Welcome to the real world. You’re a working professional now, and it’s imperative you develop responsible financial management habits. Young adults often struggle to balance their spending and saving properly based on their income level. Follow these tips to create a solid foundation early in your career.
Features & Benefits
- Establish tangible long-term (marriage, home purchase) and short-term (vacations, new vehicle) financial goals and plan for them.
- Track your spending to understand how much money you spend each month and where it goes. Then adjust your habits to increase your savings or debt repayment.
- Prepare a household budget and stick to it.
- Establish a saving pattern by earmarking a portion of your paycheck to be deposited directly into a savings account.
- Think before you buy something. Be disciplined enough to separate your needs from your wants.
- Control your debt and use your credit cards intelligently.
- Protect yourself with adequate insurance coverage (auto, health, life, etc.).
- Understand what benefits your employer offers and take advantage of them if they benefit you. This includes health insurance, pension plans, savings options, and life and disability insurance.
- Know your tax situation to ensure the proper amount of money is withheld from your paycheck.
- Participate in your employer-sponsored retirement plan and contribute regularly.
The Police Credit Union offers all the financial products and resources you need as you begin your career as a working professional, including checking accounts, savings options and credit cards.