Advice: Congrats on your first job! Here’s what to do with your money.
As an alternative, you can do what my educator daughter is doing. She has set up an automatic transfer from her main checking account into a savings account at a different bank. She says she wants to see all the money before it gets sent to her various pots.With the advent of payment apps, it’s now easy to get around the ATM strategy. So if you load the apps for your financial institutions on your mobile device, discipline yourself to avoid clicking money out of your savings accounts on a whim.
If you can’t contribute that much, begin with 3 to 5 percent, and then increase your contribution as you get a pay raise or bonus.If your first employer doesn’t offer a 401 or similar workplace plan, you can still save for retirement through a traditional IRA or a Roth IRA. Instead of setting up an account through your employer, you’ll have to contact a financial company and open a retirement account. For 2022, the annual IRA contribution limit is $6,000.
One more thing, don’t cash out your retirement account when you move on to another job. If you like the investment options at your old job, let the money be. If not, you may be able to roll over the money to your new employer plan or aIf you came out of college with debt, make paying it off a priority. If you have credit card debt, it’s even more paramount to get rid of it now because of
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