You’ve landed your first job and now you have to decide on how you will save some money. Most people are so excited to even get picked that they forget it’s important to put some money away for a rainy day. You never know what can happen in your life that can go completely wrong. It’s best to be prepared financially so you are not lost looking or asking for money you might need. This doesn’t necessarily happen to young people, it can happen to all of us no matter what our age is. We must develop discipline to pay ourselves before we pay anyone else. Here are some great saving habits when starting that brand new job.

Make a budget

The best thing to do before you get your first check is create a budget. Start with your bills and things that must be paid. This could be health care costs, rent, your car or anything else you need to function. Once you do that then drill down on things you want but can live without. In other words, if you don’t have these things life will not be difficult. You can allow yourself an allowance in your budget for entertainment and eating out. The goal of the budget is to keep you disciplined and not make erratic purchases just because you have money in your pocket. Many people feel that if they have left over money they need to spend it on something. You don’t have to put yourself in this position at all. Understand that you are on a budget or simply tell yourself you don’t need everything you see or that someone else has. Sometimes it’s a smart idea to wait until a product you’ve been craving to buy hits the market. This way you let other people spend their money and you can read the reviews. You will be very happy when you find out that a little waiting avoided you spending a lot of money on a product that has racked up bad reviews. It pays to be a little patient and that’s what will help you stay on your budget.


No matter what age you are, you should always be thinking about retirement. You will thank yourself when you are in your 60s or even 80s that you were very wise when you were young. So many of us don’t take retirement seriously until it’s way too late and you are broke still working at 85. Use your new job as a commitment to yourself that you will from here on out make sure you put something away for retirement. Most companies can help you get started with a self-directed IRA if you are wondering about these kind of retirement benefits. These accounts help you save for retirement with tax-advantages. You shouldn’t have to be told to save for retirement as this is something that is a must when it comes to your money. Do your own research and find out what other retirement programs you can put your money inside. You do want to tread with caution as you can run into a lot of scams. Educate yourself about retirement and what it means to you as such a young age.


We all have some kind of debt. Make sure you pay it down as much as you can. This will give you financial freedom on a whole new level. A large portion of the population spends a lot of time worrying themselves sick about their pending debt and how to get rid of it. There are programs to help but many can be a scam that will milk you of even more money. Use the internet to find out great ways to reduce debt and live worry free. Debt can be crushing if you let it and don’t get it under control. You can start slow and build a discipline of getting your debt down with any extra money that you have.

by: Dennis Hung