Congrats! All of your hard work in class and on internship has finally paid off and you just landed your first real job! This is super exciting and it can be tempting to start planning all of the great ways you are going to spend your new salary, but before you do here are a few tips to help you get set-up for long term success.
- Fill out your tax forms correctly – While keeping a little extra money in your check now may be tempting, you won’t be so happy if you end up owing a tax bill in April.
- Contribute to Retirement – If it’s offered this is a great way to start setting yourself up long term. Putting away even a small part of your paycheck can have long term benefits.
- Insurance Coverage – Hopefully you won’t need it beyond routine care, but in the event of an emergency or major illness the premiums you pay will seem small compared to the bills you could be stuck with.
- Write Out Financial Goals – Remember that all those exciting things we talked about buying at the beginning of this article? You don’t have to say no to them forever, but you do need to develop a plan that will help you achieve them and not hurt you financially.
- Understand the Terms of Your Student Loans – You may have several months on the job before you have to start paying on your loans. Don’t forget about them though, build a monthly budget that takes into account paying these when the time comes.