Dollhairs & Sense #15
🫨 Sorry, forgot to click send for 7am!
Salut! 🕖 7:00am (or whenever you’re reading this!)
It’s always a big week, so let’s get right into it. Dollhairs & Sense (dollars & cents!) is going to look like this:
📍Brief summary of what’s happened this week
📚Point of interest for the week (if applicable)
🙋Student questions for the week (probably a question you’ve wanted to ask yourself)
1️⃣One money thing you/we/me/I can do this week
Are you ready? 👇🏻
📍Since last time, in summary
It’s been a HUGE two weeks of travel ✈️ this week we’ve been to Tasmania & Melbourne. Since we last spoke, we’ve also been to Western Australia and Victoria.
The RBA left interest rates on hold (more on this below)
We’ve worked with Year 9, 10, 11 and 12 students. Almost the whole box set (just missing Year 7 & 8 in the last two weeks)
📚POI (Point of Interest)
What we were talking about last time…
2nd August 2024 - What does this mean? Inflation is lower than the market expected which means the likelihood the RBA will need to increase interest rates on August 6th has reduced. Inflation however is still too high and the RBA will be monitoring it closely
What ended up happening?
The RBA decided to leave interest rates on hold at 4.35%. There was however very strong language from the RBA minutes noting they had seriously considered increasing rates (read more here)
What does this mean for me?
In general terms not too much for your personal money right now. With no change in interest rates since November last year (Nov 2023) when the RBA does make a change next (either increase or decrease) the rate, it will have an impact on you which we can discuss when it happens 😊
🙋Questions Unlocked
🔐Q: “Is inflation the cost of stuff that I buy going up? Thanks”
- Mikaela, Year 10 Student, TAS
🔓A: Hi Mikaela, YES! That’s exactly what inflation is and it can be very damaging if everything keeps going up all the time. You might have noticed when you go to the supermarket the cost of the items you buy have increased in price (cause I certainly have!). Inflation is the rise in price of goods and services. The RBA which I spoke about above manage inflation using monetary policy (which is setting the interest rates).
1️⃣One money thing we can all do
If you haven’t already ➡️ check out previous Money Tasks which are all here with easy to access links!
For this week, Money Task #14: Check your pay slip for super
Have a job? 🧐 It’s time to check your pay slip for superannuation
With my recent cross country adventure 📍students in VIC, TAS, WA and NSW are ALL being ripped off in some way 😭
This week we’re going to focus on superannuation so I need you to check two things:
On your pay slip can you find superannuation written on it anywhere?
If you can, make an online account with the super fund that is written on your payslip
If there is no fund written on your pay slip, next time you’re at work ask your manager for the super details!
Few notes:
If you’re not 18, unless you earn $450 in a week your boss doesn’t have to pay you super
Even if you don’t qualify above, you may still be getting super
⚠️ If you’re in Year 12 and are now 18 you are definitely 100% eligible for super. Follow up your employer pleasssseeee!