Have a First Job? Make Your Money Work for You
Last updated August 22, 2022
Congratulations! You landed a job and now have a steady paycheck coming in. This is a great time to learn how to make your money for you! Here are some key tips on how best to manage your money in your first job.
Understand your paycheck and benefits
To make your money work for you, you first need to know exactly what you’ll be earning! This may seem simple, but be sure you know how to read your paycheck, how often you’ll be getting paid, and if there are any other benefits you might be getting from your employer. This makes sure that you’re crystal clear on how much money you can expect in your pocket each month.
Create a budget
Getting your money organized is the first key to financial success and stability. There are so many free apps that can help you budget in your first job. These will help you determine how much money you plan to spend versus how much you will be making.
Pay yourself first
Whether you are signed up for direct deposit or will be getting physical paychecks, be sure to think about your savings plan. “Pay yourself first” is a way of thinking about saving your money. Most of your money might need to be spent immediately on things you need - cell phone, food, bills, etc. - but any money you save is like paying your future self! Set a realistic goal for saving each paycheck - even if it is $20 it is worth it! - and stick to it. Be sure to open a savings account so that your money can grow while it hangs out.
Learn about the money moves teens & young adults should make
From learning about credit scores and applying for credit cards to opening your very first checking account, read up on our 7 money moves that teens and young adults should make now to set themselves up for financial success in the future. These tips will benefit you not only in your first job but every job you have going forward!
Want to learn more about finances? Check out our financial literacy resources and let us know how we can help you keep your money working for you by texting #Jobs to 33-55-77.