers. With the help of his adviser, he was able to put together a plan that not only used his new income to establish some good wealth-building strategies, but also could be easily adapted as things change.

Tips for reviewing your finances when you start a new job

Starting a new job can be a great time to reevaluate your finances and get yourself set up for the future. Below are some tips to help.

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