Did you just get your first job? Congratulations! And what are you going to do with the money you make? If you haven’t thought about it yet, now’s the time. While it’s great to have money (that you don’t have to ask your parents for) to spend on fun things, it’s also a good time to start preparing for your future.
First, where are you going to put your money? You might go with the bank or credit union your parents use. But remember, there could be other great options out there with good deals for someone your age. Try to find one with little to no fees (which credit unions are often good at) and a low minimum balance requirement.
If your job offers direct deposit, that will save you time in not having to go to the bank to deposit your check every payday. It would also be a huge benefit to you to start putting half your paycheck in a savings account. Even if you can’t put that much, any amount is great, as you will be more prepared for your future expenses like college tuition, your own car, rent, and more!
You’ll also need to learn how to budget. If your parents haven’t gone over budgeting skills with you already, this is the time to ask. You can also go to your credit union or bank to see what kind of financial education they offer. Plus, there are plenty of free apps to help you out too! It’s a great time to start thinking about where you want your money going, between entertainment and food and the like, before you have to worry about more expenses like rent and insurance.
Use your money from this job to start yourself off on a responsible path. Then it’ll be easier as you go through more jobs in the future to stay financially healthy!