What to Consider When Getting your First Job

When you get your first job, it’s a big and exciting milestone! No matter what type of job you have or are interested in getting in the near future, it’s important to make sure you’re practicing healthy financial budgeting.
Here are some easy tips for learning how to save money from your first job, allowances, or monetary gifts from family members:
Know Your Income - It’s important to know how much money you are making. Write that number down so you can create a budget for it. If the amount of money you make per month fluctuates, whether due to hours or tips, estimate an average (and stick on the lower end of that estimation to allow yourself wiggle room in your budget!)

Identify Wants vs. Needs - Make a list of things you want to spend your money on and a list of things you want to save up for (a car, college, etc.). Write down how much you think each item on your list will cost. Then make sure you are using the 50/30/20 rule for those costs: 50% of your income for needs, 30% for wants, and 20% for long term savings.

Track Your Habits - Once you are making money, keep track of what you are spending that money on. If you’re buying two iced coffees a day, can you find a way to cut down on that and save some money instead?
Read more to make the best financial decisions with your new income!  
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