As soon as you start working, it is important that you immediately start managing your money. There are five important factors necessary that you will need to start saving money: your bank account, your tax file number, your super fund, your savings and your insurance.

Your employer will request your bank account details to deposit your salary. If you do not have one yet, you must compare the fees and charges of different banks before you decide to open an account with them. There are some employers who will supply you with a bank account.

As for the Tax File Number, you will be taxed with the highest personal rate if you do not give your Tax File Number to your employer. You need to contact the Australian Tax Office if you do not have a Tax File Number yet.

Choosing a superannuation fund is very important, you employer devotes nine percent of your salary or wages into a super fund this is called the Super Guarantee. This is designed to help facilitate your retirement savings this cannot normally be accessed until you have retired from work. Super funds invest your money on your behalf to increase your benefit, you can be given a choice as to how you want your money to be invested to make it a real benefit.

If you are already working, you should devote a part of your income to your savings. When it accumulates, you can use this to buy what you choose. You can ask your employer to divide your pay into saving and everyday living. Saving a small amount each week will increase your savings significantly over a month or two.

Included in a sound financial plan, insurance provides protection for your family and assets. If you are already working, you must think of the things that you treasure the most and how you are going to replace them if it was damaged or lost.

While you may not be able to cover the damage or loss immediately, insurance can help you with it. You should also cover yourself, to ensure that insurance will protect you and your family incase accident or injury stops you from being able to work helping lessen the burden.