In association with Westpac, NZMA’s banking partner.

To help you transition from your life as a Medical Student to the exciting world of full-time employment as a House Surgeon, you should consult with a trusted financial advisor or bank to consider your own individual circumstances with regard to the following general financial health aspects of your financial needs:

Moving flat or city

• Finalise existing flat liabilities: don’t be left with your name on any prior rental leases or power, internet, or phone accounts.
• Update your new residential address and contact details with all your service providers.

Your bank accounts

• Contact your bank to convert your Student Accounts to Graduate Accounts.
• Now is a good time to discuss your everyday transaction and savings account needs.

Income and Budget

Your new salary will be a welcome relief from the student allowance you have been living on!

• When does your first pay start and what day of the week does it appear in your account?
• After PAYE tax and student loan repayments, what will be paid into your account?
• Do you have any high interest debt (loans and/or credit cards) that could be refinanced cheaper?
• What do you need to buy for your new flat?
• What do you need to buy to wear to work?
• Will you take advantage of the DHB matched superannuation scheme?
• If not already, will you take advantage of Kiwisaver? If so, what percentage of your pay will you save?
• What other savings do you need? E.g. Emergency fund? Holidays? Car? House deposit?

Consider/Update your insurance needs

• Income cover. Your new income is your biggest asset. Consider insuring it while you are hopefully still young, fit and healthy enough to be able to get it.
• Life insurance/Trauma cover/Total and Permanent Disability Cover. What do you need for cover of any debt, family and legacy needs you would like to provide for? Consider insuring it while you are hopefully still young, fit and healthy enough to be able to get it.
• General insurance. Do you need cover for your home, your personal contents or your motor vehicle assets owned? If already held do they need updating?

Review and update

• Monitor and review your first few pay cycles to see how all is settling in financially.
• Set aside time with the change in each rotation to review again, as each rotation has a different salary associated with it.

Financial Goals

• Where do I see myself personally and professionally in 12 months, 2 years, 5 years?
• What do I need to do financially to achieve these goals?

Contact Westpac

Visit your nearest branch, call 0800 400 600 or visit www.westpac.co.nz

Westpac New Zealand Limited