When your pay varies from week-to-week or month-to-month, it may feel harder to save and plan. But a few simple steps can help get your money sorted.
When your pay varies from week-to-week or month-to-month, it may feel harder to save and plan. But a few simple steps can help get your money sorted.
Whether you work in the gig economy, juggle a few different roles, or just have a preference for it, plenty of Australians work casual roles. In fact, more than 1 in 5 employees are casual. That adds up to more than 2.5 million employees.
Being a casual employee, though, can add extra challenge when it comes to budgeting. A bit of extra planning can help smooth the income highs and lows.
1. Know where your money goes
Take charge of where your money goes day-to-day by doing a budget. This is a money plan that shows you how much is coming in and going out each month.
It puts you in control of your money. Knowing what you spend your money on can help you find any areas where you might be able to cut back.
For some suggestions on savings hacks, see simple ways to save money.
Do a budget to manage your money so you can start saving.
2. Keep some smart savings
Start saving some money — no matter how small the amount you can put aside.
Getting into a savings mindset means you can manage better when you earn less. And will give you a safety net if you need to take unpaid time off. Saving also helps you set and achieve your money goals.
Many savings accounts offer a bonus interest rate if you meet certain conditions. For example, if you make regular deposits each month, or are under 30 years of age. Learn more about savings accounts.
If you're in crisis and struggling to pay for essentials, there are services to help with food, bills and housing. See urgent help with money.
3. Smooth out your big bills
Some services, like electricity or phone, offer 'bill smoothing'. This is where you pay bills in smaller amounts, instead of paying the whole amount in one go.
Ask your service providers if you can pay fortnightly or monthly, to avoid the shock of a large bill.
Alternatively, you can set setting up separate bank accounts for:
- everyday spending
- regular bills
- savings
Learn more about transaction accounts.
Stay on top of your tax! How much tax you pay depends on how much you earn. Find out more about how income tax works and how much to pay.
If you have a side hustle, see tax tips for managing your side hustle on the ATO community website.
4. Check what you're entitled to
Your type of employment affects your pay, conditions and entitlements.
For example, if you're casual, you likely won't get paid holidays or sick leave. But you must still get paid super if you are over 18 years. Or are under 18 and work more than 30 hours a week.
If you're not sure if you are part-time, casual or a contractor, ask your boss.
To find out more about what you're entitled to, see getting a job.
If you're casual, you may have the right to become a permanent full-time or part-time employee. You need to be with the same employer for 12 months, with a regular pattern of hours. This is a 'casual conversion'.
To find out more, see becoming a permanent employee on the Fair Work Ombudsman website.
Get help if you need it
Financial counsellors help you manage debts and get your finances back on track. This is a free and confidential service.
Call the National Debt Helpline on 1800 007 007. Weekdays, 9:30am to 4:30pm. Or live chat, weekdays, 9:00am to 8:00pm.
Aboriginal and Torres Strait Islander people can call Mob Strong Debt Helpline on 1800 808 488. Monday to Friday, 9.30am to 4.30pm.