Best Smart Money Moves for the Recently Employed


For those just starting out in the world of work, having a steady income is both exhilarating and overwhelming. It’s important to establish habits that will carry you through the decades ahead so that your money will last with you.

While it can be tempting to make decisions without thinking them through, it’s important to remember that they may have long-term consequences – some of which you won’t even be able to foresee. Use the following tips to begin building a solid financial future for yourself.

Treat Your Savings Account Like Your Paycheck

Just because you have extra money coming in doesn’t mean that you should treat it as disposable income. Treating your savings account like your paycheck can help establish the habit of saving, growing, and protecting your hard-earned cash.

Your savings account should be a part of your monthly budget, and you should include the amount of money that you’re planning to put in it. This can help you avoid unnecessary impulse purchases that can lead to the frivolous spending of money that wasn’t yours in the first place.

Hold Onto Your Money

Many young people are tempted to spend their hard-earned cash on frivolous items. They may believe that they don’t have a lot of money and feel that they need to make as much as possible and go as far as possible. However, some of their biggest expenses – such as rent, utilities, and food – will be gone in the near future. This means that they will have more money than they know what to do with.

One of the best things that you can do with this surplus cash is to set it aside in a savings account or two. To make sure that you stay on track, keep an eye on how much money you’re saving and make adjustments as needed to ensure that you’re meeting your goals.

Keep Your Debt Levels Low

It can be tempting to buy a new car, pay off your credit card bills, or take out a new loan to satisfy some ungodly urge. This is where many people get in trouble. They may spend up to the limit that they had set for themselves, and then feel stuck in a hole when they can’t pay their balances off. It’s important that you realize that you’re more than capable of paying your debts off on time.

The best thing you can do is set up automatic payments to cover your bills before spending any of your money. This will help keep your debt levels low, ensuring that you’ll never be in jeopardy of falling behind on payments. However, if it’s time for a big purchase, such as a vehicle or home, you should consider setting aside the credit cards and asking for a loan instead.

Know Your Money Personality

Everyone has different financial personalities. Some people choose to keep a small balance in reserve, while others may need to have a large amount of money in their savings accounts before they can feel comfortable. Knowing how your own financial personality works can help you make financial decisions that are best for you – and not someone else.

If you’re not sure about your money personality, take some time to consider how it differs from others and how it works when making decisions. For example, you may find that you struggle with impulse purchases or that withdrawing from your savings account makes you feel uncomfortable. This can help you make practical financial decisions that allow you to have peace of mind.

Consider Getting A Rental Property

If you’re considering getting a rental property, it is important to know the various costs involved in making this happen. Apart from the mortgage, the homeowner will need to pay property taxes, plus insurance for the home and any other structures on their property such as a garage or swimming pool.

While you can choose to pay all of these costs off in monthly installments, some renters may want to take a more aggressive stance toward paying down their debt. If that’s the case, consider getting a note and paying off the property with the money that you’ll get every month for it. This will help keep your debt at bay as well as help save money by reducing how much you pay in interest each month.

Take Advantage Of Your Company’s Retirement Plan

If you have a 401(k) option at work, it is highly recommended that you take advantage of it. The vast majority of people will end up working for more than one employer in their lifetime – so why not take a few minutes to find out what your options are? You may want to consider getting started on your retirement savings as soon as possible so that you’re not scrambling later on. Keep all of this information in mind when making decisions about your retirement plan.

Find Out About Your Company’s Employee Stock Purchase Plan 

There are some industries that offer stock purchase plans. These allow you to buy stocks or shares in the company that you work for. While they can be very rewarding, it’s important to know how they work and how they can help you in the long run. If there is this stock plan, it may be a good idea to put some money into it so that you get the maximum amount of company stock.

Consider Your Long-Term Goals

If you have long-term financial goals in mind – such as a new home or an upgrade in your living standard – then it’s important to make sure that your finances are on track to achieve them. It’s a good idea for everyone to consider their long-term goals at least once a year and make adjustments where needed. This will help you reach your goals and make your financial worries more manageable.


When it comes to personal finance, there are many factors to consider. However, starting with a strong foundation and following a few simple guidelines can help you make smart choices that will benefit you in the long run. When you keep saving for your future, focus on paying off your debt, and don’t spend more than you have available to you, then there is no reason why you can’t reach your financial goals successfully.

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