Getting your first paycheck is an exciting experience and an opportunity to kickstart your financial journey. Mapping out your short and long-term financial goals early on will allow you to build a strong foundation for your future. Here are five things to help you make the most of that first paycheck:
Open a Bank Account: Checking accounts allow you to deposit money, make transfers, withdraw cash, pay bills and take care of other banking transactions either in person, online or through your bank’s mobile app. Most accounts come with a debit card that can be used anywhere cards are accepted. What’s important is that you’re fitted with the account that best suits your needs. Learn more about the documents you need to open an account.
Set up Direct Deposit: For quick access to the money you earn, set up direct deposit. It will make your funds available in your account on pay day, making it easier to pay your bills, send money and meet financial obligations on time, and without needing a trip to the bank or ATM.
Set Up Automatic Savings: Autosave helps you reach your savings goals with automatic transfers from your Chase checking account to your Chase savings account – just set it, forget it and watch your savings grow! For instance, every time you get paid, pay yourself first or set up an automatic transfer of even $1 per day. Autosave allows you to adjust your goals or pause at any time. Savings goals are personal and setting money aside to build an emergency fund for unexpected life events is a great habit to start.
Tackle Your Debt: Assess your current debt—like student loans or credit cards—then tackle the most critical ones first with a high interest rate. A local Chase banker can help you create a plan so it doesn’t feel like an overwhelming task. Having a plan often comes with assurance and peace of mind.
Plan for the future: If you have access to a retirement account through your work, sign up for it – your employer will automatically deduct the money from your paycheck and many companies even offer a match. It is never too early to start saving for your future. The more proactive you are in planning for these life events, the less of a burden they become when the time comes.
For more information, visit your local Chase branch and speak to a banker or visit: chase.com/communityteam to schedule a visit.