A new job

Whether it's your first "real" role or a step up the career ladder, this is a good time to reassess your finances. First, consolidate your superannuation funds - one in three people have super accounts they've forgotten about. Next, work out a new budget to match your new salary, and consider starting an investment portfolio. Managed funds, made up of a mix of investments, are a great option, and can be opened at your bank. Remember that the younger you are, the longer your investments have to mature. This means you can take on more risk, as there will be time for your investments to recover if they fall in value.

Turning 30

Considering the average Australian buys their first house at the age of 33, the big "3-0" is a great time to start seriously saving. Need help? Try the new First Home Saver account. Under the scheme, the federal government contributes a whopping 17 per cent interest on the first $5000 each year (up to $850). Turning 30 is also a good time to get rid of "bad debt" - like credit cards or personal loans, which are costing you in interest payments. (Mortgages are "good debt" because property can earn interest). Also, consider private health insurance; without it, you'll be levied an extra one per cent of your income if you earn more than $70,000 - and taking out a policy before you're 31 means cheaper premiums.

Having a baby

As soon as you decide to have a baby, Joan Baker, author of A Man Is Not A Financial Plan (Allen & Unwin, $24.95), advises couples to immediately start living on one income to encourage "new habits before you have to deal with a baby [and] accumulate savings before the baby's born". Also, remember to create a will - 40 per cent of Australians pass away without one (and you have new responsibilities now). Also, if you plan to take a career break, get your partner to contribute up to $3000 into your super fund. That way, you won't miss out on the accumulation of interest (women end up with about half as much super as men on average) and your partner earns up to $540 in tax offsets. Visit www.ato.gov.au for more information.

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