Dollhairs & Sense #2
'Everything you wish you knew about money when you left school, is what we do'
Salut! 🕖 7:00am ers (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 since last time
📚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
The year is well and truly underway. We’re already 12.57% through 2024 😲
Travelled to Melbourne to kick start 2024 ✈️ as well as working with our first Year 11 cohort for the year
Heading to the sunshine state 🌞 next week (QLD) to work with Year 11 & 12 students
RBA met last Tuesday (more on this below!)
📚POI (Point of Interest)
Last Tuesday, the RBA met for the first time this year. They decided to keep interest rates unchanged at 4.35%
Why is this important? This week, you could actually make some money 🤑 (exciting right?!) by checking your interest rate. Read below to find out how.
Ps - out of all the people I’ve worked with in the last 2 years, about 50% of them are getting ripped off 🤯
🙋Questions Unlocked
Want me to answer your question? There’s no such thing as a dumb question and if you want to ask it other people probably do too! Send it to me now here 🤩
🔐Q:
“I have a job but they never give me pay slips. How can I tell if they’re paying me properly?”
Year 11 Student (In person)
🔓A: Firstly great question, lots of people are thinking it. I have found over the last few years students working casually are not getting pay slips. The only way you can actually tell if you’re being paid correctly is on a pay slip. If you’re not getting pay slips:
Message or ask your boss to print them out for you or send it in an email. By law all employers must now report your pay to the ATO each pay period (each week, fortnight or month) and also provide you with a pay slip upon request
If your employer won’t give you a pay slip, they might be paying you ‘cash’. This doesn’t only mean physical money, it can also be a bank transfer and they’re not reporting your income to the ATO (which is illegal!)
Here’s some steps you can take if you’re not getting a pay slip or your boss is refusing to give you one ➡️ What can I do?
Also - check out last week for more on pay slips in our 1️⃣ money thing to do here
🔐Q:
“I have one bank account. Is it worth it opening a savings account?
Year 11 Student (In person)
🔓A: 100% yes! Why? Savings accounts are free to open and most importantly the bank actually pays you to keep your money in the bank (it’s called interest!).
💳 Card Account / Everyday Transaction account - usually pays 0.00-0.05% interest ❌
🏦 Savings Account - currently anywhere from 2.00% (or less) - 5.50% ✅
It also helps you split your saving and spending money too! To give you an idea of how much money 💰 a savings account could make you, if you earn 5.50% interest:
$100 - $5.50 interest for the year
$500 - $28.00 interest for the year
$1,000 - $55 interest for the year
$5,000 - $275 interest for the year
Send your questions here and i’ll answer it next time! 🤩
1️⃣One money thing we can all do
If you didn’t already - check out last week’s Money Task # 1 here ➡️ Payslips
For this week, Money Task #2:
📈 Checking your bank account(s).
If you don’t have a savings account, consider opening one for free on your banking app. Why? the bank will start paying you for keeping your money in the bank
If you do have a savings account, this is where you can make a big impact in 5mins or less:
Check what your current interest rate is (note: if it’s less than 4.75% you’re getting ripped off)
If it’s less than 4.75%, message your bank on the online chat, call them or drop into the branch and ask for a better rate. It costs nothing to ask and you might be surprised at what your bank can do for you for you