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Have a First Job? Make Your Money Work for You

Last updated February 14, 2022

Congratulations! You landed a job and now you’ve got a steady paycheck coming in. Now it is time to make your money work for you! We’ve got three key tips on how best to manage the money from your first job. Follow these tips and you’ll be sure to have money in your pocket now and for a rainy day.

Make Money Work For You

1. Be sure you 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.

2. Get organized - 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.

3. 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 - 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.

Be sure to check out all of our financial literacy resources and let us know how we can help you keep your money working for you! Text #Jobs to 33-55-77 and our personalized jobs counselors will help you out.

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