Money Management Tips When Starting Your First Job | St. Johns Bank
We all remember our first job. For some, it brings back memories of grease vats and going home smelling like French fries. For others, entering a grocery store is nostalgic of days spent bagging groceries and collecting shopping carts.
Something that will never be forgotten is the feeling of receiving your first paycheck. Oh, how much you could do with the money that was your own!
Regardless of when a person gets his or her first job—as a teenager or after college—learning money management skills should be a top priority. Sure, it’s fun to blow some of your hard-earned cash on recreational items and experiences, but it’s important to learn how to wisely manage your paycheck after you’ve received it.
Here are a few basic tips on how to manage your money, divvy up your paychecks and create a solid financial foundation for your future:
Open the Right Bank Accounts
If you don’t already have a checking and savings account, it’s time to open them. While having cash on hand can help you stick to your budget, it isn’t a good idea to have a lot of it laying around.
Instead, have your bank accounts already open when you plan on receiving your first source of income.
Set Up Direct Deposit (and Automate Savings)
One of the easiest (and best) things you can do for your money when you get your first job is to enroll in direct deposit. Instead of worrying about picking up and cashing your paycheck yourself, your money will be directly deposited into your account. Easy peasy!
While you’re at it, automate your savings account. It’ll help you build a solid emergency fund without having to think twice about it.
Create a Budget
Creating a budget that works for your needs is the foundation of personal finance.
There are many different kinds of budgets to choose from and, while you may have some trial and error, it is worth the time to figure out which method is best for you.
Determine Your Financial Goals
Why are you working for a paycheck? What would you like to do when you receive that money?
Determining your financial goals is a great way to build wealth, stay on track and create financial stability. Consider creating different savings accounts to help you reach your goals.
When you’re ready to open your first bank accounts, we are here for you! Visit us today to get the best service possible and the financial accounts you need.