Initial Training Checklist

This Checklist summarises the key points from your Initial Training Financial Education session. Working through and completing this checklist as soon as possible in your ADF career will help put you on the right path to personal and family financial success.

Bank Accounts
	Set up an easy access cash account
	Consider also setting up a separate savings account.
	Understand fees and charges.
	Provide all details to next of kin.
Budgeting
	Complete online budget planner.
	Resist impulse buying.
	Understand ‘interest free’ payment plans.
Credit Cards
	Consider having a debit card instead.
	Pay off whole balance to avoid high interest charges.
	Minimise number of credit cards.
	Understand fees and charges.
Mobile Phones
	Consider whether pre-paid or unlimited billing is best for you.
Bills
	Make a list of all your regular bills.
	Record all payment due dates in your diary as the bills arrive.
Credit Rating
	Pay all bills on time to avoid a bad credit rating.
Will
	See an ADF Legal Officer (or external lawyer if that is not possible) about making a will and keeping it current.
Power of Attorney
	Consider whether you should see a lawyer (ADF or external) about granting a Power of Attorney to your spouse, partner or next of kin, and keeping it current.
Compensation & Superannuation
	Research and understand your entitlements under: a) Military Superannuation and b) Military Compensation
Insurance
	Consider insurance such as: life insurance, health insurance or an accident plan. Check for validity in ‘a war zone’, ‘warlike conditions’ or similar.
Taxation
	Read the Australian Tax Office guide for the ADF.
Financial Advice
	Use the Getting Advice e-Learning module (or read the Getting Advice publication) and consider whether you should see a financial adviser.