Changing jobs or careers is an exciting step—but it can also impact your finances. With the right planning, you can avoid common mistakes and stay in control of your money.
Why Planning Matters
A job change can affect:
Without a plan, it’s easy to lose track of super or miss important details during the transition.
1. Know Your Financial Position
Before making a move, review:
This helps you understand how long you can manage if your income changes.
2. Strengthen Your Emergency Fund
Aim to have 3–6 months of essential expenses saved to cover any income gaps during the transition.
3. Update Your Budget
Your income or expenses may change.
Key steps:
Adjust your budget to match your new income
Reduce unnecessary spending
Plan for any delay in your first pay
4. Review Your Super
Changing jobs is the perfect time to check your super:
Confirm where your new employer will pay contributions
Avoid multiple accounts and extra fees
Consider consolidating if needed
Your super may follow you automatically under current “stapling” rules, but it’s still important to check it’s set up correctly.
5. Check Your Insurance
Your insurance may change when you leave a job.
Review:
This helps ensure you’re not left without protection.
6. Understand Tax Changes
Make sure:
Your TFN declaration is completed correctly
You claim the tax-free threshold appropriately
Tax is withheld correctly if you have multiple incomes
7. Plan for Income Gaps
If there’s a break between jobs:
8. Reset Your Financial Goals
A career change is a great time to review:
Final Thoughts
Changing jobs or careers doesn’t have to derail your finances. By reviewing your budget, protecting your super, and planning ahead, you can move forward with confidence.
Need guidance?
Gardian Financial Planning can help you make smart financial decisions during your career transition.
