Managing your finances as a new arrival in Australia is an important step toward settling into your new life as a healthcare professional. From setting up a local bank account to understanding taxes and budgeting for daily expenses, having a solid financial plan can help ease the transition and give you peace of mind. This guide highlights five essential tips to help you take control of your finances and thrive in your new environment.
1. Set Up a Local Bank Account
Opening an Australian bank account is a priority. Most major banks, like Commonwealth Bank, NAB, ANZ, and Westpac, allow you to open an account online before arriving. Once in Australia, visit a branch with your passport to finalise the process. A local account is essential for receiving your salary and managing everyday expenses.
2. Understand Taxes and Your TFN
Every worker in Australia needs a Tax File Number (TFN). You can apply for a TFN through the Australian Taxation Office (ATO) website after arriving. Ensure your employer has your TFN to avoid being taxed at the highest rate. Familiarise yourself with the tax brackets and deductions, especially if you plan to claim work-related expenses like uniforms or professional development courses.
3. Budget for the Cost of Living
Australia’s cost of living varies by city. Here’s a rough estimate of common expenses:
- Rent: $300–$800/week depending on location
- Groceries: $100–$150/week for a single person
- Transport: $40–$60/week using public transport
Save money by shopping at budget-friendly stores like Aldi, or explore local farmers’ markets for fresh produce. Look into public transport discounts, especially if you’re working in healthcare.
4. Build an Emergency Fund
Unexpected expenses can arise, so aim to set aside a portion of your income each month for emergencies. This will give you peace of mind as you settle into your new life.
5. Seek Financial Advice
If you’re unsure about managing your finances or need help with long-term planning, consult a financial advisor. Many banks and organizations offer free sessions for new arrivals.
By taking these steps, you’ll feel more confident managing your finances in Australia and can focus on building your new life as a valued healthcare professional.
