Full-Time for the First Time

Going into the full-time workforce can be nerve-racking.

There are salaries to consider, new expenses obtained, benefits packages to analyze, and not to mention the endless number of the credit card offers you are receiving. In order to feel as prepared as possible as you enter into this new and exciting time, there are a few to-do’s to consider.

Bank accounts
In order to accurately track your income and expenses, it’s important to open bank accounts under your own name. With your bank account set up, you can establish a direct deposit so your paycheck is wired directly to your account. We suggest opening up a checking and savings account. It’s never too early to start working toward your savings goal.

Address your credit
Many recent grads have never had a credit card of their own before. If you are interested in building credit, using a credit card responsibly is a great way to build your credit easily and quickly. Always ensure to make timely payments and to pay in full if you don’t want to incur interest fees. If you have a credit history that you are looking to improve, seek help from a financial advisor or money coach.

Think about retirement
It may sound silly, but it’s never too early to start contributing to your retirement fund. Many employers offer their full-time staff the benefit of retirement contribution up to a certain amount. It’s always recommended to take advantage of the matching opportunities since it’s free money. To learn more about the different types of retirement accounts, talk with a financial professional.

Understand health insurance
Health insurance can be very complicated. Deductibles, copays, out-of-pocket expenses, and other terms can really cause a lot of confusion. Talk to your employer about the healthcare options they have available and what that means for you. Everyone’s needs vary when it comes to healthcare coverage, so make sure you choose a plan that works best for you.

Plan for new expenses
With a new role often comes new expenses. You might be paying for your rent, car insurance, health insurance, or other expenses for the first time. Make a list of discretionary and non-discretionary expenses and create a budget. Making adult money can be fun, but adult money comes with adult-sized bills, too.