Are you starting a new job soon? If your answer is yes, you need to sort out your priorities and make sure that you have a solid financial plan to help your salary’s value grow and prepare for your future. Having a robust financial plan will help you prevent overspending and keep you afloat, especially during emergencies.
To help you with your journey in becoming financially secure, here are some financial goals you should set when you start your new job:
Sort Out Your Budget
When starting a new job, you will need to adjust your budget and make sure you do not spend more than earning.
As you get your paycheck, save half of it for your lifestyle and half of it for investment or savings. When you get a pay raise, you can adjust the amount you save for your lifestyle and savings.
It is also recommended that you set up an emergency fund of around three to six months worth of expenses. This will enable you to pay your dues in case there is an emergency.
Get Your Salary Deposited Directly To Your Bank
If you want to avoid the temptation of using all your salary in one go, you can ask your employer to automate your pay and have it directly sent to your bank account. They can also split the paycheck between checking and savings so that you won’t be tempted to transfer the funds from, say, your Atmos – Checking Account to your savings account.
You can also hold the accounts in two different banks to prevent overspending.
Sort Out Your Retirement Plans
If you had a previous employer and had a retirement plan set up with them before, you must transfer your retirement plan to your new one to make it easier for you to track. It would be best if you also continued your retirement contributions to have enough savings when you retire.
If this is your first job, make sure to set up your retirement contributions with the help of your new employer. You can also do it yourself by setting it up with the government agency handling retirement contributions.
Get A Health Insurance
Everything is now becoming expensive, especially healthcare, which is why you will need to have a backup plan in case you need medical services in the future. Do your research on which health insurance plans are available for you and assess your needs every year.
Trauma insurance, for example, pays out in the event of you being diagnosed with a medical condition listed under your policy. This can help you financially to access the necessary medical care and provide for you and your family whilst you are off work and recovering. If you find that you require help with your trauma claim, a service like Curo Financial can help to guide you through, managing the process from end to end, ensuring your claim is dealt with in an efficient manner, thus allowing you to focus on your health.
If you have an existing health insurance plan with your old employer, make sure that all the claims are processed and transferred to your new employer.
Conclusion
Starting a new job, whether it is your first or second job, can be challenging, but you shouldn’t let it derail you from your financial goals. Take some time to review your finances and follow your financial plan religiously.
By focusing on your financial goals, you will build a healthy mindset regarding your finances and prepare for the future.
Any one has financial tips to share?
What else should you look out for in a new job? Here are some articles to help you:
3 Tips To Help You Relocate For A New Job
Moving On To A New Job
How to Win Your New Colleagues Over in Your New Job?
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Very interesting
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Thank you so much!
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☺️
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I would add that if your budget is tight then make a list of things you can do for free or near free for entertainment or fun. There needs to be balance
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Awesome advice, Faye.
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Thanks Kally. I remember years ago living from pay check to pay check. It’s hard. Keep up the great advice.
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Definitely difficult not having a little extra for rainy days.
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Yes, for sure. I think it needs to be considered into a budget. Whether it’s a movie or something special. Always good to have a little slush fund. xoxo
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Absolutely. I agree with you, Faye.
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This is important advice and helps in the financial education of people.
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Absolutely!
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Great tips for minding our budget. I sent this to my daughter. 🥰👣
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Thanks so much for sharing this.
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You are welcome!🙂
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Live within your income! The advice seems simple enough, but the allure of ads, peer pressure and family expectations often overrule such common sense. Bottom line, if you don’t have enough money to pay for something DO NOT buy it! You cannot grow a nest egg if you keep breaking the eggs. 😒
There are LOTS of things we consider essential that are NOT. Samuel Jackson recently was quoted something like: “When kids tell me how rough they have it, I just reply how I suffered with not having a cell phone . . . FOR 40 YEARS!
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One of my hobbies is to collect money. Others love collecting stamps, figurines and what not. I love to see jumping figures in my bank account. Haha.
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😂 Ahh, but money only has as much value as one attaches to it. Just don’t get too hooked on watching the numbers go up. https://www.youtube.com/watch?v=QphglQu3oL0
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That’s true. I don’t want to become a Scrooge!
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I certainly would like to adopt that hobby! Cheeiiii!!!😁
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Hahaha!!
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Always giving vital informations. Keep it up, Kally. ❤️:)
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Your encouragement empowers me!!
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I’ve always felt that this should be taught in high School. Great tips
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Absolutely! I agree with you.
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Good point!🤜🏿
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Great post. I would also suggest if your new position came with a pay increase, automatically deposit half of it into a savings account. It will teach you to still live below your means, and if a new opportunity comes up, that pays a bit less, you will have a finical cushion to make the leap.
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very important post Kally. This year I’m planting a money tree with all the outlay we’ll be doing.. hahaah 💖💖💖
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Oooo! That is one exciting project for you.
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It really is.. all wheels and head spinning.. lol thanks 💖💖💖💖
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Lol! Most importantly is to enjoy the process.
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yes, for sure
💖
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