Tuesday Tips: 5 Tips to Starting Your First Job with Good Savings Habits
Once you get your first full-time gig post-grad, it’s so tempting to blow through your paychecks now that you’ve got some money in your bank account - finally!
But, The Brand Girls knows how crucial it is to start your first job with good savings habits. Never been great at managing your money? Don’t worry, our 6 tips make it easy for millennial women to make smart money moves!
Set realistic goals: The Brand Girls is all about setting goals in every aspect of your life.
Grab your notebook and think about what’s realistic. How soon do you want to pay off your student loans? How much do you want to have in your savings?
Don’t forget to schedule check ins to monitor your progress!
Write down the goals or events that you’re saving towards: Apps like Qapital make this super easy by allowing you to set aside a little bit each month toward specific goals. The reminder of what you’re saving for pump up your motivation.
You’ll be ready to splurge during your trip to Cabo in no time!
Don’t forget to pay yourself, too! Forbes recommends putting money aside in your savings before any other expenses to help you build up your emergency savings fund (3-6 months pay).
Studies show this method can help boost your savings much more quickly.
Set a budget - and stick to it: This is a tried and true method for increasing the cash in your pocket. Now, you can do all of your budgeting right from your phone.
Check out Daily Worth’s 5 Best Money Apps for Millennials here.
Plan for your future: If your employer offers a 401(k) or pension plan, take advantage of it - especially if they have a matching company contribution.
Investors.com shares that the sooner you start contributing, the more money you’ll save over time!
Remember, no matter how much money you’re making in your first job out of college, it’s important to set your strong saving habits now - trust us, you don’t want to regret this later!
Written By: Jasmine Williams
Brand Girls Client + BG Blog Intern