Money Management: Tips For Your First Job

We live in complex economic times, and things like security, consistency and prosperity are difficult to come by. If you have recently secured your first "real job" you are likely still reeling from excitement and anticipation, but now is the time to settle down and determine the best way to organise your newly won earnings.

Set A Budget

What type of budget will you decide on? What are your current bills? After you pay them, how much is left over, and what will you do with that money? These are some questions to start asking yourself. There are a variety of ways to plan and maintain a budget, and how you choose to do this depends on personal preference. Are you a spreadsheet person? How do you normally keep records? There are lots of tools out there that can help you develop and keep your budget.

What Resources Does Your Employer Provide?

What kind of financial benefits does your job offer? Are there savings or matching programs? Retirement? Do you have access to any financial planning resources? It’s always a good idea to look into your employer’s offerings and determine if they should be a part of your financial plan.

How Much Will You Set Aside For Savings For The Future?

No matter what your goals are, it’s always a good idea to save for the future. Right now, before you start spending that first check, decide on a flat rate to save out of your pay, and make it as easy as possible to do so. Set up some type of direct deposit so that you can have the money routed directly into an account and not think about it.

Setting and sticking to a budget right from the start makes things easier for you, and allows you to more easily achieve your financial goals. Don’t forget to develop a plan for credit, and set aside a “rainy day” fund to help you with emergencies.