Dollhairs & Sense #8

🐶 a new dog.... as well as some money stuff too!

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 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? 👇🏻

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📍Since last time, in summary

• Term 2 is up and running and we are 35.53% through 2024 ✅

• I’ve got a new dog 🐶 (not money related but still important!)

  

📚POI (Point of Interest)

• BIG news - the RBA met and kept interest rates on hold at 4.35%. If you want to read more ➡️ all the detail is here. Note: this means your interest rate on your savings account should be at lease 4.35%!

🙋Questions Unlocked

🔐Q: “Why do I have tax withholding when I get paid interest by the bank? Have I lost this money now?”

🔓A: Don’t stress - you will get this money back when you lodge your tax return. The reason the bank is ‘withholding tax’ is due to the bank not having your Tax File Number. If you don’t have one, you need to get one (see here) and if you do have a TFN give it to the bank and this tax withholding every month will disappear 😊

-Year 11 Student, Hills Grammar

🔐Q: “How does interest get calculated and when does it get paid?”

🔓A: Great question Jack! Interest is calculated daily (every night when you’re asleep at 12:00am) and paid monthly (usually on the 1st of every month). This means, if you have money in your savings account most of the month (eg. 1st May - 26th May) and on the 27th May you withdraw your savings to buy a car 🚗, you will still be paid interest for the days you had your money in your savings account 💰

-Jack, 16 Sydney NSW

We want to answer your questions! If you have something you want to ASK - send it to us through the link and we’d love to answer it 😜

1️⃣One money thing we can all do

If you haven’t already ➡️ check out previous money tasks:

• Money Task #1 (Pay slips)

• Money Task #2 (Checking your bank account)

• Money Task #3 (Free $50 - see how?!)

• Money Task #4 (Applying for your TFN)

• Money Task #5 (Opening a MyGov account)

• Money Task #6 (Money Diary)

• Money Task #7 (Linking the ATO to MyGov)

  For this week, Money Task #8: Checking if you have a superannuation account

  • Have you had a job before? Do you know if you have a super account? What is your super company called? What is your member number?

  • If you don’t have the answers to the above questions - our task this week is to find those answers!

  • Steps to-do this:

    • 1. Login to your MyGov account

    • 2. Click on the ATO Portal (which we linked last week - see here)

    • 3. Scroll to the very bottom of your ATO Portal

    • 4. You should see a BIG section which says ‘Super’ (see the picture below 💥)

    • 5. Take note of the details ✏️ and create an online login for your super account (if you have one) with your super company