The financial decisions that matter most when you change jobs

A new job is one of life’s bigger transitions. There’s a lot to think about in the early weeks, and financial admin tends to sit low on the priority list. The decisions you make in those first few months can quietly shape your financial position for years to come.

Here’s where it’s worth focusing your attention.

Your super: Stay, switch, or consolidate?

A new employer means a new super decision. You’re not obligated to move funds. You can keep your existing account, nominate it with your new employer, and carry on. But a change of job is a genuinely useful prompt to check whether your current fund is still the right fit.

Look at fees, investment options, long-term performance, and any insurance cover attached to the account. If you have multiple super accounts from previous roles, this is also a good time to consider whether consolidating makes sense. One caution: check what insurance you hold inside each fund before closing any account. Consolidating can inadvertently cancel cover you didn’t realise you had.

Insurance: Two things to check before anything changes

If your life insurance is held within superannuation, a fund change affects it directly. Before you make any moves, confirm what cover you currently hold, what your new fund offers, and whether there’s a gap between the two. If replacement cover is needed, have it in place before you cancel anything.

Income protection deserves its own look, particularly if your new role comes with a higher salary. The amount insured on your existing policy may no longer reflect your actual income. Beyond the dollar figure, review the policy’s definition of disability, the waiting period, the benefit period, and any exclusions. These details vary significantly between policies and matter most when you actually need to claim.

If you don’t currently hold income protection, a career move is a reasonable moment to consider whether you should.

Salary sacrifice and super contributions: Worth asking about early

Not every employer offers salary sacrifice, but many do. If yours does, it’s worth understanding how it works and whether it suits your situation. Additional concessional contributions reduce your taxable income and build your retirement savings simultaneously, though contribution caps apply and your employer’s compulsory contributions count toward them.

Before adjusting anything, think through the effect on your cash flow, debts, and savings commitments. A small change to super contributions can have a meaningful long-term impact, but only if it doesn’t create short-term strain.

A savings plan from pay one

A salary change is one of the best opportunities to redirect money before lifestyle inflation absorbs it. If you’ve moved to a higher income, consider setting up an automatic transfer from each pay cycle into a savings account or investment before you increase your spending. It’s significantly easier to save money you never see than to claw it back once it’s been spent.

We offer licensed financial advice to help you make the right choices about your borrowing capacity. If you’d like to talk through your situation or understand your next steps, introduce yourself.