Whether you’ve just started at uni, a new job or taking a gap year it’s time to “#adult”! Here’s a few things teenagers and young adults need to think about if this is your first year out of home.
- Sign up for your own Medicare card – once you turn 15 you can arrange your own card (it’s free – https://www.humanservices.gov.au/individuals/enablers/how-get-your-own-medicare-card-15-years-old/39461
- Look into medical insurance – you might still be on your parents policy, but it’s a good idea to check; get a list of your major medical incidents from your parents (operations, major illnesses, blood type etc.) you need to have all the information handy should you ever need it. You can likely stick around on your parent’s health insurance policy until you’re 21 (25 if you’re a student), but it’s time to branch out on your own after that. Use some of the online comparison tools to find health insurance that fits your lifestyle and your budget.
- Look into personal insurance – we’re not financial planners, but you should go and see a trusted one to find out more about how to make sure you’re protected if you injure yourself and can’t work.
- Make a Will. We know… it sounds morbid, but even young people need a Will . It can be as simple or detailed as you like, but if you don’t have one and something happens to you it can make your family’s situation very difficult.
- When you turn 16, you can register your decision to be an organ and tissue donor. You do this on the Australian Organ Donor Register>>
- Do some risk management – for some people a little bit of new independence means trying new things, taking risks. Another area of our practice is criminal law. We’d rather we didn’t get to meet you because of a criminal matter, so our advice is – if it’s risky, think twice; if it’s illegal just don’t do it. If you do end up in trouble with the law, make sure you get proper representation from a solicitor before you do any police interviews. We’ll do what we can to help achieve the best result for your situation.
- See an accountant – make sure you get your taxes done and put a budget in place. Learning how to manage your money will be a key part of your success as you move more into ‘grown up’ life.
- Learn to read the fine print. If you’re signing up to rent a property or an employment agreement or other legal documents, make sure you read what you are signing and understand the implications of the contract. If something is confusing or doesn’t seem right, get someone to advise you before you sign.
- Make sure your car is safe and you have budgeted for servicing, tyres and repairs. We hope we don’t see you in our office because you’ve lost your license for having a car that’s not roadworthy, or worse you’ve been involved in an accident. If you are involved in some serious road incident (whether you’re at fault or not), please give us a call.
- Enrol to vote – with Federal elections soon and local Government elections in March 2020 it’s a good reminder to register yourself on the electoral role (you can even do this before you are 18) so that you are ready to make your vote count when your 18th birthday comes around.