Futurewise Consulting — Preparing people for what’s next

Your first paycheck is coming. Make every dollar count.

Five smart moves to make before (and right after) your first pay lands - from reading your payslip to building a budget that actually works.

So, what actually is a paycheck?

It’s the money your employer pays you for the work you’ve done over a set period - weekly, fortnightly, or monthly- usually straight into your bank account. 

Every payday, your employer must also give you a payslip within one working day. It’s a legal requirement under the Fair Work Act, and your official record of what you earned, what was deducted and why so you can check you’re being paid correctly.

01

Decode your payslip

Gross pay

Your total earnings before anything comes out:  hours × your pay rate, plus any penalty rates, overtime, or allowances.

Net pay

What actually lands in your account after tax and other deductions. This is the number to budget with, never your gross.

Employment type

Full-time, part-time, casual or fixed-term contract. Your arrangement shapes your hours, rate and leave. Casuals usually earn a higher rate but get no paid leave.

Income tax

Withheld from each pay and sent to the ATO. Give your employer your Tax File Number, and claim the tax-free threshold if this is your main job.

12%
Superannuation

Your employer pays 12% of your ordinary earnings into a super fund for your retirement. This is on top of your pay.
Under 18 and working 30 hours or less a week? Your employer isn’t legally required to pay super, so you may not see it on your payslip.

Your First Paycheck · A quick-start guide Continued over → 1 / 2
Your First Paycheck
02

Ask how you’ll be paid

Raise this in your very first or second conversation with your employer. It’s a normal, professional question - and the answers let you plan your budget from day one.

How much will I be paid - an hourly rate or a salary?
Does that amount include super, or is super on top?
How often is payday - weekly, fortnightly or monthly?
Are there higher rates for weekends, nights or public holidays?
03

Read the whole contract

Many people skip it, or stop after page one. Read every page, and if anything is unclear, ask a parent or your employer before you sign. It spells out:

Your work hours
How you’re paid
Ongoing or Fixed Term Contract
Notice period to resign
Sick, annual & carer’s leave
Overtime & other benefits
04

Open a bank account

Your pay goes straight into an account in your name, so set one up before you start your job.
Give your employer your BSB and account number, and consider a separate savings account, so your savings stay out of easy reach.

05

Build your budget & savings plan

Spreadsheet or phone notes - the tool doesn’t matter; the plan does.
List your basics first: groceries, rent (if you’re renting), and bills like phone, internet, gas and electricity. Then your personal spending. Not sure how to split it? Start with the 50/30/20 rule.

50%
Needs
Food, rent, electricity, gas, transport.
30%
Wants
Movies, takeaway, nights out, treats.
20%
Savings
Into an account you don’t touch.
Pay yourself first
The moment your pay lands, move your 20% into savings - then spend what’s left.
Example: $400 net a fortnight = $200 needs, $120 wants, $80 saved.